Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 121

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 8
Chunk 121
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 a hotel tower at the M Resort$220 millionNoneFunding associated with a landside move at Ameristar Casino Council Bluffs(2)NonePotential transaction at the former Tropicana Las Vegas site with Bally's$175 million$48.5 millionReal estate construction costs for Bally's Chicago $940 millionNoneFunding and oversight of a landside move and hotel renovation at The Belle$111 million$59.3 millionConstruction costs for a landside development project at Casino Queen Marquette$16.5 million$2.3 millionIone Loan to fund a new casino development near Sacramento, California$110 million$25.8 millionCall right to acquire Bally's Lincoln$735 millionNone

(1)   On June 6, 2025, PENN gave notice to the Company that it intended to utilize the $130 million commitment for the project.  GLPI expects to fund this amount on August 1, 2025 and will receive a 7.75% cap rate on the funding.  

(2)  The Company has agreed to fund, if requested by PENN at their sole discretion, on or before March 1, 2029, construction improvements in an amount not to exceed the greater of (i) the hard costs associated with the project and (ii) $150.0 million.

10.    Revenue Recognition

Lease termsUnder ASC 842, the Company is required at lease inception (and if applicable at a lease reassessment date) to determine the term of the lease.  This requires concluding whether it is reasonably assured that our tenants will exercise their renewal options contained within the lease.  The initial lease term is a key judgment that is utilized in the lease classification test to determine whether the lease is an operating lease, sales type lease or direct financing lease. The Company currently has  not included tenant renewal options in its determination of the initial lease term.  The Company assesses whether to include tenant renewal options in its calculation of the lease term based on several factors, including but not limited to, whether its tenants' leases represent substantially all of the tenants' earnings and revenues, the ability of its tenants to sell their leased operations for fair value and whether the initial term of its leases is for a significant period of time.     

25

Details of the Company's income from real estate for the three and six months ended June 30, 2025 was as follows (in thousands): Three Months Ended June 30, 2025Six Months Ended