Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 162

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 162
---
 Casino & Hotel Philadelphia and Live! Casino Pittsburgh for $689 million and leased back the real estate to Cordish pursuant to a new triple net master lease with Cordish (as amended from time to time, the "Pennsylvania Live! Master Lease").  The Pennsylvania Live! Master Lease and the Maryland Live! Lease both have initial lease terms of 39 years, with a maximum term of 60 years inclusive of tenant renewal options.  The annual rent for both leases has a 1.75% fixed yearly escalator on the entirety of rent commencing on the leases' second anniversary.  

80

Table of Contents

Rockford Lease and Rockford LoanOn August 29, 2023, the Company acquired the land associated with a casino development project in Rockford, IL, that upon opening is intended to be managed by Hard Rock, from an affiliate of 815 Entertainment, LLC (together, "815 Entertainment") for $100.0 million.  Simultaneously with the land acquisition, GLPI entered into a ground lease with 815 Entertainment for a 99 year term.  The initial annual rent for the ground lease is $8.0 million, subject to fixed 2% annual escalation beginning with the lease's first anniversary and for the entirety of its term (the "Rockford Lease"). In addition to the Rockford Lease, the Company has also committed to providing up to $150 million of development funding via a senior secured delayed draw term loan (the "Rockford Loan").  Borrowings under the Rockford Loan will be subject to an interest rate of 10%.  The Rockford Loan has a maximum outstanding period of up to 6 years (5-year initial term with a 1-year extension).  The Rockford Loan is prepayable without penalty following the opening of the Hard Rock Casino in Rockford, IL, which occurred in late August 2024.  The Rockford Loan advances are subject to typical construction lending terms and conditions.  As of December 31, 2024, $150.0 million was advanced and outstanding under the 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 in Rockford, IL if there is a future decision to