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Gaming and Leisure Properties

From Wikipedia, the free encyclopedia
American real estate investment trust
Gaming and Leisure Properties, Inc.
Company typePublic
FoundedNovember 1, 2013; 11 years ago (2013年11月01日)
HeadquartersWyomissing, Pennsylvania, U.S.
Revenue1ドル.4 billion[1]  (2023)
755ドル million[1]  (2023)
Total assets 11ドル.8 billion[1]  (2023)
Number of employees
18[2]  (2023)
Websiteglpropinc.com

Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 62 casino properties, all of which are leased to other companies.

History

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The company was created as a corporate spin-off from Penn National Gaming (now Penn Entertainment), effective November 1, 2013.[3] The corporate breakup was designed to increase investor returns by taking advantage of the lack of federal income taxes on REITs.[4]

In November 2013, GLPI agreed to finance a proposed billion-dollar casino in Milford, Massachusetts,[5] but the project was killed days later when town voters rejected the casino.[6]

In January 2014, the company acquired the real estate assets of the Casino Queen in East St. Louis, Illinois for 140ドル million, and leased them back to the casino's operating company for 14ドル million a year. GLPI also loaned 43ドル million to the casino.[7]

The company's Argosy Casino in Sioux City, Iowa was forced to close in July 2014, and GLPI then sold the casino's real estate.[8]

In May 2014, GLPI agreed to buy The Meadows Racetrack and Casino in western Pennsylvania from Cannery Casino Resorts for 465ドル million. The company said it would sell the facility's license to a third-party operator, while retaining ownership of the land and buildings.[9] The deal ran into trouble, with GLPI filing a lawsuit accusing Cannery of fraud in October 2014; the lawsuit was eventually settled with an agreement on a reduced purchase price of 440ドル million.[10]

After casino operator Pinnacle Entertainment announced its own plan in November 2014 to spin off a REIT with the real estate assets of its 15 casinos,[11] GLPI approached Pinnacle with an offer to buy those assets, which it said would be simpler and faster than Pinnacle's plan.[12] Pinnacle did not respond to the offer, so GLPI went public with its offer in March 2015.[12] In July, the companies reached a deal for GLPI to buy 14 of Pinnacle's 15 properties for 4ドル.75 billion in stock, and lease them back to Pinnacle, with rent starting at 377ドル million per year.[13] The acquisition was completed in April 2016.[14] GLPI also completed its purchase of The Meadows in September 2016 and sold the racetrack operation to Pinnacle for 138ドル million.[15] [16]

In May 2015, GLPI agreed to finance the real estate portion of a proposed 650ドル-million casino in New Bedford, Massachusetts,[17] but the plan was canceled months later after developers failed to secure the rest of the needed funding.[18]

In May 2017, GLPI purchased the real estate assets of Bally's Casino Tunica and Resorts Casino Tunica for a total of 83ドル million, while Penn National simultaneously acquired their operating assets.[19] [20]

In October 2018, the company acquired the real estate of five casinos from Tropicana Entertainment for 964ドル million. The purchase was part of a three-way deal in which Eldorado Resorts simultaneously acquired Tropicana's operating business and leased the casinos from GLPI for a total of 88ドル million per year.[21]

Weeks later, GLPI completed a four-way deal that saw its two largest tenants combine into one, as Penn National acquired Pinnacle. GLPI also gained a new tenant in Boyd Gaming, which purchased the operations of three of Pinnacle's leased properties. In connection with the merger, GLPI acquired the real estate of Plainridge Park Casino from Penn National for 250ドル million, and lent 58ドル million to Boyd to acquire the real estate of Belterra Park.[22] [23] GLPI later acquired ownership of Belterra Park in satisfaction of the loan.[24]

In April 2020, during the COVID-19 pandemic, Penn National faced the prospect of financial issues brought on by resort closures. As a result, it sold the real estate of the Tropicana Las Vegas to GLPI for 338ドル million in rent credits.[25] Penn National would continue to operate the Tropicana for another two years, or until the resort were sold.[26]

GLPI took ownership of Lumière Place from Caesars Entertainment (formerly Eldorado Resorts) in October 2020, in satisfaction of a 246ドル million loan.[27]

In 2021, GLPI sold the operations of its two owned-and-operated casinos for a total of 59ドル million, to focus on its core business of real estate.[28] The operating business of Hollywood Casino Perryville was sold to Penn National, while that of Hollywood Casino Baton Rouge was sold to Casino Queen.[29] [30]

