GLPI to acquire Live! Casino properties

By Gambling Insider

Gaming and Leisure Properties (GLPI) has entered into definitive agreements to purchase the real estate property assets of Live! Casino and Hotel Maryland, Live! Casino and Hotel Philadelphia, and Live! Casino Pittsburgh, as well as applicable long-term ground leases, from affiliates of The Cordish Companies.

As per the agreement, Cordish will instantly lease back all the properties and continue to own, control and manage all the gaming operations of the facilities.

The initial transaction has an aggregate consideration of almost $1.81bn.

The transaction for the three properties includes the existing real estate assets, as well as a binding partnership on future Cordish casino developments; and a potential financing deal between GLPI and Cordish in other areas of Cordish’s portfolio of real estate and operating businesses.

The Maryland transaction is expected to close by the end of 2021, while the Pennsylvania deals are scheduled to close in early 2022, all subject to receipt of necessary regulatory approvals, financing and several other customary closing conditions.

In addition to the real estate transactions and the potential for collaboration at existing or future non-gaming related assets, GLPI and Cordish have decided to collaborate on a range of future real estate and development opportunities.

Peter Carlino, Chairman and CEO of GLPI, commented: “We are excited to establish a relationship with The Cordish Companies. A crucial aspect of our transaction was Cordish’s continued commitment to operating with the same team, approach and standard of excellence that has brought their casinos so much success.”

David Cordish, Chairman of The Cordish Companies, said: “Cordish is delighted to be partnering with GLPI on this range of transactions, which align two recognised leaders in their respective industries.

"Live! is an iconic brand, and our commitment to our customers, team members and local communities as top priorities will continue unabated.”

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