Gaming and leisure properties, inc. completes previously announced sale leaseback transaction with bally's for tiverton, ri and biloxi, ms properties

Wyomissing, pa., jan. 04, 2023 (globe newswire) -- gaming and leisure properties, inc. (nasdaq: glpi) (“glpi” or the “company”), announced today that on january 3, 2023, it completed the previously announced acquisition from bally's corporation (nyse: baly) (“bally's) of the land and real estate assets of bally's tiverton casino & hotel in tiverton, ri and bally's hard rock hotel & casino biloxi in biloxi, ms for $635 million in total consideration, inclusive of $15 million in the form of op units. these properties were added to the company's existing master lease with bally's. the initial rent for the lease was increased by $48.5 million on an annual basis, subject to contractual escalations based on the consumer price index, with a 1% floor and 2% ceiling, subject to cpi meeting a 0.5% threshold. the master lease has an initial term of 15 years (with 14 years remaining) followed by four five-year renewals at the tenant's option. normalized rent coverage on the master lease – which includes bally's dover casino resort, bally's evansville casino & hotel, bally's quad cities casino & hotel and bally's black hawk casinos – is expected to be 2.0x in the first calendar year following closing.
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