Gaming and Leisure Properties Completes Previously Announced Sale of Tropicana Las Vegas and Simultaneously Enters into Ground Lease with Bally’s Corporation
27 Setembro 2022 - 8:00AM
Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (the “Company”),
announced today the completion of the previously announced sale of
GLPI’s non-land real estate assets and PENN Entertainment, Inc.'s
(NASDAQ: PENN) outstanding equity interests in Tropicana Las Vegas
Hotel and Casino, Inc. to Bally’s Corporation (NYSE: BALY)
(“Bally’s”). GLPI will receive net proceeds of approximately $145
million in cash after fees and expenses.
Pursuant to the terms of the original agreement,
GLPI retained its ownership of the land and concurrent with the
closing, entered into a 50-year ground lease with Bally's, subject
to extension upon Bally’s achieving a capital investment threshold,
for an initial annual rent of $10.5 million. The ground lease will
be supported by a Bally’s corporate guarantee and cross-defaulted
with the Bally’s Master Lease with GLPI.
The Tropicana Las Vegas Hotel and Casino is
located in Las Vegas, Nevada on a 35-acre parcel on the corner of
Tropicana Boulevard and Las Vegas Boulevard. It includes 1,470
guest rooms, 50,000 square feet of casino space with 1,000 gaming
positions, a 1,200-seat performance theater and 100,000 square feet
of convention and meeting space.
CBRE served as financial advisor to GLPI in the
transaction.
About Gaming
and Leisure
PropertiesGLPI is engaged in the business of
acquiring, financing, and owning real estate property to be leased
to gaming operators in triple-net lease arrangements, pursuant to
which the tenant is responsible for all facility maintenance,
insurance required in connection with the leased properties and the
business conducted on the leased properties, taxes levied on or
with respect to the leased properties and all utilities and other
services necessary or appropriate for the leased properties and the
business conducted on the leased properties.
Forward-Looking StatementsThis
press release includes “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
including Bally’s making future capital investment in the Tropicana
Las Vegas Hotel and Casino. Forward-looking statements can be
identified by the use of forward-looking terminology such as
“expects,” “believes,” “estimates,” “intends,” “may,” “will,”
“should” or “anticipates” or the negative or other variation of
these or similar words, or by discussions of future events,
strategies or risks and uncertainties. Such forward looking
statements are inherently subject to risks, uncertainties and
assumptions about GLPI and its subsidiaries, including risks
related to the following: the effect of pandemics, such as
COVID-19, on GLPI as a result of the impact such pandemics may have
on the business operations of GLPI’s tenants and their continued
ability to pay rent in a timely manner or make investments in
GLPI’s properties; the potential negative impact of recent high
levels of inflation (which have been exacerbated by the armed
conflict between Russia and Ukraine) on our tenants operations;
GLPI's ability to maintain its status as a REIT; our ability to
access capital through debt and equity markets in amounts and at
rates and costs acceptable to GLPI; the impact of our substantial
indebtedness on our future operations; changes in the U.S. tax law
and other state, federal or local laws, whether or not specific to
REITs or to the gaming or lodging industries; and other factors
described in GLPI’s Annual Report on Form 10-K for the year ended
December 31, 2021, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K, each as filed with the Securities and Exchange
Commission. All subsequent written and oral forward-looking
statements attributable to GLPI or persons acting on GLPI’s behalf
are expressly qualified in their entirety by the cautionary
statements included in this press release. GLPI undertakes no
obligation to publicly update or revise any forward-looking
statements contained or incorporated by reference herein, whether
as a result of new information, future events or otherwise, except
as required by law. In light of these risks, uncertainties and
assumptions, the forward-looking events discussed in this press
release may not occur as presented or at all.
Contact |
|
Gaming and
Leisure Properties,
Inc. |
Investor Relations |
Matthew Demchyk, Chief Investment Officer |
Joseph Jaffoni, Richard Land, James Leahy at JCIR |
610/401-2900 |
212/835-8500 |
investorinquiries@glpropinc.com |
glpi@jcir.com |
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