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Creating Value for our Clients

The Transaction

The Enoch Cree Nation (“Enoch”), the majority owner of The River Cree Resort and Casino (the “Resort”), negotiated and financed the buyout of Paragon Gaming, its 45% partner.  The Nation now has 100% ownership the Resort.

In order to complete the purchase and refinance existing deb, the Resort issued $255 million of second-lien high yield notes and senior bank debt which also included the refinancing existing debt.  The high yield financing was raised from a large number of investors in Canada and the United States, the first time that a First Nation had accessed the bond market with no government guarantee.

About the Company

The Resort is Alberta’s leading, full-service resort-style casino located on traditional Enoch lands, bordering the city of Edmonton.  The Resort has the most slots of any casino in the greater Edmonton area and has the largest hotel, largest convention space and largest entertainment space of any resort-style casino in Alberta.   

Crosbie’s Role

As independent financial advisor to the Enoch ,Crosbie played several distinct roles in the transaction:  (1) providing independent advice on assessing its options including the possibility of increasing its ownership interest in the Resort, (2) advising on all aspects of the negotiations with Paragon (including valuation, transaction structure and key deal terms), (3) running an RFP process to select banks, underwriters and a new operator for the resort and assisted in the governance structure of the borrower, and (4) assisting the borrower in all aspects of the financing, including preparing for the high yield financing (including offering materials, credit ratings, and roadshows).  In addition, Crosbie met frequently with Chief & Council in order to keep them informed throughout the multi-staged process. 


Related Industries:

  • Indigenous/First Nations
  • Real Estate & Hospitality

Acquisition Advisory

Enoch Cree Nation

The Enoch Cree Nation and River Cree Enterprises LP have acquired sole ownership of

The leading destination and gaming resort in Alberta from Paragon Gaming

Crosbie acted as financial advisor to the Enoch Cree Nation and River Cree Enterprises LP

Crosbie & Company Inc.
150 King Street West, 15th Floor, P.O. Box 95, Toronto, Ontario M5H 1J9
Tel: 416.362.7726 | Toll Free: 1-866-873-7002 | Fax: 416.362.3447


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