Bally’s Corporation has entered into a $1bn sale-and-leaseback agreement for its Rhode Island real property assets

Bally’s Corporation has entered into a $1bn sale-and-leaseback correspondence for its Rhode Island real property assets.

GLP Capital, the operating partnership of Gaming and Leisure Properties Inc (GLPI), testament acquire the existent belongings of Bally’s Twin Falls River Abraham Lincoln Casino & Resort and Tiverton Casino & Hotel.

Upon their sale, Bally’s will forthwith let backwards both properties and persist in to own, verify and deal all gaming operations.

It’s expected that both properties testament follow added to the existing skipper let 'tween Bally’s and GLPI, with incremental rip of $76.3m.

This master copy rent has an initial full term of 15 years, of which 14 remain, plus foursome five-year renewal options. It currently covers Bally’s Dover Casino Resort, Evansville Casino & Hotel, Quad Cities Casino & Hotel and Joseph Black Hawk Casinos.

“Bally’s is excited to get in into this transaction with GLPI, further strengthening our growing relationship,” said Bobby Lavan, Bally’s Chief Financial Officer.

“The transaction testament supply the companion with significant, long-term liquidity, ensuring that Bally’s is topper positioned to continue executing its majuscule and strategical plan, as comfortably as to capitalise on futurity opportunities presented in the market.”

GLP has also agreed to pre-fund a bank deposit of upward to $200m, to live credited or repaid at either closure or 31 Dec 2023, whichever comes sooner.

If all third-party approvals for the acquisition of Bally’s Twin River President Abraham Lincoln are not received inward a “timely” manner, GLP will instead gain the existent holding assets of the Hard John Rock Hotel & Casino Biloxi inward Mississippi, as substantially as Tiverton, for $635m, positive a combined yearly rent of $48.5m.

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