GLPI agrees to acquire Sunland Park real estate for $183.75 million
Gaming and Leisure Properties agreed to acquire the real estate assets of Sunland Park Racetrack & Casino in New Mexico for $183.75 million, according to the report. The transaction carries an initial 8.2% cap rate and is expected to close on 15 October. The assets would join GLPI’s lease with Strategic Gaming Management, with annual rent escalating by 2.0%.
The acquisition would add Sunland Park to GLPI’s property portfolio and expand its lease relationship with Strategic Gaming Management.