Gaming and Leisure purchases Tioga Downs Casino Resort real estate assets for $175m

February 7, 2024
Leer en Español

The company also signed a 30-year master lease agreement with American Racing.

Gaming and Leisure Properties, Inc. (GLPI) has acquired Tioga Downs Casino Resort’s real estate assets from American Racing & Entertainment for $175m.

Along with the real estate deal, GLPI and American Racing signed a triple-net master lease agreement for an initial 30-year term.

Per the terms of the agreement, initial annual rent will be $14.5m, representing an 8.3% capitalization rate.

GLPI Chairman and CEO Peter Carlino commented, “We are pleased to add Tioga Downs to our portfolio and the new relationship with American Racing to our tenant roster. Tioga Downs further diversifies our portfolio, expanding it to 62 properties across 19 states with 8 tenants. American Racing has 20 years of gaming, horseracing and hotel experience, marking another addition to our portfolio of leading gaming operator tenants.

“Tioga Downs is a high-quality, recently expanded asset with significant geographic protection from competition. We look forward to the start of a fruitful partnership with American Racing. Our initiatives to further expand our portfolio remain active in the current environment as our reputation as the gaming landlord of choice is strengthened.”

Tioga Downs Casino Resort offers players 895 slots and 29 table games, along with a FanDuel Sportsbook on its 32,600 square-foot gaming floor.

The New York property also features an 18-hole championship golf course, a 160-room hotel, 5/8-mile harness horse track and seven food and beverage locations.

American Racing Founder and CEO Jeff Gural shared the company’s excitement to collaborate with GLPI.

He said, “We are excited to partner with the team at GLPI as we continue to grow our business at Tioga Downs. Our locals-oriented property has a well-protected feeder market with no competition within 85 miles and a very loyal following. Its location largely insulates it from gaming expansion in the downstate New York region.

“GLPI is a great steward of regional casino assets, and we are excited to begin this new relationship. I’m also personally looking forward to becoming a GLPI unitholder.”


Product Spotlight

Bragg Gaming Group

Bragg Gaming Group is a global content-driven iGaming technology provider, serving online and land-based gaming operators with its proprietary and exclusive content and cutting-edge technology.

John Connelly - Interblock preparing to launch online by the end of year

John Connelly, the Global CEO of Interblock, joins the Huddle to talk about:
- The company's conversion to the online space
- The performance of ETGs
- Interblock's new philanthropic efforts
- The trend of companies going private
- And more!

Michael Hershman - Dispelling casino 'myths:' New York needs to lose fear of the unknown

Michael Hershman, CEO of the Soloviev Group, joins Tim Poole on the Huddle to put forward his case that the Freedom Plaza is the way to go for one of New York's casino licences. He fields a variety of questions - not shying away from any of them - on why 'myths' about casinos and a fear of the unknown should be dispelled, as well as acknowledging the strength of rival bids and discussing opposition to the project.

As the Tribal gaming sector congregates once more in the Golden State, is it too cliché of me to suggest we are heading for a golden era of Tribal gaming? With the industry set to meet at the Indian Gaming Association t...

From The Top: Will youth be served by Sports Betting?
Two recent interviews in our Huddle podcast revealed to Las Vegas correspondent Brian Joseph just how young sports betting entrepreneurs are becoming.
The Global Gaming Awards: Rewarding Excellence
The 10th edition of the Global Gaming Awards took place in Las Vegas last year. Gaming America looks back... and ahead to this year's.
Preview: Indian Gaming Tradeshow & Convention
Gaming America looks ahead to the 2024 Indian Gaming Tradeshow & Convention and what attendees can expect when they arrive at the Anaheim Convention Centre.
888 and the US Market: A cautionary tale
Gaming America explores the risk of resting on your laurels and the challenge of remaining relevant in a rapidly expanding market.