Gaming and Leisure Properties (GLPI) closes $1.1 billion acquisition.

Gaming and Leisure Properties, Inc. (GLPI) announced today that it has closed on the land and real estate assets of the Live! Casino & Hotel Maryland for total consideration of $1.14 billion.  Financing for the transaction included $363 million of assumed debt, $200 million of operating partnership units, and the balance paid out of cash on hand.  The property will continue to be operated by The Cordish Companies under the terms of a newly executed 39-year lease that includes an initial cash rent of $75 million and fixed lease escalations beginning in the third year.

Peter Carlino, Chairman and CEO of GLPI commented, “We are delighted to add Live! Maryland to our portfolio, further diversify our roster of leading operators, and gain additional access to the rapidly growing Baltimore-Washington corridor via a truly world-class property. The Cordish Companies is world renowned for creating large-scale experiential real estate projects, casinos, hospitality and entertainment districts and we believe their Live! brand and their Live! Maryland together exemplify their track record of development and operating success."

Gaming and Leisure Properties specializes in the ownership of casino gaming and hotel properties under net-lease arrangements with national operators. As of September 30, 2021, GLPI's portfolio included 50 facilities in 17 states with an aggregate 14,900 hotel rooms. As of September 30, 2021, GLPI had a total market capitalization of approximately $16.8 billion.