Nasdaq:GLPI
Gaming and Leisure Properties to Acquire Land and Fund Hard Costs of Live! Casino & Hotel Virginia
Transaction Furthers Relationship with Cordish Companies at an Accretive 8.0% Cap Rate
WYOMISSING, Pa., Oct. 27, 2025 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI”) announced today that it agreed to acquire the real estate in Petersburg, Virginia, the future site for Live! Casino and Hotel Virginia (“Live! Virginia”), a joint venture of affiliates of The Cordish Companies and Bruce Smith Enterprise (“Live! Virginia Group”). In addition, GLPI committed to fund the hard costs associated with the development of the destination casino and hotel project. The cap rate on both the $27 million land purchase and the $440 million hard cost funding is 8.0% and will be accretive to GLPI’s operating results. Closing of the transaction is subject to usual and customary closing conditions, including receipt of licenses and any approvals by the Virginia Lottery Commission.
The transaction represents an expansion of GLPI’s relationship with The Cordish Companies (“Cordish”), as the development will mark the fourth Cordish property for which GLPI will own the real estate assets. GLPI intends to fund the $27 million land purchase in the first quarter of 2026, with the remaining $440 million of committed financing anticipated to be drawn beginning in the second half of 2026 and continuing through the first quarter of 2028, post the Live! Virginia Group’s equity funding. During the construction phase, Cordish will pay rent on the GLPI funding, as drawn. After the first anniversary of the opening of the permanent casino project, rent will escalate at a rate of 1.75% per annum.
Live! Virginia is located just off I-95, less than 25 miles south of Richmond, VA. The approximately $600 million project will sit within a large 98-acre site and serve as the centerpiece of a broader $1.4 billion planned development, expected to include additional hotels, retail, dining, entertainment, and residential features.
The permanent facility is expected to open in late 2027 and will feature an 80,000 sq. ft. casino with 1,440 slots and 84 tables, over 10 food and beverage outlets, 200 hotel rooms, a 70,000 sq. ft. conference and event center, a 3,200-seat concert venue, and an array of other amenities. A temporary casino facility at the site is scheduled for a late January 2026 opening, subject to receipt of regulatory approvals.
Peter Carlino, GLPI’s Chairman and CEO, commented, “Our partnership with The Cordish Companies continues to expand, with this unique opportunity to further diversify our portfolio, both on a geographic basis and through an expansion with an existing tenant. This accretive transaction plants a Gaming and Leisure Properties flag in Virginia, which will represent the 21st state for our portfolio, and allows us to partner again with a strong, proven tenant on this exciting development project in Petersburg, Virginia. Additionally, this announcement marks our third transaction in the last two months, as the pipeline continues to build, setting the stage for accelerating growth in the coming years.”
David Cordish, Cordish’s Chairman, added, “As a multi-generational, family-owned and operated business, GLPI is an ideal partner for us to continue growing our Gaming Division. GLPI supports what we have done successfully for decades and will continue to do: develop, own, and operate best-in-class entertainment destinations under our Live! brand. We look forward to opening this best-in-class gaming facility.”
Greenhill, a Mizuho Affiliate, acted as financial advisor to Gaming and Leisure Properties.
For further information, GLPI has posted a transaction presentation to its website, which can be accessed at https://investors.glpropinc.com/events-and-presentations.
About Gaming and Leisure Properties, Inc.
GLPI is engaged in the business of acquiring, financing, developing and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.
About The Cordish Companies
The Cordish Companies’ origins date back to 1910 and encompass four generations of privately-held, family ownership. During the past ten decades, The Cordish Companies has grown into a global leader in Gaming; Commercial Real Estate; Entertainment Districts; Sports-Anchored Developments; Hotels; Residential Properties; Restaurants; Coworking Spaces; and Private Equity. One of the largest and most respected developers in the world, The Cordish Companies has been awarded an unprecedented seven Urban Land Institute Awards for Excellence for public-private developments that are of unique significance to the cities in which they are located. The Cordish Companies has developed and operates highly acclaimed dining, entertainment, and hospitality destinations throughout the United States, many falling under The Cordish Companies’ Live! Brand highly regarded as one of the premier entertainment brands in the country. Welcoming over 60 million visitors per year, these developments are among the highest profile dining, entertainment, gaming, hotel, and sports-anchored destinations in the country. Over the generations, The Cordish Companies has remained true to the family’s core values of quality, entrepreneurial spirit, long-term personal relationships, and integrity. As a testimony to the long-term vision of its family leadership, The Cordish Companies still owns and manages virtually every business it has created. For more information visit www.cordish.com or follow us on LinkedIn and X.
