Bally’s plans to have a casino on the Lake of the Ozarks
Bally’s Corp. and the Osage River Gaming and Convention Committee (OGCC) plan to have a casino along the scenic Osage River close to the Bagnell Dam at Lake of the Ozarks.
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GLPI acquired Bally’s Chicago casino land
Gaming and Leisure Properties has acquired Bally’s permanent Chicago casino land for US$250m.
Gaming and Leisure Properties, Inc., GLPI is a real estate investment trust specializing in casino properties, based in Wyomissing, Pennsylvania. After it’s purchase of the Bally’s Chicago property, an affiliate will take over the current lease with Blue Owl Capital. The lease will be updated to an annual rent of $20 million, offering an initial cash yield of 8.0%.
GLPI will essentially own all the real estate and improvements for the Chicago casino and hotel, investing $1.19 billion. This results in an initial cash yield of 8.4%. The rent coverage for the lease is expected to be between 2x and 2.4x.
Peter Carlino, chairman and CEO of GLPI said:
“The completion of the Chicago land purchase is a significant milestone toward the development of Bally’s Chicago, which promises to be a must-visit destination casino resort property in the heart of Chicago. Our transactions with Bally’s related to Chicago and our real estate acquisitions at Bally’s Kansas City Casino and Bally’s Shreveport Casino & Hotel will be accretive to our financial results, resulting in an 8.3 per cent blended initial cash yield and conservative rent coverage.”
Bally’s announced its permanent casino plan in Chicago earlier this year.
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Bally’s terminated Pennsylvania casino agreement
Bally's terminated its agreement with SC Gaming to develop College Township in Pennsylvania.
Bally's Corporation is an American gambling, betting, and interactive...
