Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 106

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 106
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 Rockford Loan.  On January 1, 2025, the Company amended the terms of the Rockford Loan to reduce the interest rate to 8% with a maturity date of June 30, 2026, subject to a 6-month extension.  The Company has a right of first refusal on the building improvements of the Hard Rock Casino Rockford if there is a future decision to sell them. 

Tioga Downs Lease

On February 6, 2024, the Company acquired the real estate assets of Tioga Downs in Nichols, NY from American Racing for $175.0 million. Simultaneous with the acquisition, an affiliate of GLPI and American Racing entered into the Tioga Downs Lease.  

Strategic Gaming Leases

On May 16, 2024, the Company acquired the real estate assets of Silverado, DMG, and Baldini's from Strategic for $105 million, plus an additional $5 million that was funded at closing for reimbursement for capital improvements.  Simultaneous with the acquisition, GLPI and affiliates of Strategic entered into the Strategic Gaming Leases.  

As part of the transaction, the Company also secured a right of first refusal on the real estate related to future acquisitions until Strategic's adjusted EBITDAR related to GLPI's owned assets reaches $40 million annualized.   

Ione Loan

In September 2024, the Company entered into the Ione Loan to provide the tribe funding on a new casino development near Sacramento, California.  Ione has an option at the end of the Ione Loan term to satisfy the loan obligation by converting the outstanding principal into a long-term triple net lease with an initial term of twenty five years and a maximum term of forty five years.  These agreements were entered into subsequent to receiving a declination letter from the National Indian Gaming Commission  approving the transaction documents, including the long-term lease.  As of December 31, 2024, $15.1 million was advanced and outstanding under the Ione Loan which has a 5-year term and an interest rate of 11%. 

The majority of our earnings are the result of revenues we receive from our triple-net master leases with PENN, Boyd, Bally's, Cordish, and Caesars. In addition to rent, the tenants are required to pay the following executory costs: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, including