GLPI acquiring Sunland Park Racetrack & Casino real estate assets for $183.75m
The newly agreed upon transaction also represents an expansion to GLPI’s prior relationship with Strategic Gaming Management, an acquisitive operator of domestic casino assets.
Key Points
- The purchase of Sunland Park Racetrack & Casino’s real estate assets is expected to take place on October 15, 2025, and will represent GLPI’s second New Mexico facility
- Originally opened in 1959, the racetrack casino property rests on 157 acres of land and offers 738 slot machines as well as 12 EGTs across 25,000 sq ft of gaming space
Gaming and Leisure Properties (GLPI) is set to acquire the real estate assets of Sunland Park Racetrack & Casino for a total cost of $183.75m with an initial 8.2% cap rate, expected to be completed by October 15, 2025.
“Through our acquisition of Sunland Park, we are again diversifying our property portfolio, while again supporting the growth strategy of an existing tenant, as we deepen our relationship with Strategic Gaming, a dynamic and growing gaming operator,” GLPI Chairman and CEO Peter Carlino said.
“This accretive transaction further strengthens GLPI’s reputation as the gaming landlord of choice.”
The transaction also represents an expansion to GLPI’s prior relationship with Strategic Gaming Management, an acquisitive operator of domestic casino assets, officially adding a fourth asset to the company’s existing triple-net master lease agreement with GLPI.
Originally opened in 1959, the racetrack casino property rests on 157 acres of land and offers 738 slot machines as well as 12 electronic gaming tables (EGTs) across 25,000 sq ft of gaming space, set to mark GLPI’s second New Mexico facility.
Good to know: GLPI provided an update on its $1.19bn investment in Bally’s Corporation’s flagship Chicago casino resort on September 22, designed to become a major entertainment destination with completion targeted for Q4 2026
Sunland Park Racetrack & Casino also hosts a one-mile long thoroughbred and quarter horse racetrack with a 733-seat stadium, 600-person ballroom, simulcast wagering area and a 78-room third-party hotel.
The annual rent on Strategic Gaming’s pre-existing lease with GLPI is expected to increase by 2% each year, and the transaction will also be “immediately accretive” to AFFO per share upon closing.
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