“The Cordish Companies,” “The Cordish Company” and “Cordish” are trademarks used under license by independent corporations, legal liability companies and partnerships (“Cordish Entities”). Each Cordish Entity is a separate, single-purpose legal entity that is solely responsible for its obligations and liabilities. No common operations or financial interdependency, and no intermingling of assets or liabilities of the Cordish Entities exists, or should be deemed to exist, as a result of the potential common reference to multiple independent entities operating under the names “Cordish,” “The Cordish Companies” or “The Cordish Company” here or elsewhere.
About Bruce Smith Enterprise
Bruce Smith Enterprise, led by legendary Pro Football Hall of Fame member and Virginia native Bruce Smith, is a commercial real estate firm that specializes in the development of premier mixed-use projects. Headquartered in Virginia Beach, VA, the company has developed notable properties throughout the state and the Mid-Atlantic region that feature the cohesive and seamless integration of residential, hotel, Class A office, and retail space. Since retiring from professional football in 2004 after a prolific 19-year career, the NFL’s All-Time Sack Leader has endeavored to bring the same level of unparalleled excellence, diligence, and leadership that he honed as a veteran on the field to the management of Bruce Smith Enterprise. The successful development of timeless mixed-use properties that survive and withstand trends of the marketplace, strengthen and invigorate the local economy, and create jobs are core values of Bruce Smith Enterprise and its primary mission.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our expectations regarding the anticipated accretion, market conditions, future expansion opportunities, and the benefits of the development transaction with Cordish to our shareholders. Forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “intends,” “may,” “will,” “should” or “anticipates” or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward-looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: Cordish’s ability to develop the Live! Casino Hotel Virginia on the anticipated timeline and budget; the ability of Cordish to successfully open and ramp the operations of Live! Casino Hotel Virginia; GLPI’s ability to maintain its status as a REIT; our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI’s behalf are expressly qualified in their entirety by the cautionary statements included in this press release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur as presented or at all.
Contact:
Gaming and Leisure Properties, Inc.
Carlo Santarelli, SVP – Corporate Strategy & Investor Relations
610-378-8232
[email protected]
Investor Relations
Joseph Jaffoni at JCIR
212-835-8500
[email protected]
Nasdaq:GLPI
Gaming and Leisure Properties to Acquire Sunland Park Racetrack & Casino Real Estate Assets
Accretive Transaction Marks Expansion of Strategic Gaming Management Relationship
WYOMISSING, Pa., Oct. 01, 2025 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI”) today announced that it intends to acquire the real estate assets of Sunland Park Racetrack & Casino (“Sunland Park”). GLPI will acquire the real estate assets of Sunland Park for $183.75 million, at an initial 8.2% cap rate. With the inclusion into the Strategic Gaming Leases, annual rent on the lease will escalate at 2.0% per annum. Upon closing, the transaction is expected to be immediately accretive to AFFO per share.
The transaction represents an expansion of the relationship with Strategic Gaming Management, LLC (“Strategic Gaming”), an acquisitive operator of domestic casino assets. The acquisition will add a fourth asset to Strategic Gaming’s existing triple-net master lease agreement with GLPI.
With the closing of the transaction, which is expected to take place on October 15, 2025, Sunland Park will represent GLPI’s second property in New Mexico. Sunland Park, located in southern New Mexico, along the Texas border, serves the under penetrated El Paso-Las Cruces gaming market, a high population and income growth geography. Given state regulatory protections, Sunland Park is uniquely positioned to operate in a stable gaming environment.
