Gaming and Leisure Properties, Inc. (NasdaqGS:GLPI) entered into a definitive agreement to acquire Real property assets of Live! Casino Pittsburgh from Live! Casino Pittsburgh on December 6, 2021. In related transactions, Gaming and Leisure Properties also entered into definitive agreements to acquire the real property assets of Live! Casino & Hotel Maryland and Live! Casino & Hotel Philadelphia. The three properties have an aggregate real estate purchase price payable by GLPI of approximately $1.81 billion, to be comprised of approximately $795.2 million in qualified debt assumption, $323.0 million of newly-issued operating partnership units, in GLPI's operating partnership, and the balance in cash. GLPI expects to fund the total cash consideration payable by it at the closings using cash on hand, borrowings under its revolving credit facility and/or with funds from additional financing arrangements, which are expected to include issuances of debt and equity securities, or a combination thereof. Additionally, Gaming and Leisure Properties announced an underwritten public offering to sell 7,700,000 shares of common stock. The company intends to use the net proceeds from this offering to partially finance the Cordish Acquisitions. Cordish will immediately lease back all the properties, and continue uninterrupted to own, control and manage all the gaming operations of the facilities.

The transaction is subject to receipt of required regulatory approvals, financing and other customary closing conditions and is expected to close in early 2022. As of February 25, 2022 Gaming and Leisure Properties, Inc. achieved approval for the acquisition. The acquisition is expected to be immediately accretive at closing. Wells Fargo Securities, LLC acted as financial advisor to GLPI on the transaction.