Two Bally’s Corp. Rhode Island assets sell for $1b

Gaming and Leisure Properties (GLPI) has paid $1 billion for Bally’s Corp.’s two Rhode Island casino properties, Bally’s Twin River Lincoln Casino Resort and Bally’s Tiverton Casino & Hotel.

Peter Carlino, chairman and CEO of GLPI, commented, “GLPI is delighted to extend our relationship with Bally’s that brings to the table a high-growth track record through their ownership of properties in attractive regional gaming markets. Bally’s Rhode Island assets have delivered exceptionally strong performance over their lifetime thanks to their attractive location near Providence while planned capital investments at Lincoln offer healthy upside potential. Bally’s properties are currently the only two gaming facilities in Rhode Island and the transaction again diversifies our portfolio as the state becomes our 18th U.S. jurisdiction. Importantly, this transaction comes with a conservative rent and master lease structure that offers GLPI material downside protection