Peter Carlino, GLPI’s Chairman and CEO, commented, “Through our acquisition of Sunland Park, we are again diversifying our property portfolio, while again supporting the growth strategy of an existing tenant, as we deepen our relationship with Strategic Gaming, a dynamic and growing gaming operator. This accretive transaction further strengthens GLPI’s reputation as the gaming landlord of choice.”
Opened in 1959, Sunland Park sits on approximately 157 acres and offers 738 slots and 12 electronic gaming tables across a 25,000 square foot gaming floor. The property includes a 1-mile Thoroughbred and Quarter Horse racetrack with a 733-seat stadium. It hosts a 600-person ballroom, a simulcast wagering area, and a 78-room third-party hotel. The property also has underutilized acreage that provides significant expansion and performance uplift opportunities.
Truist Securities, Inc. acted as financial advisor to Gaming and Leisure Properties. CBRE Investment Banking and Macquarie acted as financial advisors to Sunland Park.
For further information, GLPI has posted a transaction presentation to its website, which can be accessed at https://investors.glpropinc.com/events-and-presentations.
About Gaming and Leisure Properties, Inc.
GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.
About Strategic Gaming Management LLC
Strategic Gaming Management is a multijurisdictional licensed operator of brick and mortar casinos founded in 2009 by Chief Executive Officer J. Grant Lincoln. Today, the Company operates three casinos in Nevada and South Dakota in collaboration with its real estate partner and owner of the associated real estate Gaming & Leisure Properties (NASDAQ: GLPI).
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our expectations regarding the anticipated accretion, market conditions, future expansion opportunities, and the benefits of the transaction to our shareholders. Forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “intends,” “may,” “will,” “should” or “anticipates” or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward-looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: GLPI’s ability to expand its relationship with Strategic Gaming; the potential negative impact of recent high levels of inflation on our tenants’ operations; GLPI’s ability to maintain its status as a REIT; our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI; the impact of our substantial indebtedness on our future operations and ability to grow through acquisition; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI’s behalf are expressly qualified in their entirety by the cautionary statements included in this press release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur as presented or at all.
Contact:
Gaming and Leisure Properties, Inc.
Carlo Santarelli, SVP – Corporate Strategy & Investor Relations
610-378-8232
[email protected]
Investor Relations
Joseph Jaffoni, Christin Armacost at JCIR
212-835-8500
[email protected]
This press release was published by a CLEAR® Verified individual.
Nasdaq:GLPI
Gaming and Leisure Properties, Inc. Schedules Third Quarter 2025 Earnings Release and Conference Call
WYOMISSING, Pa., Sept. 30, 2025 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) announced today that the Company will release its 2025 third quarter financial results after the market close on Thursday, October 30, 2025. The Company will host a conference call at 9:00 a.m. ET on Friday, October 31, 2025.
During the conference call, Peter M. Carlino, Chairman and Chief Executive Officer, and senior management, will review the quarter’s results and performance, discuss recent events and conduct a question-and-answer period.
Webcast:
The conference call will be available in the Investor Relations section of the Company’s website at www.glpropinc.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. A replay of the call will also be available for 90 days on the Company’s website.
To Participate in the Telephone Conference Call:
Dial in at least five minutes prior to start time.
Domestic: 1-877/407-0784
International: 1-201/689-8560
Conference Call Playback:
Domestic: 1-844/512-2921
International: 1-412/317-6671
Passcode: 13756338
The playback can be accessed through Friday, November 7, 2025.
About Gaming and Leisure Properties
GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.
Contact:
Gaming and Leisure Properties, Inc.
Carlo Santarelli, SVP – Corporate Strategy & Investor Relations
610-378-8232
[email protected]
Investor Relations
Joseph Jaffoni, Christin Armacost at JCIR
212-835-8500
[email protected]
Nasdaq:GLPI
An Update on GLPI’s Landmark Chicago Investment: Bally’s Flagship Downtown Chicago Casino Resort
A Media Snippet accompanying this announcement is available by clicking on this link.
