GLPI and Bally’s expand casino properties sale-leaseback for $150m

Gaming and Leisure Properties (GLPI) has entered into a binding term sheet with Bally’s Corp. to acquire the real estate assets of Bally’s casino property in Black Hawk, Colo., and the property Bally’s plans to acquire in Rock Island, Ill.

Total consideration for the acquisition is $150 million. The parties expect to add the properties to the master lease they are entering into in connection with Bally’s previously announced acquisitions of Tropicana Evansville and Dover Downs Hotel & Casino. The acquisitions of the real estate assets of Bally’s properties in Rock Island and Black Hawk are expected to close in early 2022.

Bally’s also plans to acquire both GLPI’s non-land real estate assets and Penn National Gaming, outstanding equity interests in Tropicana Las Vegas Hotel and Casino for an aggregate cash acquisition price of $150 million. GLPI will retain ownership of the land and will concurrently enter into a 50-year ground lease. This transaction