In June 2021, GLPI added Bally's Corporation as a new tenant, purchasing the Dover Downs racino for 144ドル million.[31] GLPI also agreed to sell the operations of the Tropicana Las Vegas to Bally's and to buy two other casinos from Bally's for 150ドル million, and obtained a right of first refusal to buy future casinos developed by Bally's.[32] Two more properties (Bally's Tiverton and Hard Rock Hotel & Casino Biloxi) were acquired from Bally's in 2023 for 635ドル million.[33] Another two properties (Bally's Kansas City and Bally's Shreveport) were bought in 2024 for 395ドル million.[34] [35]

In December 2021, GLPI reached a deal with the Cordish Companies to purchase three casino properties (Live Casino Philadelphia, Live Casino Maryland, and Live Casino Pittsburgh) for a total of 1ドル.8 billion and lease them back for a total of 125ドル million per year, and to partner with Cordish in future casino projects.[36] The purchase was completed in March 2022.[37]

In 2023, GLPI purchased the land where the Hard Rock Casino was being built in Rockford, Illinois, for 100ドル million.[38] In 2024, it acquired Tioga Downs, a racino in New York, for 175ドル million,[39] and three small casinos in Nevada and South Dakota from Strategic Gaming Management, for 105ドル million.[40] [41]

Properties

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Gaming and Leisure Properties owns the following properties:[42]

Leased to Bally's Corporation

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Leased to Boyd Gaming

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Leased to Caesars Entertainment

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Leased to Cordish Companies

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Leased to Penn Entertainment

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Leased to Strategic Gaming Management

