Pennsylvania Buyer to Pay $83M for Mississippi Casinos

Gaming and Leisure Properties Inc., (GLPI) of Wyomissing, PA, entered into an agreement to acquire the real estate assets of Bally’s Casino Tunica (1450 Bally Blvd.) and Resorts Casino Tunica (1100 Casino Strip Resort Blvd.) for $82.6 million. The properties in Robinsonville, MS offer 75,000 square feet of casino space, 1,747 slot machines and 25 table games. The transaction will also include six restaurants, 201 hotel rooms and 18,000 square feet of meeting space. The deal is expected to close in Q2 2017.

The properties will be operated by Penn National Gaming Inc., and be added to the existing master lease with Penn. The initial rent of $9 million is subject to adjustments and escalators consistent with the other master lease properties in the GLPI portfolio.

“Penn has extensive experience operating in the Tunica market and has the ability to effectively maximize the operating potential of the properties,” said GLPI CEO Peter M. Carlino.

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