Peter Carlino, Chairman and CEO of GLPI commented, “We are pleased to add these high-quality regional assets to our portfolio, expand our roster of operators, and gain geographic exposure to a new state.
The master lease has an initial total annual cash rent of $40.0 million and an initial term of 15 years with four 5-year tenant renewal options, as well as annual lease escalation terms based on the Consumer Price Index, with a 1% floor and 2% ceiling, subject to CPI meeting a. Simultaneous with the closing of the transaction, the Company entered into a triple-net master lease agreement with Bally’s. The Company funded the transaction with cash on hand which was in part generated by its equity raise completed on October 29, 2020. (NASDAQ: GLPI) (the “Company”), today announced the completion of its previously announced transaction to acquire the land and real estate assets of Tropicana Evansville from Caesars Entertainment (NASDAQ: CZR) (“Caesars”) and The Dover Downs Hotel and Casino from Bally’s Corporation (NASDAQ: BALY) (“Bally’s”) for an aggregate purchase price of approximately $484.0 million in cash.
WYOMISSING, Pa., J(GLOBE NEWSWIRE) - Gaming and Leisure Properties, Inc.