Gaming and Leisure Properties (NASDAQ: GLPI) proclaimed Tues that it’s paying $100 million for the tangible land associated with the Hard Rock Casino evolution inwards Rockford, Ill.
The gaming real demesne investiture swear (REIT) acquired the dimension from an affiliate of 815 Entertainment, LLC. GLPI and 815 Entertainment entered into an initial rental term of 99 years starting at $8 jillion annually with 2% inflation escalators.
In conjunction with the foregoing transactions, GLPI testament incur a compensate of number 1 refusal on the building improvements of the Hard John Rock Casino inwards Rockford if in that respect is a futurity determination to sell them one time completed,” according to a statement.
Hard Rock Rockford is ane of the six young gaming venues approved past Prairie State lawmakers in 2019 inward a beseech to shore upwards the state’s indisposed finances. It was the foremost of that aggroup to commence expression and is currently operating at a temporary site.
Gaming and Leisure Boosting Tenant Diversification
One of the vital elements inwards evaluating gaming REITs, to wit GLPI and contender VICI Properties (NYSE: VICI), is geographical and tenant diversification.
Penn Entertainment is GLPI’s largest tenant and other clients include Bally’s, Boyd Gaming, Caesars Entertainment, and Cordish Cos. With the purchase of the Rockford cassino real estate, the REIT adds a financially healthy tribal gaming renter in the var. of Florida’s Seminole Tribe, which controls Hard John Rock International.
“The Hard John Rock brand is humankind renown and testament bread and butter and solidify the young casino’s billet as a holidaymaker terminus and entertainment venue. Hard Rock is the holding manager and an equity investor inward 815 Entertainment, bringing its world-class direction team up to the project,” noted GLPI CEO Simon Peter Carlino inward a statement.
Currently, GLPI owns the holding assets of 59 gaming venues across 18 states. The Hard Rock testament live the 6th Land of Lincoln locus in the REIT’s portfolio.
GLPI Also Providing Financing
The Hard Rock Casino John Rock send off is calculate to cost $358 million, of which $120 gazillion has been spent to date. GLPI is providing $150 jillion inward financing via a senior secured delayed take out full term loan. Any draws on that business line will extend a 10% interestingness rate.
“The term loan has a draw poker period of up to 1-year and a upper limit spectacular period of up to 6 years (5-year initial full term with a 1-year extension),” added the REIT.
The Hard Rock Casino, which is scheduled to undetermined inward September 2024, will feature 177,000 square toes feet with close to 60,000 foursquare feet of gaming space. It’s expected that the gambling casino testament make 50 tabularize games, 1,250 gaming machines, a retail sportsbook, as wellspring as an online sports betting companion. Land of Lincoln is the second-largest sports wagering market in the US after New York.
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