Gaming and Leisure Properties, Inc. Completes Previously Announced Sale Leaseback Transaction with Bally’s for Black Hawk and Quad Cities Properties
WYOMISSING, Pa., April 04, 2022 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (the “Company”), announced today that, on April 1, 2022, it completed the previously announced acquisition from Bally's Corporation (NYSE: BALY) (“Bally’s) of the land and real estate assets of Bally's three Black Hawk Casinos in Black Hawk, CO and Bally’s Quad Cities Casino & Hotel in Rock Island, IL for $150 million in total consideration. These properties were added to the existing Bally’s Master Lease. The initial rent for the lease was increased by $12 million on an annual basis, subject to contractual escalations based on the Consumer Price Index, with a 1% floor and 2% ceiling, subject to CPI meeting a 0.5% threshold.
About Gaming and Leisure Properties
GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.
Contact | |
Gaming and Leisure Properties, Inc. | Investor Relations |
Matthew Demchyk, Chief Investment Officer | Joseph Jaffoni, Richard Land, James Leahy at JCIR |
610/378-8232 | 212/835-8500 |
glpi@jcir.com |
