Gaming and Leisure Properties buys real estate assets of Bally’s Lincoln for $700m
Accretive transaction adds further scope to Bally’s Master Lease II
Gaming and Leisure Properties has bought the real estate assets of Bally’s Lincoln in Lincoln, Rhode Island, from Bally’s Corporation for $700m.
The proceeds will be used for general corporate purposes, including the development of Bally’s Bronx and Bally’s Chicago.
Located in Lincoln, Rhode Island, Bally’s Lincoln sits on an approximate 190-acre site. The facility features a 165,000 sq. ft. casino with approximately 3,900 slots and 118 table games, 136 rooms and suites, a 29,000 sq. ft. convention center, a sportsbook, a spa, and multiple F&B and entertainment venues. In 2021, the property embarked on a $100m expansion and improvement program, which added a 40,000 sq. ft. gaming area, a poker room, a cigar bar, and a 14,000 sq. ft. spa.
Peter Carlino, GLPI’s Chairman and CEO, commented, “The acquisition of Bally’s Lincoln is immediately accretive to AFFO per share and adds a premier asset, in the healthy Rhode Island gaming market, to the GLPI portfolio. Bally’s Lincoln further expands our relationship with Bally’s, adding a fifth asset to our Bally’s Master Lease II. Bally’s Lincoln is one of the top performing regional casino properties in the U.S., having generated over $490m in gross gaming revenue in 2025. With its accessibility to Route 146 and located approximately five miles north of Providence, it’s a premier regional destination.”
The initial cash rent of $56m represents an eight per cent capitalisation rate and equates to a purchase multiple of 12.5x. Bally’s Lincoln will be added to the GLPI Bally’s Master Lease II agreement, increasing the number of properties to five, and the pro forma rent coverage ratio is expected to be over 2.2x.
