GLPI Reports on Multi State Casino Projects With Major Capital Commitments

Gaming and Leisure Properties delivered an extensive set of project updates across tribal and commercial developments, outlining how roughly $1.5bn in capital is being deployed through long-term financing structures and construction support. The new disclosures cover major commitments with Caesars Entertainment, Penn Entertainment, Bally’s Corporation and the Ione Band of Miwok Indians, underscoring the company focus on property expansion and multi-state real estate growth.

Good to Know

• GLPI activity spans five large-scale casino and resort projects with varied financing terms.
• Total capital tied to these projects approaches $1.5bn across multiple states.
• Several arrangements include sublease options or rental yield structures.

GLPI Advances Multi State Casino Projects With Major Capital Commitments

GLPI confirmed new financing steps across five developments, each moving forward under distinct partnership and regulatory frameworks. One of the largest updates followed a declination letter from the National Indian Gaming Commission, which allowed GLPI to release its $45m share of a $200m term loan B for the Caesars Republic Sonoma County resort. GLPI total commitment to the project reaches $225m, with up to $180m eligible for conversion into a 45-year sublease.

Construction continues near Healdsburg, where the resort is projected to open in 2027. Plans include a 100-room hotel, gaming floor, spa facilities and multiple dining options. GLPI remains a core financing partner as the project progresses.

The company also advanced funding for Bally’s Chicago, one of the largest commercial gaming constructions underway in the United States. After a $125m initial outlay in October, GLPI added $76m more. Roughly $739m remains under its $940m commitment. The development blueprint features more than 3,300 slot machines, 170 table games and expanded entertainment offerings anchored by a full-scale hotel.

In Louisiana, Bally’s Baton Rouge will reopen on 6 December as a land-based casino, replacing the former riverboat facility. GLPI contributed $92.5m to date out of a total $111m commitment, and the project is expected to produce a rental yield of about 9 percent.

Penn Entertainment also reached a milestone at M Resort in Las Vegas with the opening of an expanded hotel tower and new conference space. GLPI supported the build with $150m placed at a 7.79 percent cap rate.

The final update centers on Acorn Ridge, a tribal casino project located near Sacramento and backed by the Ione Band of Miwok Indians. GLPI funded $56.6m so far out of a $110m term loan, and the opening remains scheduled for February 2026.

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