GLPI purchases Tioga Downs property in NY for $175m

GLPI purchases Tioga Downs property in NY for $175m

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GLPI purchases Tioga Downs property in NY for $175m

GLPI has recently purchased the land of American Racing and Entertainment’s Tioga Downs venue in upstate New York.

This partnership between the two firms involves a lease-back deal through which ARE will be paying GLPI 14.5 million dollars per year for an initial term of 30 years. The lease terms also include a 1.75% annual escalation rate starting a year after the beginning of the deal, along with an additional escalation of 2% per year starting on the 15th anniversary.

The Chair and CEO of GLPI, Peter Carlino, remarked:

“We are delighted to grow our catalog of gambling properties with the Tioga Downs resort, along with expanding our partner network with ARE. The new property is a top-notch gambling and hospitality facility that has recently been updated to provide its patrons with an enhanced set of experiences. We are eager to work closely with ARE through our latest partnership.”

ARE’s CEO and Founder, Jeff Gural, said:

“We are delighted to collaborate with GLPI to accelerate the excellent growth momentum of our Tioga Downs property. Having no competing establishments within an 85-mile radius, our venue is positioned excellently for growth.”

The property of the Tioga Downs resort is situated in Nichols, New York, close to the state border of Pennsylvania, and features a total area of 655 thousand square meters. The casino’s expansive gambling hall of more than 3 thousand square meters offers patrons almost 900 slot terminals, 29 table games, and a 230 square meter wagering area powered by FanDuel.

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