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Nasdaq:GLPI

Gaming and Leisure Properties Applauds Major League Baseball’s Landmark Decision to Bring the MLB Athletics to Las Vegas

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WYOMISSING, Pa., Nov. 16, 2023 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (“GLPI”) (NASDAQ: GLPI) today issued the following statement following the announcement by Major League Baseball (“MLB”) that the league’s owners have approved the move of MLB’s Athletics (“A’s”) franchise to Las Vegas:

“Today’s approval from Major League Baseball represents an important milestone in the collective effort to bring the Athletics’ franchise to Las Vegas. We are excited about the opportunity to work with our partners to develop and construct an entertainment and casino resort integrated with the new A’s stadium on Gaming and Leisure Properties’ property to reinvent the site on the south end of the iconic Las Vegas Strip. The arrival of the A’s as well as the new stadium and adjacent entertainment and casino resort, both of which are expected to open in 2028, represents a transformational project for Las Vegas, baseball fans, the local community and local employment, which will build on the city’s reputation for delivering unrivalled world-class entertainment options.”

In May 2023, GLPI, Tropicana Las Vegas, Inc., a Nevada corporation and wholly owned subsidiary of Bally’s Corporation (“Bally’s”) (NYSE: BALY), and Athletics Holdings LLC (“Athletics”), which owns the Major League Baseball team currently known as the Oakland Athletics, entered into a binding letter of intent setting forth the terms for developing a Las Vegas stadium that would serve as the home venue for the A’s. The stadium is expected to complement a casino resort redevelopment envisioned at GLPI’s 35-acre property in Clark County, Nevada, owned indirectly by GLPI through its indirect subsidiary Tropicana Land LLC, a Nevada limited liability company, and leased by GLPI to Bally’s. The letter of intent provides for the Athletics to be granted fee ownership by GLPI of approximately 9 acres of GLPI’s 35-acre site for construction of the stadium. Bally’s and GLPI have agreed to transfer the stadium site after the satisfaction of various conditions in exchange for the benefits that the stadium is expected to contribute to a new integrated casino and entertainment resort that will be developed at the site, Las Vegas, and surrounding areas. The letter of intent stipulates that the Athletics will assume all costs associated with the design, development, and construction of the stadium and Bally’s Corporation shall assume all costs for the entertainment and casino resort and hotel.

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.

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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 completion of an integrated stadium, entertainment and casino resort on GLPI’s property. 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 us and our subsidiaries, including risks related to the following: (i) the ability to successfully complete an integrated stadium, entertainment and casino resort on the current Tropicana Las Vegas site; (ii) GLPI’s, Bally’s and/or the A’s ability to receive, or delays in obtaining, the permits, authorizations and approvals required to develop, construct and/or operate the planned stadium, entertainment and casino resort, or other delays or impediments to completing the projects; (iii) GLPI’s ability to maintain its status as a real estate investment trust (“REIT”); (iv) our ability to access necessary capital through debt and equity markets in amounts and at rates and costs acceptable to us; (v) 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 (iv) other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2022, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the SEC. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements included in this press release. We undertake 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.        

Matthew Demchyk, Chief Investment Officer        

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610/401-2900        

[email protected]    

Investor Relations

Joseph Jaffoni, Richard Land, James Leahy at JCIR

212/835-8500

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[email protected]

Nasdaq:GLPI

Gaming and Leisure Properties Acquires Real Estate Assets of Tioga Downs Casino Resort for $175 Million

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Enters into Initial 30-Year Master Lease Agreement

WYOMISSING, Pa., Feb. 06, 2024 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI”) announced today that it acquired the real estate assets of Tioga Downs Casino Resort (“Tioga Downs”) in Nichols, NY from American Racing & Entertainment, LLC (“American Racing”) for $175.0 million. Simultaneous with the acquisition, GLPI and American Racing entered into a triple-net master lease agreement for an initial 30-year term. The initial annual rent for the new master lease is $14.5 million and represents an 8.3% capitalization rate. The initial annualized rent coverage ratio for the lease is expected to be over 2.3x. Rent associated with the lease is subject to a fixed 1.75% annual escalation beginning with the first anniversary and a fixed annual escalation of 2.0% beginning in year fifteen of the lease and carrying forward through the balance of its term.

Located in Nichols, NY, Tioga Downs Casino Resort is a roughly 162-acre property that features a 32,600 sq. ft. gaming floor with 895 slots and 29 table games, a 2,500 sq. ft. FanDuel sports book, a 160-room hotel, 5/8-mile harness horse track, 7 food and beverage locations, and a separate 18-hole championship golf course. The property underwent a $130 million expansion beginning in 2016 after it was awarded a Class III casino license by the State of New York.

Peter Carlino, GLPI’s Chairman and CEO, commented, “We are pleased to add Tioga Downs to our portfolio and the new relationship with American Racing to our tenant roster. Tioga Downs further diversifies our portfolio, expanding it to 62 properties across 19 states with 8 tenants. American Racing has 20 years of gaming, horse racing, and hotel experience, marking another addition to our portfolio of leading gaming operator tenants. Tioga Downs is a high-quality, recently expanded asset with significant geographic protection from competition. We look forward to the start of a fruitful partnership with American Racing. Our initiatives to further expand our portfolio remain active in the current environment as our reputation as the gaming landlord of choice is strengthened.”

