GLPI reports progress across $1.5bn portfolio of gaming development projects
GLPI has announced significant progress on five gaming developments representing approximately $1.5bn in capital commitments across partnerships with four operators.
Gaming and Leisure Properties (GLPI) has announced a series of development and financing milestones across five major projects representing approximately $1.5bn in capital commitments.
The updates span partnerships with Caesars Entertainment, Bally’s Corporation, Penn Entertainment and the Ione Band of Miwok Indians.
Following the receipt of a declination letter from the National Indian Gaming Commission, GLPI released its $45m share of a $200m term loan B to support the Caesars Republic Sonoma County resort.
The company’s total commitment to the project stands at $225m, with up to $180m convertible into a 45-year sublease.
The California property, currently under construction near Healdsburg, is expected to open in 2027 with a 100-room hotel, gaming floor, spa facilities and multiple dining outlets.
GLPI also reported continued funding for Bally’s Chicago. After an initial $125m outlay in October, the company has added $76m, leaving roughly $739m remaining under its $940m commitment.
The large-scale casino and hotel development continues at pace, with plans for more than 3,300 slot machines, 170 table games and extensive entertainment amenities.
In Louisiana, Bally’s Baton Rouge is set to reopen on 6 December as a new land-based casino, replacing the former riverboat property. GLPI has funded $92.5m of its $111m commitment, with the project expected to deliver a 9% rental yield.
Meanwhile, Penn Entertainment has opened its expanded hotel tower and conference facilities at M Resort in Las Vegas. GLPI contributed $150m at a 7.79% cap rate.
Finally, GLPI confirmed progress on Acorn Ridge, a tribal casino project near Sacramento. The company has funded $56.6m of its $110m term loan, with opening scheduled for February 2026.
These development activities complement GLPI’s recent acquisition strategy. In October, the company acquired the real estate assets of Sunland Park Racetrack & Casino for $183.75m at an 8.2% cap rate, marking its second New Mexico facility and fourth property with Strategic Gaming Management.
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