Glpi expands relationship with bally's through strategic transactions

Wyomissing, pa., april 13, 2021 (globe newswire) -- gaming and leisure properties, inc. (nasdaq: glpi) (“glpi” or “the company”) announced today that it entered into a binding term sheet with bally's corporation (nyse: baly) (“bally's”) to acquire the real estate assets of bally's casino property in black hawk, co and the property it plans to acquire in rock island, il, in a transaction which is subject to regulatory approval and expected to close later this year. total consideration for the acquisition is $150 million. the parties expect to add the properties to the master lease they are entering into in connection with bally's previously announced acquisitions of tropicana evansville and dover downs hotel & casino ("glpi-baly master lease”) which will generate incremental rent of $12.0 million. normalized rent coverage on the assets is expected to be 2.25x in the first calendar year post-acquisition. the acquisitions of the real estate assets of bally's properties in rock island and black hawk are expected to close in early 2022.
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