Gaming and leisure properties acquires land under the hard rock casino in rockford, il for $100 million, enters into 99-year ground lease with tenant

Wyomissing, pa., aug. 29, 2023 (globe newswire) -- gaming and leisure properties, inc. (nasdaq: glpi) (“glpi”) announced today that it has acquired the land associated with the hard rock casino development project in rockford, il from an affiliate of 815 entertainment, llc (together, “815 entertainment") for $100.0 million. simultaneous with the land acquisition, glpi entered into a ground lease with 815 entertainment for a 99-year term. the initial annual rent for the ground lease is $8.0 million, subject to fixed 2.0% annual escalation beginning with the lease's first anniversary and for the entirety of its term.
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