It currently owns and manages 14 casinos across 10 states, a horse racetrack in Colorado and has access to OSB licenses in 18 states. In that event, GLP will also have the option, subject to receipt of required consents, to acquire the real property assets of Lincoln prior to Decemfor a purchase price of $771 million and additional rent of $58.8 million.īally's Corporation is a global casino-entertainment company with a growing omni-channel presence of Online Sports Betting and iGaming offerings. If all third-party consents and approvals for the acquisition of Lincoln are not timely received, then GLP will instead acquire the real property assets of the Hard Rock Hotel & Casino Biloxi in Mississippi along with Tiverton for total consideration of $635 million and a combined annual rent for Tiverton and Biloxi of $48.5 million. In addition, Bally's will pay a $9 million transaction fee at closing. In connection with GLP's commitment to consummate the Bally's acquisitions, it also agreed to pre-fund, at Bally's election, a deposit of up to $200 million, which will be credited or repaid to GLP at the earlier of closing and December 31, 2023. Normalized rent coverage on the Master Lease – which includes Bally's Dover Casino Resort, Bally's Evansville Casino & Hotel, Bally's Quad Cities Casino & Hotel and Bally's Black Hawk Casinos – is expected to be 2.0x in the first calendar year following the completion of the acquisition of the real property assets of Bally's Rhode Island properties. The Master Lease has an initial term of 15 years (with 14 years remaining) followed by four five-year renewals at the tenant's option. The transaction will provide the Company with significant, long-term liquidity, ensuring that Bally's is best positioned to continue executing its capital and strategic plan, as well as to capitalize on future opportunities presented in the market.'īoth properties are expected to be added to the existing Bally's Master Lease (the 'Master Lease') between GLPI and Bally's, with incremental rent of $76.3 million. Bobby Lavan, Chief Financial Officer of Bally's, said, 'Bally's is excited to enter into this transaction with GLPI, further strengthening our growing relationship.

Twin rivers casino merger