WYOMISSING, Pa., June 4, 2021 (GLOBE NEWSWIRE) – Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (the “Company”) today announced the completion of its previously announced transaction to acquire the property and assets of Tropicana Evansville from Caesars Entertainment (NASDAQ: CZR) ("Caesars") and The Dover Downs Hotel and Casino from Bally & # 39; s Corporation (NASDAQ: BALY) ("Bally & # 39; s") for a total purchase price of approximately 484, $ 0 million in cash. The company funded the transaction with cash generated in part by the equity increase completed on October 29, 2020.
Simultaneously with the closing of the transaction, the company entered into a triple net master lease with Bally & # 39; s. 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 renewal options and annual rental escalation terms based on the consumer price index with a lower limit of 1% and a 2% upper limit, provided that the CPI reaches a threshold of 0.5%.
Peter Carlino, Chairman and CEO of GLPI, commented, “We are excited to add these high quality regional assets to our portfolio, add to our operator list and gain geographic exposure to a new state. Bally & # 39; s is one of the most dynamic regional gaming providers in the country and we look forward to continuing to support the implementation of their growth plans. We are particularly excited to add their Mardi Gras and Golden casinos in Blackhawk, Colorado, and their Jumer & # 39; s Casino and Hotel in Rock Island, Illinois to our existing master lease as our partnership continues to grow.
“Also, as the owners of the largest regional gaming portfolio in the country, we are extremely encouraged by the operating results of regional properties across our portfolio. After the underlying properties were successfully reopened after mandatory COVID-19 closings, the additional annual cash rent of $ 6.1 million was achieved by reaching the rental stairs on May 1, 2021 in each of our Pinnacle master leases that from Penn National Gaming, Inc. (NASDAQ: PENN), our master's lease with Boyd Gaming Corporation (NYSE: BYD) ("Boyd"), and our Belterra Park lease with Boyd underscore this robust and recently accelerated operational strength. "
Tropicana Evansville was the first Indiana casino to move from a riverboat to a landside facility in 2017. Located on approximately 20 acres along the Ohio River in Vanderburgh County, the property offers 46,265 square feet of casino space, 1,145 slot machines, 41 table games, 338 hotel rooms, and approximately 47,000 square feet of meeting space and sports betting.
The Dover Downs Casino and Hotel is located on 70 acres in the capital of Delaware. It is accessible via the northeast corridor and near the beach communities on the east coast. The property has approximately 145,000 square meters of casino space, 2,188 video lottery terminals, 38 table games, 500 hotel rooms, a racing book and a sports betting facility.
About play and leisure properties
GLPI deals with the acquisition, financing and ownership of real estate that is to be rented to gaming operators under triple net leasing agreements, whereby the tenant is responsible for the entire maintenance of the facility, the insurance and insurance required in connection with the rented real estate the business conducted with the rental properties, the taxes levied on or in relation to the rental properties and all ancillary costs and other services that are necessary or appropriate for the rental properties and the business conducted with the rental properties.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our ability to improve our tenant relationships through new property acquisitions and our ability to obtain the necessary approvals and to meet any conditions precedent necessary to complete any previously announced transactions. Forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “intends,” “could,” “will,” “should” or “expects” negative or other variations of these or similar words or through discussions about future events, strategies or risks and uncertainties. Such forward-looking statements are fundamentally subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: the impact of pandemics such as the novel coronavirus (COVID-19) on GLPI as a result of the effects of such pandemics on the business operations of tenants GLPI and its continued ability to pay rent on time or at all; GLPI's ability to successfully complete the announced Colorado and Illinois Transactions with Bally, including the ability of the parties to meet the various conditions of completion, including obtaining any necessary regulatory approvals or other delays or impediments in completing the proposed Transactions; GLPI's ability to maintain its REIT status; our ability to access capital through the foreign and stock markets in quantities and at rates and costs acceptable to GLPI; the impact of our substantial debt on our future business operations; Changes in US tax laws and other state, state, or local laws, whether or not they are REITs or the gambling or hospitality industries; and other factors described in GLPI's Annual Report on Form 10-K for the year ended December 31, 2020, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission . All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on behalf of GLPI are expressly restricted in their entirety by the cautionary statements contained in this press release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained herein or incorporated by reference, whether as a result of new information, future events or otherwise, unless required by law. In view of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur or may not occur as described.
|Gaming and Leisure Properties, Inc.||Investor Relations|
|Matthew Demchyk, Chief Investment Officer||Joseph Jaffoni, Richard Land, James Leahy at JCIR|
|610 / 401-2900||212 / 835-8500|