Jeff Gural, Founder and Chief Executive Officer of American Racing, added, “We are excited to partner with the team at GLPI as we continue to grow our business at Tioga Downs. Our locals-oriented property has a well-protected feeder market with no competition within 85 miles and a very loyal following. Its location largely insulates it from gaming expansion in the downstate New York region. GLPI is a great steward of regional casino assets, and we are excited to begin this new relationship. I’m also personally looking forward to becoming a GLPI unitholder.”

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The transaction was funded with cash on hand and the issuance of $20.0 million in OP units. Since the end of the third quarter 2023, GLPI has issued 4.06 million shares through its ATM (At-The-Market) program which raised net proceeds of $188.9 million, in part towards the funding of this transaction, as well as its overall potential acquisition pipeline.

Citizens JMP Securities acted as financial advisor to Gaming and Leisure Properties. Innovation Capital served as the financial advisor to American Racing.

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 American Racing & Entertainment
Founded in 2005, American Racing is a leading regional casino operator in upstate New York. American Racing’s casino properties include Tioga Downs Casino Resort located in Nichols, NY, and Vernon Downs Casino Hotel (“Vernon Downs”) located in Vernon, NY. Tioga Downs was established in 1974 as a quarter horse track known as Tioga Park. Today, Tioga Downs offers entertainment for everyone with amenities that include 895 slots, 29 table games, a 160-room hotel, 7 F&B venues, live harness racing, a FanDuel sports book, a championship golf course, and 13,000+ SF of indoor/outdoor event space. Vernon Downs first opened in 1953 and following its purchase by American Racing in 2006, now operates 512 video gaming machines, a 150-room hotel, 5 F&B venues, live harness racing, and an 8,600 SF event center.

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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 future rent coverage 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 American Racing; the potential negative impact of recent high levels of inflation (which have been exacerbated by the armed conflict between Russia and Ukraine) 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, 2022, 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.
Matthew Demchyk, Chief Investment Officer
610/401-2900
[email protected]
Investor Relations
Joseph Jaffoni, Richard Land, James Leahy at JCIR
212/835-8500
[email protected]

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Nasdaq:GLPI

Gaming and Leisure Properties, Inc. Schedules Fourth Quarter 2023 Earnings Release and Conference Call

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WYOMISSING, Pa., Jan. 25, 2024 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) announced today that the Company will release its 2023 fourth quarter financial results after the market close on Tuesday, February 27, 2024. The Company will host a conference call at 10:00 a.m. ET on Wednesday, February 28, 2024.

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: 13743663
The playback can be accessed through Wednesday, March 6, 2024.

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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.  Investor Relations
Matthew Demchyk, Chief Investment Officer Joseph Jaffoni, Richard Land, James Leahy at JCIR
610/401-2900 212/835-8500
[email protected] [email protected]

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Nasdaq:GLPI

Gaming and Leisure Properties Inc. Announces 2023 Distribution Tax Treatment

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WYOMISSING, Pa., Jan. 19, 2024 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (the “Company”) announced the income tax allocation for federal income tax purposes of its aggregate distributions in 2023 of $3.15 per share of common stock (CUSIP: 36467J108).

Gaming and Leisure Properties’ tax return for the year ended December 31, 2023, has not been filed. As a result, the income tax allocation for the distributions noted below have been calculated using the best available information as of the date of this press release.

      Box 1a Box 1b Box 2a Box 2b Box 2f Box 3 Box 5
Record Date Payable Date Total Distribution Per Share   Ordinary Taxable Dividends Taxable Qualified Dividends (1) Total Capital Gain Distribution (2) Unrecaptured 1250 Gain (3) Section 897 Capital Gain Nondividend Distributions (4) Section 199A Dividends (5)
03/10/2023 03/24/2023 $0.970000   $0.969883 $0.000000 $0.000117 $0.000000 $0.000000 $0.000000 $0.969883
06/16/2023 06/30/2023 $0.720000   $0.715718 $0.000000 $0.000086 $0.000000 $0.000000 $0.004196 $0.715718
09/15/2023 09/29/2023 $0.730000   $0.667941 $0.000000 $0.000088 $0.000000 $0.000000 $0.061971 $0.667941
12/08/2023 12/22/2023 $0.730000   $0.667941 $0.000000 $0.000088 $0.000000 $0.000000 $0.061971 $0.667941
  Totals $3.150000   $3.021483 $0.000000 $0.000379 $0.000000 $0.000000 $0.128138 $3.021483
                     
  (1 ) Amounts in Box 1b are included in Box 1a            
  (2 ) Pursuant to Treas. Reg. § 1.1061-6(c), the Company reports that for purposes of section 1061 of the Internal Revenue Code, the One Year Amounts Disclosure is $0.000379 per share and the Three Year Amounts Disclosure is $0.000000 per share with respect to direct and indirect holders of “applicable partnership interests”
  (3 ) Amounts in Box 2b are included in Box 2a            
  (4 ) Amounts in Box 3 are also known as Return of Capital          
  (5 ) Amounts in Box 5 are included in Box 1a            

Please note that federal tax laws affect taxpayers differently, and the information in this release is not intended as advice to shareholders on how distributions should be reported on their tax returns. Also note that state and local taxation of real estate investment trust distributions varies and may not be the same as the taxation under the federal rules. Shareholders are encouraged to consult with their tax advisors regarding their specific federal, state, and local income tax treatment of the Company’s distributions.

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.
Matthew Demchyk, Chief Investment Officer
610/401-2900
[email protected]

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Investor Relations
Joseph Jaffoni, Richard Land, James Leahy at JCIR
212/835-8500
[email protected]

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