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Boston & New England  + New England  + Hospitality  |  January 9, 2023
Bally's Corporation and Gaming & Leisure Properties, Inc. have completed a sale-leaseback of two properties for total consideration of $635 million
Lisa McDuffie
By: Lisa McDuffie

Bally’s Corporation Finalizes Two-Property Sale-Leaseback Deal for $635M Total Consideration

Providence, RI-based Bally’s Corporation has completed a deal with the operating partnership of Gaming & Leisure Properties, Inc. that involves a sale-leaseback transaction relating to the land and real estate assets of Bally’s Tiverton Casino & Hotel in Tiverton, RI, and Bally’s Hard Rock Hotel & Casino Biloxi in Biloxi, MS, for total consideration of $635 million.

Bally’s Corporation is a global casino-entertainment company with a growing omni-channel presence of online sports betting and iGaming offerings. Gaming and Leisure Properties, Inc. is a real estate investment trust specializing in casino properties,

The transaction was structured as a tax-free capital contribution, and a substantial portion of the proceeds will be applied to reduce Bally’s debt. These properties have been added to Bally’s master lease with GLPI, which now includes six properties. The rent for the master lease was increased by $48.5 million on an annual basis on account of the transaction.

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Bally's Corporation

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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