{"id":689083,"date":"2022-09-27T07:11:18","date_gmt":"2022-09-27T11:11:18","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/gaming-and-leisure-properties-completes-previously-announced-sale-of-tropicana-las-vegas-and-simultaneously-enters-into-ground-lease-with-ballys-corporation\/"},"modified":"2022-09-27T07:11:18","modified_gmt":"2022-09-27T11:11:18","slug":"gaming-and-leisure-properties-completes-previously-announced-sale-of-tropicana-las-vegas-and-simultaneously-enters-into-ground-lease-with-ballys-corporation","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/gaming-and-leisure-properties-completes-previously-announced-sale-of-tropicana-las-vegas-and-simultaneously-enters-into-ground-lease-with-ballys-corporation\/","title":{"rendered":"Gaming and Leisure Properties Completes Previously Announced Sale of Tropicana Las Vegas and Simultaneously Enters into Ground Lease with Bally\u2019s Corporation"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">WYOMISSING, Pa., Sept.  27, 2022  (GLOBE NEWSWIRE) &#8212; Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (the \u201cCompany\u201d), announced today the completion of the previously announced sale of GLPI\u2019s non-land real estate assets and PENN Entertainment, Inc.&#8217;s (NASDAQ: PENN) outstanding equity interests in Tropicana Las Vegas Hotel and Casino, Inc. to Bally\u2019s Corporation (NYSE: BALY) (\u201cBally\u2019s\u201d). GLPI will receive net proceeds of approximately $145 million in cash after fees and expenses.<\/p>\n<p align=\"justify\">Pursuant to the terms of the original agreement, GLPI retained its ownership of the land and concurrent with the closing, entered into a 50-year ground lease with Bally&#8217;s, subject to extension upon Bally\u2019s achieving a capital investment threshold, for an initial annual rent of $10.5 million. The ground lease will be supported by a Bally\u2019s corporate guarantee and cross-defaulted with the Bally\u2019s Master Lease with GLPI.<\/p>\n<p align=\"justify\">The Tropicana Las Vegas Hotel and Casino is located in Las Vegas, Nevada on a 35-acre parcel on the corner of Tropicana Boulevard and Las Vegas Boulevard. It includes 1,470 guest rooms, 50,000 square feet of casino space with 1,000 gaming positions, a 1,200-seat performance theater and 100,000 square feet of convention and meeting space.<\/p>\n<p align=\"justify\">CBRE served as financial advisor to GLPI in the transaction.<\/p>\n<p>\n        <strong>About<\/strong><br \/>\n        <strong>Gaming<\/strong><br \/>\n        <strong>and<\/strong><br \/>\n        <strong>Leisure<\/strong><br \/>\n        <strong>Properties<br \/><\/strong>GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.<\/p>\n<p>\n        <strong>Forward-Looking<\/strong><br \/>\n        <strong>Statements<br \/><\/strong>This press release includes \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including Bally\u2019s making future capital investment in the Tropicana Las Vegas Hotel and Casino. Forward-looking statements can be identified by the use of forward-looking terminology such as \u201cexpects,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cintends,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould\u201d or \u201canticipates\u201d or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: the effect of pandemics, such as COVID-19, on GLPI as a result of the impact such pandemics may have on the business operations of GLPI\u2019s tenants and their continued ability to pay rent in a timely manner or make investments in GLPI\u2019s properties; the potential negative impact of recent high levels of inflation (which have been exacerbated by the armed conflict between Russia and Ukraine) on our tenants operations; GLPI&#8217;s ability to maintain its status as a REIT; our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI; the impact of our substantial indebtedness on our future operations; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in GLPI\u2019s Annual Report on Form 10-K for the year ended December 31, 2021, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI\u2019s behalf are expressly qualified in their entirety by the cautionary statements included in this press release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur as presented or at all.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:40%;width:40%;min-width:40%\">\n            <strong>Contact<\/strong>\n          <\/td>\n<td style=\"max-width:60%;width:60%;min-width:60%\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\n            <strong>Gaming<\/strong><br \/>\n            <strong>and<\/strong><br \/>\n            <strong>Leisure<\/strong><br \/>\n            <strong>Properties,<\/strong><br \/>\n            <strong>Inc.