Realty Income makes first gaming industry buy, totaling $1.7b

Realty Income Corp. has signed a definitive agreement to acquire the Encore Boston Harbor Resort and Casino for $1.7 billion under a long-term net-lease agreement with Wynn Resorts. The transaction is Realty Income’s first acquisition in the gaming industry.

“This transaction demonstrates our ability to utilize our platform and scale to acquire prime real estate assets across a variety of industries in alignment with our investment criteria,” said Sumit Roy, Realty Income’s president and CEO. “Our investment philosophy centers around generating favorable risk-adjusted returns by investing in strategically important properties with partners who are leaders in their respective industries. We are pleased to cultivate a new relationship with Wynn Resorts as we expand our universe of net-lease investments.”

The property comprises more than 3.1 million total square feet of luxury amenities, including slot machines, gaming tables, poker tables, 671 luxury hotel ro