Turning Stone Resort Casino Secures $440 Million Credit Facility for Major Expansion
In a significant financial maneuver, Turning Stone Resort Casino, LLC, an instrumentality of the Oneida Indian Nation, has successfully closed a robust $440 million senior secured revolving credit facility. This strategic transaction aims to refinance existing debt while also providing the financial flexibility needed to support a remarkable $370 million expansion of its flagship resort located in Central New York.
Financing Details
The credit facility was syndicated and officially closed on September 22, 2025, marking a noteworthy milestone in the resort’s financial journey. KeyBanc Capital Markets Inc. played a pivotal role as the left lead arranger, joint bookrunner, and administrative agent for this financing. The fact that this is the fifth syndicated credit transaction for Turning Stone since 2016 underscores its ability to attract capital from the financial markets, illustrating a robust recovery and a promising outlook for the resort.
The Turning Stone Evolution Expansion
At the heart of this financing is the ambitious Turning Stone Evolution project, which is touted as the Oneida Indian Nation’s largest investment to date in the resort. Initially slated to open in 2027, plans have accelerated, and certain components like the Crescent Hotel and Salt Seafood & Raw Bar are now scheduled to debut on June 29, 2026, with the Grand Expo conference and events center set to open on Labor Day 2026.
Enhanced Facilities and Amenities
The expansion is set to dramatically enhance the resort’s infrastructure. Once completed, the Grand Expo will increase Turning Stone’s total meeting and convention footprint to an impressive 200,000 square feet, positioning it as New York’s largest destination for meetings and conventions. The project includes two state-of-the-art ballrooms, a 25,000-square-foot central courtyard designed for outdoor events, and a new 258-room Crescent Hotel directly connected to gaming floors and event spaces. Additional features include a 1,600-space parking garage and an on-site medical center, all of which are designed to provide guests with unparalleled convenience and service.
Job Creation and Economic Impact
The expansion is not only a significant investment in infrastructure but also a boon for job creation. More than 350 new employees are expected to be hired starting in early 2026, adding to the existing workforce of over 5,000 at Turning Stone Enterprises. This influx of jobs signifies a positive economic impact on the local community and contributes to the broader goal of attracting new visitors to Upstate New York.
Ray Halbritter, a representative of the Oneida Indian Nation and the chief executive officer of Turning Stone Enterprises, emphasized this transformative vision: "The Turning Stone Evolution is a transformational investment in bringing new people to Upstate New York and giving them reasons to return."
Industry Context and Comparison
Turning Stone is part of a growing trend among tribal gaming operators that are increasingly utilizing revolving credit facilities as part of their refinancing and expansion strategies. Other notable examples in the industry this year include financing activities from the Tule River Tribe Gaming Authority and Mohegan, both of which showcase the blossoming potential and adaptability of tribal casinos across the nation.
The successful closure of this credit facility not only strengthens Turning Stone’s financial foundation but also heralds a new era of expansion and innovation, aligning with the evolving needs of visitors and businesses alike.
