GLPI adds to its roster
Gaming and Leisure Properties Incorporated (GLPI) has acquired the real estate assets of the Tioga Downs Casino Resort for $175m. It purchased the land from American Racing & Entertainment and will lease it back to the company for an initial 30-year period. The annual rent starts at $14.5m and will gradually increase over time.
started operating a full-scale casino in 2016
Located in upstate New York, Tioga Downs Casino Resort is also the home of a harness racetrack. The property contains almost 900 slot machines, 29 table games, a FanDuel retail sportsbook, a golf course, restaurants, and a 160-room hotel. It started operating a full-scale casino in 2016 after New York lawmakers started allowing commercial operators of Class III gaming facilities in certain regions.
Buffer zone
GLPI is a REIT that focuses on gambling-related properties across the US. Some of its main tenants include PENN Entertainment and Bally’s Corporation. GLPI CEO and Chairman Peter Carlino welcomed the latest deal with Tioga Downs, saying that it has “significant geographic protection from competition.”
The property does not have any competition within an 85-mile radius.
VICI Properties is another gambling-related REIT that has grown significantly in recent years. Its main tenants are MGM Resorts International and Caesars Entertainment.
Carlino noted that this brings the company’s portfolio up to 62 properties in 19 states, now working with nine different tenants.
Looking to the future
American Racing CEO and Founder Jeff Gural also welcomed the deal, saying that he looks forward “to becoming a GLPI unitholder.” He believes that the resort will continue to grow and is well protected from the upcoming issuance of three licenses for full-scale commercial casinos in downstate New York.
also owns the Vernon Downs Casino Hotel
American Racing also owns the Vernon Downs Casino Hotel, which offers over 500 video gaming machines, as well as live harness racing. The company purchased the upstate New York property in 2006.
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