{"id":7172,"date":"2024-05-18T00:29:35","date_gmt":"2024-05-18T00:29:35","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2024\/05\/18\/gaming-and-leisure-properties-buys-three-casinos-for-105-million\/"},"modified":"2024-05-18T00:29:35","modified_gmt":"2024-05-18T00:29:35","slug":"gaming-and-leisure-properties-buys-three-casinos-for-105-million","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2024\/05\/18\/gaming-and-leisure-properties-buys-three-casinos-for-105-million\/","title":{"rendered":"Gaming and Leisure Properties Buys Three Casinos for $105 Million"},"content":{"rendered":"<div>\n<p>Gaming and Leisure Properties, Inc. (GLPI) has acquired the property assets of three casinos from Strategic Gaming Management for $105 million. The deal includes Baldini\u2019s Casino in Sparks, Nevada, and the Silverado Franklin Hotel &#038; Gaming Complex and Deadwood Mountain Grand in South Dakota.<\/p>\n<p>GLPI has simultaneously entered into two cross-defaulted triple-net lease agreements with Strategic Gaming Management. Each lease has an initial 25-year term with two ten-year renewal periods. Additionally, GLPI provided $5 million for capital improvements, bringing the total investment to $110 million.<\/p>\n<p>This is GLPI\u2019s second major deal this year. In February, the company announced it was paying $175 million for the property assets of Tioga Downs Casino Resort in Nichols, New York.<\/p>\n<p>Prior to this acquisition, GLPI owned the real estate assets of 62 gaming venues across 19 states. The addition of Baldini\u2019s Casino marks GLPI\u2019s first property in the Reno-Sparks market, increasing its holdings in Nevada to four properties. The acquisitions in South Dakota are GLPI\u2019s first in the state, previously owning properties closest to the Dakotas in Illinois and Iowa.<\/p>\n<p>Silverado Franklin has completed over $32 million in capital projects, including renovations and new restaurant openings. 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Exclusive 111% Welcome Bonus  + 111 Free Spins<\/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<\/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\/katsubet-casino\/\" 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>The new lease agreements between GLPI and Strategic Gaming Management have an initial aggregate annual cash rent of $9.2 million, with a cap rate of 8.4%. A fixed 2% annual rent escalation starts in the third year, with a CPI-based escalation capped at 2.5% beginning in year 11.<\/p>\n<p>GLPI also secured rights of first refusal on future gaming property sales by Strategic until the EBITDAR related to GLPI-owned assets reaches $40 million annualized.<\/p>\n<h2>CEO Comments<\/h2>\n<p>Peter Carlino, Chairman and CEO of GLPI, stated, \u201cThe addition of Strategic\u2019s properties expands our portfolio to 65 properties across 20 states with 9 tenants and is expected to be immediately accretive to GLPI\u2019s operating results. Strategic is led by CEO J. Grant Lincoln who formed the company in 2009. Under Grant\u2019s stewardship, Strategic operates three properties with solid leadership positions in their respective markets, while generating growth in patronage and cash flows.<\/p>\n<p><em>\u201cWith the initial transaction and our right of first refusal on growth opportunities, we look forward to the start of a long-term mutually beneficial relationship with Grant and Strategic. Our initiatives to expand our portfolio remain active in the current environment as our reputation as the gaming landlord of choice is further strengthened and reinforced by this transaction.\u201d<\/em><\/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.webp\" 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>J. Grant Lincoln, Strategic\u2019s CEO, added,<em> \u201cWe are pleased to begin our partnership with GLPI. Our operating approach, informed by decades of successful experience in competitive gaming markets, is laser-focused on bottom-line results. Our platform is well positioned for thoughtful, ongoing growth.<\/em><\/p>\n<p><em>\u201cAs we explored the options for a sale-leaseback partner, GLPI rose above the rest given their unique approach and true emphasis on partnership as well as their deep experience as gaming operators. We look forward to collaborating with GLPI to prudently grow our operations over the coming years.\u201d<\/em><\/p>\n<p>The post <a href=\"https:\/\/igaming.org\/casino-news\/gaming-and-leisure-properties-buys-three-casinos-for-105-million\/\">Gaming and Leisure Properties Buys Three Casinos for $105 Million<\/a> appeared first on <a href=\"https:\/\/igaming.org\/\">iGaming.org<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Gaming and Leisure Properties, Inc. (GLPI) has acquired the property assets of three casinos from Strategic Gaming Management for $105 million. The deal includes Baldini\u2019s Casino in Sparks, Nevada, and the Silverado Franklin Hotel &#038; Gaming Complex and Deadwood Mountain Grand in South Dakota. GLPI has simultaneously entered into two cross-defaulted triple-net lease agreements with [&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-7172","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\/7172","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=7172"}],"version-history":[{"count":0,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/7172\/revisions"}],"wp:attachment":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/media?parent=7172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/categories?post=7172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/tags?post=7172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}