Gaming And Leisure Properties Enters Binding Term Sheet With Bally's Corporation: Deal Totals $1.585B At Blended 8.3% Initial Cash Yield

Author: Benzinga Newsdesk | July 12, 2024 07:08am

Multi-Faceted Transaction Further Expands and Diversifies GLPI's Industry-Leading Regional Property Portfolio; Provides Bally's with Financing for its Highly-Anticipated Flagship Chicago Casino Facility.
GLPI intends to fund construction hard costs of up to $940 million at an 8.5% initial cash yield with the remainder to be funded by Bally's with the sale leaseback proceeds related to Bally's Kansas City and Bally's Shreveport along with other funding sources such as Bally's Chicago's planned initial public offering and cash flows from operations. Funding is expected to occur from August 2024 through December 2026.

Posted In: BALY GLPI