- Details
- By Brian Edwards
- Finance
Turning Stone Resort Casino, LLC, a governmental instrumentality of the Oneida Indian Nation, has closed a $440 million senior secured revolving credit facility that will refinance existing debt and provide flexible capital to support a $370 million expansion of its flagship resort in Central New York.
The facility was syndicated and closed Sept. 22, 2025. KeyBanc Capital Markets Inc. served as left lead arranger, joint bookrunner and administrative agent. The financing represents the fifth syndicated credit transaction completed for Turning Stone since 2016, reflecting the resort’s ability to return to syndicated credit markets.
The revolving credit facility provides refinancing and liquidity to support a major expansion at Turning Stone Resort Casino, including the Turning Stone Evolution — the Oneida Indian Nation’s largest ever reinvestment in the property. The project was originally expected to open in 2027 but is now scheduled to come online ahead of plan, with the Crescent Hotel and Salt Seafood & Raw Bar opening June 29, 2026, followed by the Grand Expo conference and events center on Labor Day 2026.
When completed, the Grand Expo will expand Turning Stone’s total meeting and convention footprint to 200,000 square feet, positioning the resort as New York’s largest meetings and conventions destination. The expansion includes two ballrooms, a 25,000-square-foot central courtyard for outdoor events, a new 258-room Crescent Hotel with indoor connectivity to the gaming floor and event venues, a 1,600-space parking garage and an on-site medical center.
The tribe plans to hire more than 350 additional employees beginning in early 2026 to support the expansion. Turning Stone Enterprises currently employs more than 5,000 workers across its operations.
“The Turning Stone Evolution is a transformational investment in bringing new people to Upstate New York and giving them reasons to return,” Ray Halbritter, Oneida Indian Nation representative and chief executive officer of Turning Stone Enterprises, said in a statement.
Turning Stone joins other large tribal gaming operators that have used revolving credit facilities alongside refinancing and expansion plans this year, including the Tule River Tribe Gaming Authority and Mohegan.
