GLPI buys Bally’s Lincoln casino real estate for $700 million
Gaming & Leisure Properties (GLPI) bought the real estate of Bally’s Lincoln in Rhode Island for $700 million and will lease it back to Bally’s, according to the transaction announcement. The lease runs through 2039 with four five-year renewal options; Bally’s also disclosed a $1.1 billion term loan due in 2031, with proceeds targeted partly at projects in Chicago and the Bronx and at debt repayment.
GLPI gains leased property income, while Bally’s borrowing supports projects and debt repayment.