Gaming and Leisure Properties, Inc. entered into a definitive agreement to acquire Real property assets of Live! Casino Pittsburgh from Live! Casino Pittsburgh.
December 05, 2021
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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.
Gaming and Leisure Properties, Inc. is a self-administered and self-managed Pennsylvania real estate investment trust. The Company's primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. Its portfolio consists of interests in approximately 62 gaming and related facilities across 19 states with eight tenants, which consists of the real property associated with gaming and related facilities. The Company's property portfolio includes Hollywood Casino Lawrenceburg, Hollywood Casino Aurora, Hollywood Casino Joliet, Argosy Casino Alton, Hollywood Casino Toledo, Hollywood Casino Columbus, Hollywood Casino at Charles Town Races, Hollywood Casino at Penn National Race, Hollywood Casino Bangor, Zia Park Casino, Hollywood Casino Gulf Coast, Argosy Casino Riverside, Hollywood Casino St. Louis, Hollywood Gaming at Dayton Raceway, Ameristar Black Hawk, Tioga Downs Casino Resort (Tioga Downs), and others.
Gaming and Leisure Properties, Inc. entered into a definitive agreement to acquire Real property assets of Live! Casino Pittsburgh from Live! Casino Pittsburgh.