Bally’s and GLPI complete sale lease-back deal of two properties
The pair have collaborated on similar deals in the past.
Key Points
- The deal involves Bally’s Kansas City and Bally’s Shreveport
- The transaction is valued at $395m in the aggregate
- The money to be used to pay down against its revolving credit facility
Bally’s has confirmed the previously announced sale lease-back of Bally’s Kansas City and Bally’s Shreveport to Gaming and Leisure Properties (GLPI).
In total, the sale lease-back transaction is valued at $395m in the aggregate. Proceeds from it will be used by Bally’s to pay down amounts drawn against its $620m revolving credit facility, as it looks to help with funding towards its permanent casino in Chicago and other projects.
The pair have worked together a number of times in recent years, an example being in January of last year when a sale lease-back was completed for Rhode Island’s Bally’s Tiverton Casino & Hotel and Missouri’s Bally’s Hard Rock Hotel & Casino Biloxi for a total of $635m.
Good to know: Caesars Entertainment closed the sale of Eldorado Resort Casino Shreveport to Bally’s in December 2020
Bally’s Executive VP and CFO Marcus Glover said, “We are pleased to complete this transaction as it further solidifies Bally’s financial position and enhances Bally’s strong strategic partnership with GLPI.
“The proceeds from the monetization of the real estate underlying our Kansas City and Shreveport properties provide us with additional liquidity and flexibility to deploy capital towards our permanent casino project in Chicago and other exciting growth opportunities.”
In other company news, Bally’s recently announced a rollover election period for stockholders to remain invested in the company instead of receiving the per share cash merger consideration from its agreement with The Queen Casino & Entertainment.
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