Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 61

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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  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 a parent guarantee was added to the Bally's Chicago Lease.   On October 27, 2025, the Company announced that it intends to acquire the real estate of the future site for Live! Virginia Casino & Hotel, a Cordish Company / Bruce Smith Enterprise casino and hotel development in Petersburg, Virginia. In addition, GLPI has committed to fund the hard costs associated with the development of the project. The cap rate on both the land acquisition of $27 million and the hard cost development funding of $440 million will be at 8.0%.  The transaction also includes a 1.75% rent escalator, which will commence after the first anniversary of the permanent casino opening, which is anticipated in late 2027. Through the construction of this large-scale development, GLPI will be compensated for the funding on an as drawn basis and rent will be deferred until the facility is ready for its intended use.  

Effective October 2025, the Company’s option, subject to receipt by Bally’s of required consents, and call right, subject only to regulatory approval, to acquire the real property assets of Bally's Lincoln for a purchase