<\/strong>\n          <\/td>\n<td>\n            <strong>Investor<\/strong><br \/>\n            <strong>Relations<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td>Matthew Demchyk, Chief Investment Officer<\/td>\n<td>Joseph Jaffoni, Richard Land, James Leahy at JCIR<\/td>\n<\/tr>\n<tr>\n<td>610\/401-2900<\/td>\n<td>212\/835-8500<\/td>\n<\/tr>\n<tr>\n<td>\n            <a href=\"mailto:investorinquiries@glpropinc.com\" rel=\"nofollow noopener\" target=\"_blank\">investorinquiries@glpropinc.com<\/a>\n          <\/td>\n<td>\n            <a href=\"mailto:glpi@jcir.com\" rel=\"nofollow noopener\" target=\"_blank\">glpi@jcir.com<\/a>\n          <\/td>\n<\/tr>\n<\/table>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODY1MzYyMiM1MTcyNTgwIzIwMTE0NzA=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/YWJiMTFkZjYtODVkZC00MDA1LTg1NGItYWQwOTIwZTUyZjYyLTEwMjMwNDM=\/tiny\/Gaming-and-Leisure-Properties-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>WYOMISSING, Pa., Sept. 27, 2022 (GLOBE NEWSWIRE) &#8212; Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (the \u201cCompany\u201d), announced today the completion of the previously announced sale of GLPI\u2019s non-land real estate assets and PENN Entertainment, Inc.&#8217;s (NASDAQ: PENN) outstanding equity interests in Tropicana Las Vegas Hotel and Casino, Inc. to Bally\u2019s Corporation (NYSE: BALY) (\u201cBally\u2019s\u201d). GLPI will receive net proceeds of approximately $145 million in cash after fees and expenses. Pursuant to the terms of the original agreement, GLPI retained its ownership of the land and concurrent with the closing, entered into a 50-year ground lease with Bally&#8217;s, subject to extension upon Bally\u2019s achieving a capital investment threshold, for an initial annual rent of $10.5 million. The ground lease will &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/gaming-and-leisure-properties-completes-previously-announced-sale-of-tropicana-las-vegas-and-simultaneously-enters-into-ground-lease-with-ballys-corporation\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gaming and Leisure Properties Completes Previously Announced Sale of Tropicana Las Vegas and Simultaneously Enters into Ground Lease with Bally\u2019s Corporation&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-689083","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gaming and Leisure Properties Completes Previously Announced Sale of Tropicana Las Vegas and Simultaneously Enters into Ground Lease with Bally\u2019s Corporation - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/gaming-and-leisure-properties-completes-previously-announced-sale-of-tropicana-las-vegas-and-simultaneously-enters-into-ground-lease-with-ballys-corporation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gaming and Leisure Properties Completes Previously Announced Sale of Tropicana Las Vegas and Simultaneously Enters into Ground Lease with Bally\u2019s Corporation - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"WYOMISSING, Pa., Sept. 27, 2022 (GLOBE NEWSWIRE) &#8212; Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (the \u201cCompany\u201d), announced today the completion of the previously announced sale of GLPI\u2019s non-land real estate assets and PENN Entertainment, Inc.&#8217;s (NASDAQ: PENN) outstanding equity interests in Tropicana Las Vegas Hotel and Casino, Inc. to Bally\u2019s Corporation (NYSE: BALY) (\u201cBally\u2019s\u201d). GLPI will receive net proceeds of approximately $145 million in cash after fees and expenses. Pursuant to the terms of the original agreement, GLPI retained its ownership of the land and concurrent with the closing, entered into a 50-year ground lease with Bally&#8217;s, subject to extension upon Bally\u2019s achieving a capital investment threshold, for an initial annual rent of $10.5 million. The ground lease will &hellip; Continue reading &quot;Gaming and Leisure Properties Completes Previously Announced Sale of Tropicana Las Vegas and Simultaneously Enters into Ground Lease with Bally\u2019s Corporation&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/gaming-and-leisure-properties-completes-previously-announced-sale-of-tropicana-las-vegas-and-simultaneously-enters-into-ground-lease-with-ballys-corporation\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-27T11:11:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODY1MzYyMiM1MTcyNTgwIzIwMTE0NzA=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/gaming-and-leisure-properties-completes-previously-announced-sale-of-tropicana-las-vegas-and-simultaneously-enters-into-ground-lease-with-ballys-corporation\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/gaming-and-leisure-properties-completes-previously-announced-sale-of-tropicana-las-vegas-and-simultaneously-enters-into-ground-lease-with-ballys-corporation\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Gaming