Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 137

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 137
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 for its acquisitions of real estate assets as asset acquisitions under ASC 805 - Business Combinations.  Under asset acquisition accounting, incremental transaction costs incurred to acquire the purchased assets are also included as part of the asset cost.  No acquisitions closed during the nine months ended September 30, 2025.

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Prior year acquisitionsOn February 6, 2024, the Company acquired the real estate assets of Tioga Downs, in Nichols, NY from American Racing for $175.0 million which comprised of cash, assumed debt that was repaid after closing, and OP Units.  Simultaneously with the acquisition, GLPI entered into the Tioga Downs Lease.  The transaction was accounted for as a failed sale leaseback and as such the purchase price, along with incremental transaction costs, was allocated to Investment in leases, financing receivables in the amount of $176.4 million.On May 16, 2024, the Company acquired the real estate assets of Silverado, the DMG Casino, and Baldini's for $105 million, plus an additional $5 million that was funded at closing to reimburse the tenant for capital improvements.  Simultaneous with the acquisition, GLPI and affiliates of Strategic entered into the Strategic Gaming Leases.  The transaction was accounted for as a failed sale leaseback and the purchase price allocation of these assets and liabilities based on their respective fair values at the acquisition date are summarized below (in thousands).Investment in leases, financing receivables116,217 Financing lease liabilities(6,054)Total purchase price110,163 

On September 11, 2024, the Company completed its previously announced $250 million acquisition of the land on which Bally's permanent casino in Chicago, Illinois is being constructed. The Company will also fund construction costs of up to  $940.0 million for certain real property improvements of the project.  Rental income being received on the land is being deferred and will be recognized once the development project is substantially complete and ready for its intended use.  

16.    Subsequent Events

On October 15, 2025, the Company acquired the real estate assets of Sunland Park Racetrack and Casino ("Sunland Park") for $183.75 million.  The property was added to the Strategic Gaming Lease and annual rent was increased by $15 million.   In October 2025, the Company funded $125.4 million of development costs for Bally's Chicago and