GLPI agrees $467m Virginia casino property and construction financing deal

Gaming and Leisure Properties said it agreed to acquire the real estate of the under-construction Live! Casino & Hotel Virginia in Petersburg and fund its development in a transaction valued at $467 million. The agreement comprises a $27 million property purchase and $440 million in construction funding; The Cordish Companies is developing the project with Bruce Smith Enterprise. The permanent casino is scheduled to open in 2027.