Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 64 casino properties, all of which are leased to other companies.
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History
The company was created as a corporate spin-off from Penn National Gaming (now Penn Entertainment), effective November 1, 2013. The corporate breakup was designed to increase investor returns by taking advantage of the lack of federal income taxes on REITs.
In November 2013, GLPI agreed to finance a proposed billion-dollar casino in Milford, Massachusetts, but the project was killed days later when town voters rejected the casino.
In January 2014, the company acquired the real estate assets of the Casino Queen in East St. Louis, Illinois for $140 million, and leased them back to the casino's operating company for $14 million a year. GLPI also loaned $43 million to the casino.
The company's Argosy Casino in Sioux City, Iowa was forced to close in July 2014, and GLPI then sold the casino's real estate.
In May 2014, GLPI agreed to buy The Meadows Racetrack and Casino in western Pennsylvania from Cannery Casino Resorts for $465 million. The company said it would sell the facility's license to a third-party operator, while retaining ownership of the land and buildings. The deal ran into trouble, with GLPI filing a lawsuit accusing Cannery of fraud in October 2014; the lawsuit was eventually settled with an agreement on a reduced purchase price of $440 million.
After casino operator Pinnacle Entertainment announced its own plan in November 2014 to spin off a REIT with the real estate assets of its 15 casinos, GLPI approached Pinnacle with an offer to buy those assets, which it said would be simpler and faster than Pinnacle's plan. Pinnacle did not respond to the offer, so GLPI went public with its offer in March 2015. In July, the companies reached a deal for GLPI to buy 14 of Pinnacle's 15 properties for $4.75 billion in stock, and lease them back to Pinnacle, with rent starting at $377 million per year. The acquisition was completed in April 2016. GLPI also completed its purchase of The Meadows in September 2016 and sold the racetrack operation to Pinnacle for $138 million.
In May 2015, GLPI agreed to finance the real estate portion of a proposed $650-million casino in New Bedford, Massachusetts, but the plan was canceled months later after developers failed to secure the rest of the needed funding.
Properties
Gaming and Leisure Properties owns the following properties:
Leased to Bally's Corporation
Bally's Baton Rouge — Baton Rouge, Louisiana
Bally's Black Hawk — Black Hawk, Colorado
Bally's Chicago — Chicago, Illinois (under development)
Bally's Dover — Dover, Delaware
Bally's Evansville — Evansville, Indiana
Bally's Kansas City — Kansas City, Missouri
Bally's Quad Cities — Rock Island, Illinois
Bally's Shreveport — Shreveport, Louisiana
Bally's Tiverton — Tiverton, Rhode Island
Bally's Twin River Lincoln — Lincoln, Rhode Island
Casino Queen Marquette — Marquette, Iowa
DraftKings at Casino Queen — East St. Louis, Illinois
Hard Rock Hotel & Casino Biloxi — Biloxi, Mississippi
The Queen Baton Rouge — Baton Rouge, Louisiana
Tropicana Las Vegas site — Paradise, Nevada
Leased to Boyd Gaming
Ameristar Casino Hotel Kansas City — Kansas City, Missouri
Ameristar Casino Resort Spa St. Charles — St. Charles, Missouri
Belterra Casino Resort & Spa — Florence, Indiana
Belterra Park — Anderson Township, Ohio
Leased to Caesars Entertainment
Horseshoe St. Louis — St. Louis, Missouri
Isle Casino Bettendorf — Bettendorf, Iowa
Isle Casino Waterloo — Waterloo, Iowa
Tropicana Atlantic City — Atlantic City, New Jersey
Tropicana Laughlin — Laughlin, Nevada
Trop Casino Greenville — Greenville, Mississippi
Leased to Cordish Companies
Live! Casino & Hotel Maryland — Hanover, Maryland
Live! Casino & Hotel Philadelphia — Philadelphia, Pennsylvania
Live! Casino Pittsburgh — Hempfield Township, Pennsylvania
Leased to Penn Entertainment
Ameristar Casino Council Bluffs — Council Bluffs, Iowa
Ameristar Casino Hotel East Chicago — East Chicago, Indiana
Ameristar Casino Vicksburg — Vicksburg, Mississippi
Ameristar Casino Resort Spa Black Hawk — Black Hawk, Colorado
Argosy Casino Alton — Alton, Illinois
Argosy Casino Riverside — Riverside, Missouri
Boomtown Biloxi — Biloxi, Mississippi
Boomtown Bossier City — Bossier City, Louisiana
Boomtown New Orleans — Harvey, Louisiana
Cactus Petes Resort Casino — Jackpot, Nevada
1st Jackpot Casino Tunica — Tunica Resorts, Mississippi
Hollywood Casino Aurora — Aurora, Illinois
Hollywood Casino Hotel & Raceway Bangor — Bangor, Maine
Hollywood Casino at Charles Town Races — Charles Town, West Virginia
Hollywood Casino Columbus — Columbus, Ohio
Hollywood Casino Gulf Coast — Bay St. Louis, Mississippi
Hollywood Casino Joliet — Joliet, Illinois
Hollywood Casino Lawrenceburg — Lawrenceburg, Indiana
Leased to Strategic Gaming Management
Baldini's Casino — Sparks, Nevada
Deadwood Mountain Grand — Deadwood, South Dakota
Silverado Franklin Hotel & Casino — Deadwood, South Dakota
Sunland Park Racetrack & Casino — Sunland Park, New Mexico
Leased to others
Hard Rock Casino Rockford — Rockford, Illinois (land only)
Tioga Downs Casino Resort — Nichols, New York
Former properties
Argosy Casino Sioux City — Sioux City, Iowa
Resorts Casino Tunica — Tunica Resorts, Mississippi