REIT Gaming And Leisure Completes Acquisition Of Bally’s Properties

Gaming and Leisure Properties Inc. (GLPI) has officially completed its $395 million acquisition of the land and real estate assets for Bally’s Kansas City Casino in Missouri and Bally’s Shreveport Casino & Hotel in Louisiana. The deal was initially announced earlier this year and is structured as a sale-leaseback agreement.

• Lease and financial terms:
  • Both properties have been added to a new master lease agreement with Bally’s, which is linked to their existing lease.
  • The transaction includes an initial annual cash rent of $32.2 million, representing an 8.2% cash capitalization rate.
  • The rent coverage for the Kansas City and Shreveport properties is projected to reach 2.2 times in the first year of ownership.

• Bally’s Kansas City Casino features:
  • 42,000-square-foot casino floor with over 900 slot machines, 24 table games, and more than 50 video poker and keno terminals.
  • Three dining options, including the popular sports bar Chickie’s & Pete’s.
  • Event spaces totaling nearly 3,000 square feet and several entertainment lounges.

• Bally’s Shreveport Casino & Hotel features:
  • 30,000-square-foot casino with over 950 slot machines, more than 50 table games, and a dedicated poker room.
  • Bally Bet Sportsbook, 400-room hotel with full-service spa, three on-site restaurants, live entertainment venues, and two nightclubs.
  • Comprehensive gaming and entertainment experience for guests.

The acquisition underscores GLPI’s commitment to expanding its portfolio of regional gaming properties while strengthening its partnership with Bally’s Corporation. The deal's financial structure and the properties' quality are expected to impact GLPI’s overall performance positively. By securing long-term lease agreements, the company continues to solidify its position as a leading real estate investment trust in the gaming industry.

With these additions, GLPI now manages 67 properties, further cementing its presence in the North American gaming market. The enhanced facilities in Kansas City and Shreveport are poised to attract guests seeking comprehensive entertainment experiences, bolstering both properties’ competitive edge.