Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 105

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 105
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 real property assets of Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia, and Live! Casino Pittsburgh, including applicable long-term ground leases, from affiliates of Cordish for aggregate consideration of approximately $1.81 billion, excluding transaction costs, at deal announcement.  The transaction also includes a binding partnership on future Cordish casino developments, as well as potential financing partnerships between the Company and Cordish in other areas of Cordish's portfolio of real estate and operating businesses. On December 29, 2021, GLPI closed the acquisition of the Live! Casino & Hotel Maryland and GLPI entered into the Maryland Live! Lease.  On March 1, 2022, GLPI closed the acquisition of the Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh and leased back the real estate to Cordish pursuant to the Pennsylvania Live! Master Lease.  The Pennsylvania Live! Master Lease and the Maryland Live! Lease each have initial lease terms of 39 years, with  maximum terms of 60 years inclusive of tenant renewal options.  The annual rent for both leases has a 1.75% fixed yearly escalator on the entirety of rent commencing on the leases' second anniversary.  

Rockford Lease and Rockford Loan

On August 29, 2023, the Company acquired the land associated with a casino development project in Rockford, Illinois from an affiliate of 815 Entertainment for $100.0 million.  The casino opened in August 2024 and is managed by a subsidiary of Hard Rock.  Simultaneously with the land acquisition, an affiliate of GLPI entered into the Rockford Lease.  The initial annual rent for the ground lease is $8.0 million, subject to fixed 2% annual escalation beginning with the lease's first anniversary and for the entirety of its term. 

In addition to the Rockford Lease, the Company also committed to provide up to $150 million of development funding via the Rockford Loan.  Any borrowings under the Rockford Loan will be subject to an interest rate of 10%.  The Rockford Loan has a maximum outstanding period of up to 6 years (5-year initial term with a 1-year extension).  The Rockford Loan is 

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prepayable without penalty following the opening of the Hard Rock Casino in Rockford, IL, which occurred in late August 2024.  As of December 31, 2024, $150 million was advanced and outstanding under the