Company: GLPI
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001575965-25-000017
Chunk: 23

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 2020, the Company acquired the real estate of Belterra Park in satisfaction of the Belterra Park Loan, subject to a long-term lease (the "Belterra Park Lease") with a Boyd affiliate operating the property.  The Belterra Park Lease rent terms are consistent with the Boyd Master Lease.  

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On February 12, 2025, Boyd exercised its first 5-year renewal option on both the Boyd Master Lease and the Belterra Park Lease and therefore, both leases now expire on April 30, 2031.   Amended and Restated Caesars Master LeaseOn October 1, 2018, the Company entered into a master lease with Caesars, which expires on September 30, 2038, with no purchase option, with four separate renewal options of 5 years each, exercisable at the tenant's option, on the same terms and conditions (as amended, the "Amended and Restated Caesars Master Lease").  The annual rent increases by 1.75% in the seventh and eighth lease years and 2% in the ninth lease year and each lease year thereafter.Horseshoe St. Louis LeaseThe Company has a single property lease with Caesars for the real estate assets of Horseshoe St. Louis (the "Horseshoe St. Louis Lease") which became effective on September 29, 2020, with no purchase option, whose initial term expires on October 31, 2033, with four separate renewal options of five years each, exercisable at the tenant's option.  The Horseshoe St. Louis Lease annual rent increases by 1.25% for the second through fifth lease years, increasing to 1.75% for the sixth and seventh lease years and thereafter increasing by 2.0% for the remainder of the lease. Bally's Master Lease, Bally's Chicago Land Lease, Bally's Master Lease II,  the Amended and Restated Casino Queen Master Lease and the Tropicana Las Vegas LeaseThe Company has several leases and development agreements with Bally's.  The first lease was entered into on June 3, 2021 and subsequent to this date several additional real estate assets of Bally's have been added to this lease such that it now contains 8 real estate assets of Bally's (the "Bally's Master Lease").  The annual rent on the Bally's Master Lease is subject to contractual escalations based on the