Penn National and Casino Queen enter GLPI lease agreements
Penn National Gaming and Casino Queen Holding Company have entered into long-term lease agreements with Gaming and Leisure Properties, Inc. (GLPI) for the real estate assets associated with the Hollywood Casino Perryville and Baton Rouge.
The first deal, which is subject to certain customary working capital adjustments, will see Penn National purchase the operations of the casino for a total of $31.1m in cash.
The initial annual rent for the property will total approximately $7.7m, and will have an initial term of 15 years with four five-year extensions.
GLPI has entered into a similar agreement with Casino Queen for the lease of its Hollywood Casino Baton Rouge. Casino Queen will purchase the operations of the casino for a total cash sum of $28.2m.
GLPI will retain ownership of the property but will enter a master lease agreement with the casino operator for an initial annual cash rent of approximately $21.4m. The lease will carry the same term as the Penn National deal.
Commenting on the new agreements, Peter Carlino, chairman and CEO of GLPI, described the sale of operations at the two casinos as “bittersweet,” due to their history with the company. However, he made clear his confidence in the decision.
“We are confident that they are in good hands with the new operators of these properties and will continue to shine under Penn National and Casino Queen.” he concluded.
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