{"id":6615,"date":"2024-02-08T08:07:54","date_gmt":"2024-02-08T08:07:54","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2024\/02\/08\/gaming-and-leisure-properties-expands-reach-with-tioga-downs-casino-acquisition\/"},"modified":"2024-02-08T08:07:54","modified_gmt":"2024-02-08T08:07:54","slug":"gaming-and-leisure-properties-expands-reach-with-tioga-downs-casino-acquisition","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2024\/02\/08\/gaming-and-leisure-properties-expands-reach-with-tioga-downs-casino-acquisition\/","title":{"rendered":"Gaming and Leisure Properties Expands Reach with Tioga Downs Casino Acquisition"},"content":{"rendered":"<div>\n<p>The acquisition of Tioga Downs Casino Resort in Nichols, New York, by Gaming and Leisure Properties (GLPI) from American Racing &#038; Entertainment for a substantial $175 million is a noteworthy move. This action is in line with GLPI\u2019s larger plan to diversify its portfolio and strengthen its position in the gaming and entertainment industries.<\/p>\n<p>Alongside the purchase, GLPI and American Racing also signed a triple-net master lease for the first thirty years. In accordance with the terms of the deal, GLPI will return the property to American Racing under a $14.5 million first yearly rent, or an 8.3% capitalization rate. Fixed yearly escalations are another feature of the lease conditions that enable consistent growth over the length of the lease.<\/p>\n<h2><strong>Property Highlights and Expansion<\/strong><\/h2>\n<p>Nestled in Nichols, NY, Tioga Downs Casino Resort sprawls across approximately 162 acres, offering an array of amenities. These include a sprawling 32,600 sq. ft. gaming floor housing 895 slots and 29 table games, a 2,500 sq. ft. FanDuel sportsbook, a 160-room hotel, a 5\/8-mile harness horse track, 7 dining outlets, and an 18-hole championship golf course.<\/p>\n<p>Following the grant of a Class III casino license by the State of New York, the property underwent a substantial $130 million expansion initiative commencing in 2016.<\/p>\n<p>GLPI\u2019s Chairman and CEO, Peter Carlino, expressed contentment with the acquisition, remarking, <em>\u201cWe are pleased to add Tioga Downs to our portfolio and the new relationship with American Racing to our tenant roster.<\/em>\u201d He highlighted the portfolio\u2019s expansion to encompass 62 properties across 19 states with 8 tenants.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/betus\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n\t\t<amp-img alt=\"BetUS\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/BetUS.png\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative py-10\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/betus\/\" title=\"BetUS\" target=\"_blank\" rel=\"nofollow noopener\">BetUS<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong><strong>Get 125% \/ $2,500 on 1st deposit!<\/strong><\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Exclusive Welcome Bonus of up to $2,500<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino &#038; Sports<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/igaming.org\/site\/betus\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Jeff Gural, American Racing\u2019s Founder and CEO, echoed the sentiment, stating, <em>\u201cWe are excited to partner with the team at GLPI as we continue to grow our business at Tioga Downs.\u201d<\/em><\/p>\n<p>The acquisition was financed through a blend of cash reserves and the issuance of $20.0 million in OP units. GLPI leveraged its ATM program, issuing 4.06 million shares post the third quarter of 2023, garnering net proceeds of $188.9 million. A portion of these proceeds was earmarked to fund this acquisition and sustain the ongoing acquisition pipeline.<\/p>\n<p>In facilitating this transaction, Citizens JMP Securities served as the financial advisor to Gaming and Leisure Properties, while Innovation Capital extended its financial advisory services to American Racing.<\/p>\n<p>The post <a href=\"https:\/\/igaming.org\/casino-news\/gaming-and-leisure-properties-expands-reach-with-tioga-downs-casino-acquisition\/\">Gaming and Leisure Properties Expands Reach with Tioga Downs Casino Acquisition<\/a> appeared first on <a href=\"https:\/\/igaming.org\/\">iGaming.org<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The acquisition of Tioga Downs Casino Resort in Nichols, New York, by Gaming and Leisure Properties (GLPI) from American Racing &#038; Entertainment for a substantial $175 million is a noteworthy move. This action is in line with GLPI\u2019s larger plan to diversify its portfolio and strengthen its position in the gaming and entertainment industries. Alongside [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-6615","post","type-post","status-publish","format-standard","hentry"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/6615","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/comments?post=6615"}],"version-history":[{"count":0,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/6615\/revisions"}],"wp:attachment":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/media?parent=6615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/categories?post=6615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/tags?post=6615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}