Bally’s closes sale leaseback deal with GLPI for $635m
Both its Rhode Island and Missouri destinations will be added to the current Master Lease agreement.
Bally’s Corporation has completed a previously announced real estate acquisition deal with Gaming & Leisure Properties, Inc. (GLPI). The two completed a sale leaseback transaction for Rhode Island’s Bally’s Tiverton Casino & Hotel and for Missouri’s Bally’s Hard Rock Hotel & Casino Biloxi in Biloxi for a total of $635m.
The deal involved the sale of both land and real estate assets at both locations, and brings the total of Bally’s Master Lease agreement properties with GLPI to six.
Bally’s said that a “substantial portion” of the proceeds from the sale will be used to pay down the company’s debt. The company will pay another $48.5m in rent with the amended Master Lease agreement.
Company CFO Bobby Lavan noted that the completed deal is vital for the company’s future and plans for ongoing expansion.
He commented: “We are pleased to have completed another transaction with GLPI. This marks an important step for us, ensuring Bally’s is best positioned for continued growth.”
GLPI said in a statement that it will continue to have an option to acquire Bally’s Twin River Lincoln Casino Resort’s real property assets before December 31, 2024 at a price point of $771m, along with $58.8m in additional rent.
GLPI Chairman and CEO Peter Carlino commented: “We are pleased to grow our master lease with Bally’s with two premier assets, and concurrently enter a new state with Rhode Island.”
Bally’s Corporation recently completed its transaction with a Chicago real estate private equity firm to secure the 30-acre property that is currently home to Tribute Publishing Center. The investor acquired the land for $200m.
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