Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 23

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 1
Chunk 23
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 completed in late August 2023 and rent was adjusted to reflect a yield of 8.25% on GLPI's project costs of $77 million.  The Company also acquired the land and certain improvements at Casino Queen Marquette for $32.72 million as of September 6, 2023.  The annual rent was increased by $2.7 million for this acquisition.  Finally, the Company anticipates funding up to $111 million for a landside move and hotel renovation of the Belle for Casino Queen, of which $35.1 million has been funded as of December 31, 2024 as well as certain construction costs for an amount not to exceed $16.5 million, for a landside development project at Casino Queen Marquette.

The Bally's Master Lease became effective on June 3, 2021 and rent is subject to contractual escalations based on the CPI, with a 1% floor and a 2% ceiling, subject to the CPI meeting a 0.5% threshold.  The Company completed  the acquisitions of the real estate assets of Bally's Biloxi and Bally's Tiverton on January 3, 2023 and Bally's Black Hawk and Bally's Quad Cities on April 1, 2022.  The existing Bally's Master Lease was amended to add these properties with annual rent increases subject to the escalation clauses described above.  

As previously discussed the Company assumed a ground lease in connection with the acquisition of the Chicago land for approximately $250 million and at closing amended the ground lease subject to the Bally's Chicago Land Lease. Rental income on the land and development funding is being deferred until the project is substantially complete and ready for its intended use.  Income deferred on the project is recorded in deferred rental revenue and totaled $6.1 million for the year ended December 31, 2024.  

On December 29, 2021, the Maryland Live! Lease with Cordish became effective, with annual rent increasing by 1.75% upon the second anniversary of the lease commencement.  The Pennsylvania Live! Master Lease with Cordish became effective March 1, 2022 with annual rent increasing by 1.75% upon the second anniversary of the lease commencement.  These leases were accounted for as an Investment in leases, financing receivables.  

On September 26, 2022, the Tropicana Las Vegas Lease became effective.  Commencing on the first