and Leisure Properties Completes Previously Announced Sale of Tropicana Las Vegas and Simultaneously Enters into Ground Lease with Bally\u2019s Corporation\",\"datePublished\":\"2022-09-27T11:11:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/gaming-and-leisure-properties-completes-previously-announced-sale-of-tropicana-las-vegas-and-simultaneously-enters-into-ground-lease-with-ballys-corporation\\\/\"},\"wordCount\":716,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/gaming-and-leisure-properties-completes-previously-announced-sale-of-tropicana-las-vegas-and-simultaneously-enters-into-ground-lease-with-ballys-corporation\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODY1MzYyMiM1MTcyNTgwIzIwMTE0NzA=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/gaming-and-leisure-properties-completes-previously-announced-sale-of-tropicana-las-vegas-and-simultaneously-enters-into-ground-lease-with-ballys-corporation\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/gaming-and-leisure-properties-completes-previously-announced-sale-of-tropicana-las-vegas-and-simultaneously-enters-into-ground-lease-with-ballys-corporation\\\/\",\"name\":\"Gaming and Leisure Properties Completes Previously Announced Sale of Tropicana Las Vegas and Simultaneously Enters into Ground Lease with Bally\u2019s Corporation - 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(NASDAQ: GLPI) (the \u201cCompany\u201d), announced today the completion of the previously announced sale of GLPI\u2019s non-land real estate assets and PENN Entertainment, Inc.&#8217;s (NASDAQ: PENN) outstanding equity interests in Tropicana Las Vegas Hotel and Casino, Inc. to Bally\u2019s Corporation (NYSE: BALY) (\u201cBally\u2019s\u201d). GLPI will receive net proceeds of approximately $145 million in cash after fees and expenses. Pursuant to the terms of the original agreement, GLPI retained its ownership of the land and concurrent with the closing, entered into a 50-year ground lease with Bally&#8217;s, subject to extension upon Bally\u2019s achieving a capital investment threshold, for an initial annual rent of $10.5 million. The ground lease will &hellip; Continue reading \"Gaming and Leisure Properties Completes Previously Announced Sale of Tropicana Las Vegas and Simultaneously Enters into Ground Lease with Bally\u2019s Corporation\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/gaming-and-leisure-properties-completes-previously-announced-sale-of-tropicana-las-vegas-and-simultaneously-enters-into-ground-lease-with-ballys-corporation\/","og_site_name":"Market Newsdesk","article_published_time":"2022-09-27T11:11:18+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODY1MzYyMiM1MTcyNTgwIzIwMTE0NzA=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/gaming-and-leisure-properties-completes-previously-announced-sale-of-tropicana-las-vegas-and-simultaneously-enters-into-ground-lease-with-ballys-corporation\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/gaming-and-leisure-properties-completes-previously-announced-sale-of-tropicana-las-vegas-and-simultaneously-enters-into-ground-lease-with-ballys-corporation\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Gaming and Leisure Properties Completes Previously Announced Sale of Tropicana Las Vegas and Simultaneously Enters into Ground Lease with Bally\u2019s Corporation","datePublished":"2022-09-27T11:11:18+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/gaming-and-leisure-properties-completes-previously-announced-sale-of-tropicana-las-vegas-and-simultaneously-enters-into-ground-lease-with-ballys-corporation\/"},"wordCount":716,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/gaming-and-leisure-properties-completes-previously-announced-sale-of-tropicana-las-vegas-and-simultaneously-enters-into-ground-lease-with-ballys-corporation\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODY1MzYyMiM1MTcyNTgwIzIwMTE0NzA=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/gaming-and-leisure-properties-completes-previously-announced-sale-of-tropicana-las-vegas-and-simultaneously-enters-into-ground-lease-with-ballys-corporation\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/gaming-and-leisure-properties-completes-previously-announced-sale-of-tropicana-las-vegas-and-simultaneously-enters-into-ground-lease-with-ballys-corporation\/","name":"Gaming and Leisure Properties Completes Previously Announced Sale of Tropicana Las Vegas and Simultaneously Enters into Ground Lease with Bally\u2019s Corporation - 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