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Chicago & Midwest  + Greater Chicagoland + Illinois  + Hospitality  |  August 31, 2023
Jasmine Kilman
By: Jasmine Kilman

Gaming and Leisure Properties Acquires Rockford Hard Rock Casino for $100M

Gaming and Leisure Properties, Inc. (GLPI) has acquired the land associated with the Hard Rock Casino development project in Rockford, Illinois, from an affiliate of 815 Entertainment, LLC for $100.0 million.

Along with the land acquisition, GLPI entered into a ground lease for a 99-year term. The initial annual rent for the ground lease is $8 million, subject to a fixed 2% annual escalation beginning after the first year and for the entirety of its term.

GLPI has also committed to providing up to $150 million of development funding via a senior secured delayed draw term loan. Any borrowings will be subject to an interest rate of 10%.

The Hard Rock Casino in Rockford will consist of 177,000 square feet, including a 60,000-square-foot gaming floor, with 1,250 slot machines, and 50 table games. The temporary facility is already open, and the final property is scheduled to be completed September 2024.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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