WYOMISSING, Pa., Sept. 22, 2025 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (“GLPI”) has partnered with Bally’s Corporation (“Bally’s”) to transform Chicago’s River West neighborhood, with the development of an integrated casino resort at the former Chicago Tribune site. The project will bring an iconic, world-class entertainment destination, featuring a 178,000 square-foot casino with over 3,300 slots and 170 table games, a 500-room luxury hotel, vibrant dining and nightlife, extensive event space, and a community-enhancing riverwalk and green space. GLPI’s $1.19 billion investment, inclusive of the 2024 $250 million acquisition of the site, demonstrates its commitment to supporting its tenants’ growth through innovative projects that are expected to deliver long-term value to GLPI’s shareholders. Bally’s expects the property to open in the 4th quarter of 2026. A live webcast of the development can be found here: Bally’s Chicago Construction.
With this release, GLPI is providing a summary of the completed milestones to date, the current and upcoming activities on the site, and an array of renderings and current project photos. In addition, the link to a photo portal, which will be updated as the project continues to progress, can be found here: Bally’s Chicago Project Images.
Completed Project Milestones
- The demolition of the Chicago Tribune buildings
- The insertion of caissons
- Trench excavation has been completed
- A concrete pad has been connected to the hotel core
- A waterproofing membrane has been installed for various project areas
- Caisson caps and grade beams to support vertical construction have been installed
- Crane #1 for steel erection has been assembled
Current Activities
- Ongoing concrete pours for shallow foundation walls, columns, basement level slab-on-grade, grade beams, and elevator core walls
- Rebar cage and formwork installation across multiple sectors, including perimeter walls and the hotel elevator core
- Underground permanent electrical and plumbing work, including necessary trench excavations, conduit installation, duct bank work, and cabling for the temporary and permanent ComEd power
- Continued installation of structural grade beams and perimeter walls for both the casino and the hotel
- Structural wall construction along Chicago Avenue
- Inspections and backfilling around completed areas
- Regular steel deliveries and steel erection activities for the casino structure
- Hotel level 2 deck pour and preparation for level 2 to 3 column pours
Upcoming Activities
- Continued vertical (concrete) construction of the hotel
- Continued vertical (steel) construction of the casino
- Continued steel deliveries and staging in preparation for the erection of Cranes #2 and #3
- Fabrication of the hotel curtainwall system for the hotel and casino
Project Renderings
Current Project Images
About Gaming and Leisure Properties
GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.
About Bally’s Corporation
Bally’s Corporation is a global casino-entertainment company with a growing omni-channel presence. It currently owns and manages 15 casinos across 10 states, a golf course in New York, a horse racetrack in Colorado, and has access to OSB licenses in 18 states. It also owns Bally’s Interactive International, formerly Gamesys Group, a leading, global, online gaming operator, Bally Bet, a first-in-class sports betting platform, and Bally Casino, a growing iCasino platform.
With 10,600 employees, the Company’s casino operations include approximately 15,300 slot machines, 580 table games and 3,800 hotel rooms. Upon completing the construction of a permanent casino facility in Chicago, IL, and a land-based casino near the Nittany Mall in State College, PA, Bally’s will own and/or manage 16 casinos across 11 states. Bally’s also has rights to developable land in Las Vegas post the closure of the Tropicana. Its shares trade on the New York Stock Exchange under the ticker symbol “BALY”.
Forward-Looking Statements
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our expectations regarding the successful completion of the Bally’s Chicago casino project (the “Project”). Forward-looking statements can be identified by the use of forward-looking and timely terminology such as “expects,” “believes,” “estimates,” “intends,” “may,” “will,” “should” or “anticipates” or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward-looking statements are inherently subject to risks, uncertainties and assumptions about GLPI’s and its subsidiaries, including risks related to the following: Bally’s ability to complete the Project; our and Bally’s ability to obtain all of the necessary approvals and consents for the Project; the potential negative impact of recent high levels of inflation; GLPI’s ability to maintain its status as a REIT; our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI’s behalf are expressly qualified in their entirety by the cautionary statements included in this release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this release may not occur as presented or at all.
Contact:
Gaming and Leisure Properties, Inc.
Carlo Santarelli, SVP – Corporate Strategy & Investor Relations
610-378-8232
[email protected]
Investor Relations
Joseph Jaffoni at JCIR
212-835-8500
[email protected]
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