Gaming and Leisure Properties acquires land under the Hard Rock Casino for $100m

Gaming and Leisure Properties (GLPI) has acquired the land associated with the Hard Rock Casino development project in Rockford, Ill., from an affiliate of 815 Entertainment for $100 million.

Simultaneous with the land acquisition, GLPI entered into a ground lease with 815 Entertainment for a 99-year term.

In addition to the ground lease, GLPI has also committed to providing up to $150 million of development funding via a senior secured delayed draw term loan.

Primely located just off Interstate 90 in Rockford, Ill., The Hard Rock Casino will consist of approximately 177,000 square feet, featuring an approximate 60,000-square-foot gaming floor, initially with 1,250 slot machines, 50 table games, and in-person and online sportsbooks in the United States’ second-largest sports wagering market. The project is currently under construction, with a total projected budget of approximately $358 million, inclusive of the temporary facility, with approximately $120 mill