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...
Hard Rock Rockford land sold to GLPI for $100m
Gaming & Leisure Properties has recently acquired the land of Hard Rock’s Rockford establishment in a leaseback deal.
Through this partnership, the property investment firm has acquired the land of the Hard Rock Rockford establishment from its operating firm, 815 Entertainment. The contract involves a leaseback deal, through which the operator will be paying the investment firm about 8 million dollars per year for the upcoming 99 years with a 2% annual escalation rate that will go into effect one year after the start of the partnership.
Furthermore, the contract between the two firms also involves a commitment from GLPI to provide up to 150 million dollars in funding for the property’s development, the terms for which include an interest rate of 10% and a maximum outstanding period of 6 years including one yearly extension. This loan will be prepayable by the operator with no penalties following the opening of the yet-under-construction establishment, which is estimated to open its doors to its first patrons in about a year in September of 2024.
The operator’s Rockford establishment will feature a floor area of more than 16 thousand square meters with over 5500 square meters being dedicated to the property’s gambling hall. The casino will feature 1250 slot terminals, a sportsbook, and 50 table games at launch, and is estimated to cost a total of about 358 million dollars.
Hard Rock breaks ground on upcoming Athens casino
The construction of Hard Rock’s upcoming establishment in Athens has recently commenced.The new casino establishment will be located in the coastal region of Athens,...
