Gaming and Leisure Properties, Inc. announced 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.

In conjunction with the foregoing transactions, GLPI will receive a right of first refusal on the building improvements of the Hard Rock Casino in Rockford, IL if there is a future decision to sell them once completed. Primely located just off Interstate 90 in Rockford, IL, The Hard Rock Casino in Rockford Inc. will consist of approximately 177,000 sq. ft.

featuring an approximate 60,000 sq. ft. gaming floor, initially with 1,250 slot machines, 50 table games, and in-person and online sportsbooks in the U.S.'s second largest sports wagering market.

The project is currently under construction, with a total projected budget of approximately $358 million, inclusive of the temporary facility, with approximately $120 million spent to date.