Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 38 casino properties, and operates two of them.
Video Gaming and Leisure Properties
History
The company was created as a corporate spin-off from Penn National Gaming, effective November 1, 2013. The corporate breakup was designed to increase investor returns by taking advantage of the lack of federal income taxes on REITs.
In November 2013, GLPI agreed to finance a proposed billion-dollar casino in Milford, Massachusetts, but the project was killed days later when town voters rejected the casino.
In January 2014, the company acquired the real estate assets of the Casino Queen in East St. Louis, Illinois for $140 million, and leased them back to the casino's operating company for $14 million a year. GLPI also loaned $43 million to the casino.
The company's Argosy Casino in Sioux City, Iowa was forced to close in July 2014, and GLPI then sold the casino's real estate.
In May 2014, GLPI agreed to buy The Meadows Racetrack and Casino in western Pennsylvania from Cannery Casino Resorts for $465 million. The company said it would sell the facility's license to a third-party operator, while retaining ownership of the land and buildings. The deal ran into trouble, with GLPI filing a lawsuit accusing Cannery of fraud in October 2014; the lawsuit was eventually settled with an agreement on a reduced purchase price of $440 million.
After casino operator Pinnacle Entertainment announced its own plan in November 2014 to spin-off a REIT with the real estate assets of its 15 casinos, GLPI approached Pinnacle with an offer to buy those assets, which it said would be simpler and faster than Pinnacle's plan. Pinnacle did not respond to the offer, so GLPI went public with its offer in March 2015. In July, the companies reached a deal for GLPI to buy 14 of Pinnacle's 15 properties for $4.75 billion in stock, and lease them back to Pinnacle, with rent starting at $377 million per year. The acquisition was completed in April 2016. GLPI also completed its purchase of The Meadows in September 2016 and sold the racetrack operation to Pinnacle for $138 million.
In May 2015, GLPI agreed to finance the real estate portion of a proposed $650-million casino in New Bedford, Massachusetts, but the plan was canceled months later after developers failed to secure the rest of the needed funding.
In May 2017, GLPI purchased the real estate assets of Bally's Casino Tunica and Resorts Casino Tunica for a total of $83 million, while Penn National simultaneously acquired their operating assets.
In December 2017, GLPI agreed to a four-way deal that would see its two major tenants combine into one, as Penn National would acquire Pinnacle. GLPI would acquire the real estate of two of their racinos (Belterra Park and Plainridge Park Casino) for $315 million, and would also gain a new tenant in Boyd Gaming, which would purchase the operations of four of Pinnacle's properties.
In April 2018, the company agreed to acquire the real estate of six casinos from Tropicana Entertainment for $1.21 billion. The purchase was part of a three-way deal in which Eldorado Resorts would acquire Tropicana's operating business and lease the casinos from GLPI for a total of $110 million per year.
Maps Gaming and Leisure Properties
Properties
Gaming and Leisure Properties owns the following properties:
Owned and operated
- Hollywood Casino Baton Rouge -- Baton Rouge, Louisiana
- Hollywood Casino Perryville -- Perryville, Maryland
Leased to Penn National Gaming
Casinos
- Argosy Alton -- Alton, Illinois
- Argosy Kansas City -- Riverside, Missouri
- Boomtown Casino Biloxi -- Biloxi, Mississippi
- 1st Jackpot Casino Tunica -- Tunica Resorts, Mississippi
- Hollywood Casino Aurora -- Aurora, Illinois
- Hollywood Casino Columbus -- Columbus, Ohio
- Hollywood Casino Gulf Coast -- Bay St. Louis, Mississippi
- Hollywood Casino Joliet -- Joliet, Illinois
- Hollywood Casino Lawrenceburg -- Lawrenceburg, Indiana
- Hollywood Casino St. Louis -- Maryland Heights, Missouri
- Hollywood Casino Toledo -- Toledo, Ohio
- Hollywood Casino Tunica -- Tunica Resorts, Mississippi
- M Resort -- Henderson, Nevada
- Resorts Casino Tunica -- Tunica Resorts, Mississippi
Racinos
- Bangor Raceway -- Bangor, Maine
- Charles Town Races -- Charles Town, West Virginia
- Dayton Raceway -- Dayton, Ohio
- Mahoning Valley Race Course -- Austintown, Ohio
- Penn National Race Course -- Grantville, Pennsylvania
- Zia Park -- Hobbs, New Mexico
Leased to Pinnacle Entertainment
- Ameristar Casino Hotel Council Bluffs -- Council Bluffs, Iowa
- Ameristar Casino Hotel East Chicago -- East Chicago, Indiana
- Ameristar Casino Hotel Vicksburg -- Vicksburg, Mississippi
- Ameristar Casino Hotel Kansas City -- Kansas City, Missouri
- Ameristar Casino Resort Spa Black Hawk -- Black Hawk, Colorado
- Ameristar Casino Resort Spa St. Charles -- St. Charles, Missouri
- Belterra Casino Resort & Spa -- Florence, Indiana
- Boomtown Bossier City -- Bossier City, Louisiana
- Boomtown New Orleans -- Harvey, Louisiana
- Cactus Petes Resort Casino -- Jackpot, Nevada
- Horseshu Hotel and Casino -- Jackpot, Nevada
- L'Auberge Casino & Hotel Baton Rouge -- Baton Rouge, Louisiana
- L'Auberge Casino Resort Lake Charles -- Lake Charles, Louisiana
- The Meadows Racetrack and Casino -- North Strabane Township, Pennsylvania
- River City Casino -- St. Louis, Missouri
Leased to other companies
- Casino Queen -- East St. Louis, Illinois
Former properties
- Argosy Sioux City -- Sioux City, Iowa
References
External links
- Gaming and Leisure Properties, Inc.
Source of the article : Wikipedia
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