Gaming and Leisure Properties, Inc., (GLPI) on Monday said it has completed a previously announced acquisition from Bally’s Corporation.
The parties said the deal officially closed on April 1.
The transaction involves the land and real estate assets of Bally’s three Black Hawk Casinos in Black Hawk, Colorado, and Bally’s Quad Cities Casino & Hotel in Rock Island, Illinois, for $150m in total consideration.
These properties were added to the existing Bally’s Master Lease, the two companies said.
The initial rent for the lease was increased by $12m on an annual basis, subject to contractual escalations based on the Consumer Price Index, with a 1% floor and 2% ceiling, subject to CPI meeting a 0.5% threshold, the two parties explained.
GLPI says it is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. Its portfolio currently consists of 53 gaming and related facilities and amenities geographically diversified and positioned across 17 states.
Bally’s Corporation is a global casino-entertainment company with an omni-channel presence of Online Sports Betting and iGaming offerings. It currently owns and manages 14 casinos across 10 states, a horse racetrack in Colorado and has access to OSB licenses in 16 states. It also owns Gamesys Group, a global, online gaming operator, Bally Interactive, a sports betting platform, Monkey Knife Fight, a daily fantasy sports site in North America, SportCaller, a global B2B free-to-play game provider, and Telescope Inc., a provider of real-time fan engagement solutions.
Bally’s has approximately 10,000 employees, and its casino operations include more than 15,800 slot machines, 500 table games and 5,300 hotel rooms.
