Gaming and Leisure Properties Closes on $250 Million Land Acquisition, the Site for Bally’s Future Chicago Flagship Casino
Gaming and Leisure Properties, Inc. (GLPI)
Last gaming and leisure properties, inc. earnings: 4/30 04:15 pm
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Source: GlobeNewswire
WYOMISSING, Pa., Sept. 11, 2024 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) (“GLPI” or “the Company”), announced today that it completed its previously announced $250 million acquisition, from Blue Owl Capital, of the land on which Bally’s Corporation (NYSE: BALY) (“Bally’s”) permanent Chicago Casino will be constructed. The land purchase was one component of GLPI’s broader agreement with Bally’s, announced in July. With the completion of GLPI’s purchase of the Chicago land, the current lease in place with Blue Owl Capital will be assumed by an affiliate of GLPI and amended to reflect the negotiated annual rent of $20 million, representing an initial cash yield of 8.0%. GLPI will own substantially all of the real estate and improvements related to the Chicago casino and hotel for a total investment of $1.19 billion resulting in a blended initial cash investment yield of 8.4%. Stabilized rent coverage for the lease is expected to be in the range of 2.0x – 2
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GLPI
News
- Gaming and Leisure Properties Inc. Announces 2024 Distribution Tax TreatmentGlobeNewswire
- Gaming and Leisure Properties, Inc. Schedules Fourth Quarter 2024 Earnings Release and Conference CallGlobeNewswire
- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) had its price target lowered by analysts at Scotiabank from $50.00 to $49.00. They now have a "sector perform" rating on the stock.MarketBeat
- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) was downgraded by analysts at Morgan Stanley from an "overweight" rating to an "equal weight" rating. They now have a $53.00 price target on the stock.MarketBeat
- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) had its "market outperform" rating re-affirmed by analysts at JMP Securities. They now have a $55.00 price target on the stock.MarketBeat
GLPI
Earnings
- 10/24/24 - Miss
GLPI
Sec Filings
- 1/31/25 - Form 8-K
- 1/29/25 - Form 4
- 1/27/25 - Form 144
- GLPI's page on the SEC website