Tag Archives: Gaming and Leisure Properties

Pinnacle Entertainment is buying Meadows Racetrack and Casino from Gaming and Leisure Properties for US$138m. Pinnacle will operate the Meadows’ gaming entertainment business and lease its underlying real property from GLPI in a triple net lease with initial annual rent of $25.5m (implying 1.9x rent coverage). On a trailing twelve month basis at February 29,…

Gaming and Leisure Properties has reached a deal to buy all of Pinnacle Entertainment’s real estate assets in an all-stock transaction that will see Pinnacle become a tenant of GLPI’s. Pinnacle will operate the leased gaming facilities under a triple-net 10-year Master Lease agreement with GLPI that will have five subsequent, five-year extension periods at…

Gaming and Leisure Properties has sent a letter to the Board of Directors of Pinnacle Entertainment, conveying its offer to acquire the real estate assets of Pinnacle for GLPI shares in a transaction with an enterprise value of $4.1bn, including assumption of debt. GLPI’s offer is designed to enhance Pinnacle’s plan, which was announced in…

Gaming and Leisure Properties is to buy The Meadows Racetrack and Casino located in Washington, Pennsylvania, a suburb of Pittsburgh, Pennsylvania, from Cannery Casino Resorts, for US$465m. The 180,000 sq. ft. casino, which opened in 2007, contains 3,317 slot machines, 61 table games and 14 poker tables. In addition to the casino, the property includes…

Gaming and Leisure Properties, a tax-free spin-off from Penn National Gaming, has bought its first casino away from the regional casino operator, with the US$140m of Casino Queen; a riverboat casino in East St. Louis, Illinois. Gaming and Leisure Properties will acquire the real estate assets associated with Casino Queen, which covers roughly 78 acres…