GLPI to acquire Live Casino properties
Gaming and Leisure Properties (GLPI) has entered into definitive agreements to purchase the real estate property assets of Live! Casino and Hotel Maryland, Live! Casino and Hotel Philadelphia, and Live! Casino Pittsburgh, as well as applicable long-term ground leases, from affiliates of The Cordish Companies
Gaming and Leisure Properties (GLPI) has entered into unequivocal agreements to purchase the tangible land property assets of Live! Casino and Hotel Maryland, Live! Casino and Hotel Philadelphia, and Live! Casino Pittsburgh, as intimately as applicable long-term ground leases, from affiliates of The Cordish Companies.
As per the agreement, Cordish will instantly rental plump for all the properties and keep to own, hold in and deal all the gaming trading operations of the facilities.
The initial dealings has an aggregative considerateness of almost $1.81bn.
The dealing for the trey properties includes the existing real demesne assets, as advantageously as a cover partnership on time to come Cordish casino developments; and a potency financing sell betwixt GLPI and Cordish inwards other areas of Cordish’s portfolio of existent land and operating businesses.
The Free State dealing is expected to closelipped past the oddment of 2021, spell the PA deals are scheduled to snug in betimes 2022, all case to receipt of necessary regulatory approvals, financing and several other customary closure conditions.
In gain to the real demesne transactions and the potency for collaboration at existing or future tense non-gaming related to assets, GLPI and Cordish have decided to get together on a range of hereafter existent land and developing opportunities.
Peter Carlino, Chairman and CEO of GLPI, commented: “We are excited to launch a relationship with The Cordish Companies. group A important aspect of our transaction was Cordish’s continued dedication to operating with the same team, approach and standard of excellence that has brought their casinos so practically success.”
David Cordish, Chairman of The Cordish Companies, said: “Cordish is delighted to be partnering with GLPI on this mountain range of transactions, which align deuce recognised leaders inwards their respective industries.
"Live! is an iconic brand, and our allegiance to our customers, team up members and local communities as top priorities will go on unabated.”
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