Gaming and Leisure Properties

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Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 21 casino properties, and operates two of them.[1]

History

The company was created as a corporate spin-off from Penn National Gaming, effective November 1, 2013.[2] The corporate breakup was designed to increase investor returns by taking advantage of the lack of federal income taxes on REITs.[3]

In November 2013, GLPI agreed to finance a proposed billion-dollar casino in Milford, Massachusetts,[4] but the project was killed days later when town voters rejected the casino.[5]

In January 2014, the company acquired the real estate assets of the Casino Queen in East St. Louis, Illinois for $140 million, and leased them back to the casino's operating company for $14 million a year. GLPI also loaned $43 million to the casino.[6]

The company's Argosy Casino in Sioux City, Iowa was forced to close in July 2014, and GLPI then sold the casino's real estate.[7]

In May 2014, GLPI agreed to buy The Meadows Racetrack and Casino in western Pennsylvania from Cannery Casino Resorts for $465 million. The company said it would sell the facility's license to a third-party operator, while retaining ownership of the land and buildings.[8]

After casino operator Pinnacle Entertainment announced its own plan in November 2014 to spin-off a REIT with the real estate assets of its 15 casinos,[9] GLPI approached Pinnacle with an offer to buy those assets, which it said would be simpler and faster than Pinnacle's plan.[10] Pinnacle did not respond to the offer, so GLPI went public with its offer in March 2015, proposing to acquire Pinnacle's real estate for $4.1 billion in stock and assumed debt, and to lease the properties back to Pinnacle for $358 million per year.[10]

In May 2015, GLPI agreed to finance the real estate portion of a proposed $650-million casino in New Bedford, Massachusetts,[11] but the plan was canceled months later after developers failed to secure the rest of the needed funding.[12]

Properties

Gaming and Leisure Properties owns the following properties:[1]

Owned and operated

Properties leased to Penn National Gaming

Casinos

Racinos

Properties leased to other companies

Former properties

References

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  2. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  3. ↑ Lua error in package.lua at line 80: module 'strict' not found. (subscription required)
  4. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  5. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  6. ↑ Lua error in package.lua at line 80: module 'strict' not found.
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  8. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  9. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  10. ↑ 10.0 10.1 Lua error in package.lua at line 80: module 'strict' not found.
  11. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  12. ↑ Lua error in package.lua at line 80: module 'strict' not found.

External links

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