{"id":280,"date":"2024-06-28T21:18:49","date_gmt":"2024-06-28T18:18:49","guid":{"rendered":"https:\/\/dreamcasinonodepositbonuscode.icu\/2024\/06\/28\/glpi-acquires-three-live-casino-properties-for-1-81-billion\/"},"modified":"2024-06-28T21:18:49","modified_gmt":"2024-06-28T18:18:49","slug":"glpi-acquires-three-live-casino-properties-for-1-81-billion","status":"publish","type":"post","link":"https:\/\/dreamcasinonodepositbonuscode.icu\/2024\/06\/28\/glpi-acquires-three-live-casino-properties-for-1-81-billion\/","title":{"rendered":"GLPI Acquires Three Live! Casino Properties for $1.81 Billion"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/H9Ylmt_HXiQ\" frameborder=\"0\" allowfullscreen><br>\n<\/iframe><\/p>\n<p>Game and Leisure Properties Inc. (GLPI) has reached an agreement to purchase the real estate holdings of three Live! Casino locations owned by Cordish Companies for a sum of $1.81 billion.<\/p>\n<p>GLPI will rent the properties \u2013 Live! Casino &amp; Hotel Maryland, Live! Casino &amp; Hotel Philadelphia, and Live! Casino Pittsburgh \u2013 back to Cordish, who will continue to manage their operations.<\/p>\n<p>The transaction for the Maryland property is anticipated to be finalized by the end of the current year, while the Philadelphia and Pittsburgh locations are projected to close in the early months of 2022.<\/p>\n<p>The $1.81 billion purchase price encompasses an undisclosed amount of cash, GLPI assuming existing debt on the properties held by Cordish, and $323 million in newly issued operating partnership units \u2013 shares specifically allocated to the partnership between GLPI and Cordish.<\/p>\n<p>The lease agreement spans an initial period of 39 years with a potential extension to 60 years, accompanied by an annual rent of $125 million, subject to an annual increase of 1.75%. <\/p>\n<p>This deal encompasses not just real estate holdings, but also a future \u201ccombined partnership\u201d with the Cordish casino development project, as well as possible funding collaborations between GLPI and Cordish in other aspects of Cordish\u2019s real estate and operational business.<\/p>\n<p>Peter Carlino, President and Chief Executive Officer of GLPI, stated, \u201cWe are thrilled to collaborate with Cordish, one of the nation\u2019s foremost developers of large-scale experiential real estate ventures, casinos, hotels, and entertainment districts. We have long respected Cordish\u2019s creation of the highly successful \u2018Live!\u2019 brand in these entertainment, gaming, and hospitality districts.<\/p>\n<p>\u201cBeyond the real estate transaction for these three properties, we are enthusiastic to partner with Cordish to utilize the financial and real estate development strengths and resources of both companies in a variety of strategic opportunities moving forward.\u201d<\/p>\n<p>\u201cWe have long admired GLPI\u2019s groundbreaking structure and achievements as a public platform,\u201d added David Cordish, President of Cordish Companies. \u201cCordish is excited to partner with GLPI on this series of transactions, which brings together two recognized leaders in their respective industries.<\/p>\n<p>\u201cWe look forward to continuing to provide top-tier entertainment experiences in our current service markets, and collaborating with GLPI to expand the \u2018Live!\u2019 brand in the future.\u201d<\/p>\n<p>GLPI\u2019s recent revenue was $298 million. <\/p>\n<p>Cordish Enterprises announced earnings of $7 million for the third quarter of 2021, a decrease from the same period in the previous year.<\/p>\n<p>To assist the company in reaching its expansion goals, Cordish hired Kathy Bedding as Executive Vice President and General Counsel and Susan Trout as Executive Vice President and Chief Marketing Officer earlier this year.<\/p>\n<p>Sign up for iGaming updates. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Game and Leisure Properties Inc. (GLPI) has reached an agreement to purchase the real estate holdings of three Live! Casino locations owned by Cordish Companies for a sum of $1.81 billion. GLPI will rent the properties \u2013 Live! Casino &amp; Hotel Maryland, Live! Casino &amp; Hotel Philadelphia, and Live! Casino Pittsburgh \u2013 back to Cordish, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GLPI Acquires Live! Casino Properties for $1.81 Billion<\/title>\n<meta name=\"description\" content=\"Game and Leisure Properties Inc. (GLPI) buys three Live! 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