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Leased to others

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Former properties

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References

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  1. ^ a b c Form 10-K: Annual Report (Report). Gaming and Leisure Properties. February 27, 2024. pp. 67–68 – via EDGAR.
  2. ^ Form 10-K: Annual Report (Report). Gaming and Leisure Properties. February 27, 2024. p. 26 – via EDGAR.
  3. ^ Jamison Cocklin (November 2, 2013). "Penn National forms spin-off company for tax breaks on real estate". Youngstown Vindicator. Retrieved 2013年11月07日.
  4. ^ Dimitra Defotis (November 16, 2012). "Penn National Gaming hits jackpot". Barron's. Retrieved 2013年11月07日. (subscription required)
  5. ^ Bob Salsberg (November 16, 2013). "Foxwoods Group Has Mass. Casino Finance Deal". CBS Boston. AP. Retrieved 2014年05月18日.
  6. ^ Mark Arsenault; Ellen Ishkanian (November 19, 2013). "Milford voters reject Foxwoods-backed casino plan". Boston Globe. Retrieved 2014年05月18日.
  7. ^ "Gaming and Leisure Properties, Inc. closes acquisition of the real estate assets related to the Casino Queen in East St. Louis for 140ドル million" (Press release). Gaming and Leisure Properties. January 23, 2014. Retrieved 2014年05月18日.
  8. ^ Form 10-K: Annual Report (Report). Gaming and Leisure Properties. February 27, 2015. p. 37 – via EDGAR.
  9. ^ Paul J. Gough (May 14, 2014). "New Meadows owner has short history, familiar name, big growth plans". Pittsburgh Business Times. Retrieved 2014年05月18日.
  10. ^ Howard Stutz (December 16, 2015). "Legal matters resolved, GLPI acquires Cannery's Pittsburgh racetrack". Las Vegas Review-Journal. Retrieved 2016年07月22日.
  11. ^ Howard Stutz (November 6, 2014). "Pinnacle Entertainment plans to split off casinos into a REIT". Las Vegas Review-Journal. Retrieved 2015年03月09日.
  12. ^ a b Howard Stutz (March 9, 2015). "GLPI offers 4ドル.1 billion for Pinnacle Entertainment's real estate". Las Vegas Review-Journal. Retrieved 2015年03月09日.
  13. ^ Howard Stutz (July 21, 2015). "Pinnacle, GLPI agree on 4ドル.75B merger". Las Vegas Review-Journal. Retrieved 2016年07月22日.
  14. ^ "Gaming and Leisure Properties, Inc. completes the previously announced acquisition of the real estate assets of Pinnacle Entertainment, Inc" (Press release). Pinnacle Entertainment. April 28, 2016. Archived from the original on August 22, 2016. Retrieved 2016年07月22日.
  15. ^ Paul J. Gough (March 30, 2016). "Meadows license, gaming assets sold for 138ドルM". Pittsburgh Business Times. Retrieved 2016年07月22日.
  16. ^ Paul J. Gough (September 12, 2016). "Meadows Casino now under new ownership". Pittsburgh Business Times. Retrieved 2016年09月12日.
  17. ^ Mike Lawrence (May 4, 2015). "New Bedford casino developer names big new partners, meets state financial deadline". The Standard-Times. New Bedford, MA. Retrieved 2015年05月14日.
  18. ^ "Officials mull future after New Bedford casino plan scrapped". Boston Herald. AP. July 24, 2015. Retrieved 2015年07月24日.
  19. ^ Form 10-Q: Quarterly Report (Report). Gaming & Leisure Properties. May 3, 2017. p. 8 – via EDGAR.
  20. ^ Form 10-Q: Quarterly Report (Report). Penn National Gaming. May 3, 2017. p. 23 – via EDGAR.
  21. ^ "Gaming and Leisure Properties, Inc. completes previously announced acquisition of the real estate assets of Tropicana Entertainment" (Press release). Gaming and Leisure Properties. October 1, 2018. Retrieved 2018年10月11日 – via GlobeNewswire.
  22. ^ "Gaming and Leisure Properties, Inc. announces completion of acquisitions and lease modifications to accommodate the acquisition of Pinnacle Entertainment, Inc. by Penn National Gaming, Inc" (Press release). Gaming and Leisure Properties. October 15, 2018. Retrieved 2018年10月16日.
  23. ^ Todd Prince (October 15, 2018). "Penn National Gaming completes 2ドル.8B acquisition of Pinnacle". Las Vegas Review-Journal. Retrieved 2018年10月16日.
  24. ^ Form 10-Q: Quarterly Report (Report). Gaming and Leisure Properties. October 28, 2020. p. 8 – via EDGAR.
  25. ^ Velotta, Richard N. (March 27, 2020). "Penn Gaming to furlough 26K workers, selling Tropicana real estate". Las Vegas Review-Journal. Retrieved April 22, 2020.
  26. ^ Schulz, Bailey (April 20, 2020). "Penn finalizes sale of Tropicana real estate on Las Vegas Strip". Las Vegas Review-Journal. Retrieved April 21, 2020.
  27. ^ Form 10-Q: Quarterly Report (Report). Gaming & Leisure Properties. October 28, 2020. p. 9 – via EDGAR.
  28. ^ "Gaming and Leisure Properties, Inc. announces sale and lease transactions" (Press release). Gaming & Leisure Properties. December 15, 2020. Retrieved 2020年12月26日.
  29. ^ Evan Jones (December 30, 2021). "Gaming and Leisure completes deal for Maryland casino". Reading Eagle. Retrieved 2021年12月30日.
  30. ^ "Penn National Gaming completes acquisition of Hollywood Casino Perryville operations" (Press release). Penn National Gaming. July 1, 2021. Retrieved 2021年07月04日 – via BusinessWire.
  31. ^ "Bally's Corporation completes acquisition of Tropicana Evansville casino" (Press release). Bally's Corporation. June 4, 2021 – via EDGAR.
  32. ^ Matthew Crowley (May 3, 2021). "Deals with Bally's Corp. dominates Gaming and Leisure Properties earnings call". CDC Gaming Reports. Retrieved 2021年06月06日.
  33. ^ Donna Rovins (January 4, 2023). "Gaming and Leisure Properties acquires real estate assets of Bally's properties". Pottstown Mercury. Retrieved 2023年01月05日.
  34. ^ Brian Kaberline (July 15, 2024). "Bally's Kansas City is part of a 2ドル billion deal to raise money for Chicago project". Kansas City Business Journal. Retrieved 2025年02月20日.
  35. ^ "Gaming and Leisure Properties completes previously announced 395ドル million sale leaseback transaction with Bally's for Kansas City and Shreveport properties" (Press release). Gaming and Leisure Properties. December 17, 2024. Retrieved 2025年02月20日.
  36. ^ Hallie Miller (December 6, 2021). "Baltimore-based Cordish Cos. to sell three casino properties to real estate investment trust, lease them back". The Baltimore Sun. Retrieved 2021年12月11日.
  37. ^ Laura Smythe (March 3, 2022). "Penn National spinoff closes on 674ドルM real estate deal including Live! Casino Philadelphia". Philadelphia Business Journal. Retrieved 2022年03月05日.
  38. ^ Buck Wargo (August 29, 2023). "GLPI acquires Hard Rock Casino site in Rockford, Illinois". CDC Gaming Reports. Retrieved 2023年10月01日.
  39. ^ Jeff Smith (February 8, 2024). "Tioga Downs Casino Resort sold: Here are the specifics". Corning Leader. Retrieved 2024年04月06日.
  40. ^ "Gaming and Leisure Properties announces the acquisition of three casino resorts in South Dakota and Nevada for 105ドル million and establishes new tenant relationship with Strategic Gaming Management" (Press release). Gaming and Leisure Properties. May 16, 2024. Retrieved 2025年02月23日 – via GlobeNewswire.
  41. ^ Buck Wargo (May 16, 2024). "GLPI acquires northern Nevada and South Dakota casinos for 105ドル million". CDC Gaming Reports. Retrieved 2025年02月23日.
  42. ^ "Our Portfolio". Gaming and Leisure Properties, Inc. Retrieved 2014年05月18日.
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