Gaming and Leisure Properties to acquire two Rhode Island casinos

Paula Wolf, Contributing Writer//June 29, 2022

Paula Wolf, Contributing Writer//June 29, 2022//

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Wyomissing-based Gaming and Leisure Properties Inc. announced Wednesday that it has entered into a binding term sheet with Bally’s Corp. to acquire its Twin River Lincoln Casino Resort and Tiverton Casino & Hotel for $1 billion.

The purchase of Bally’s two Rhode Island casino properties is subject to customary regulatory approvals, with the Twin River Lincoln Casino Resort deal also subject to lender consent, a release said.

Bally’s will lease them back in a triple-net lease arrangement and continue to own, control and manage all the facilities’ gaming operations. Gaming and Leisure Properties intends to pay for the transaction through a combination of debt, equity and partnership units.

The casinos/resorts are expected to be added to Gaming and Leisure’s master lease with Bally’s, which has an initial term of 15 years followed by four five-year renewals at the tenant’s option.

“GLPI is delighted to extend our relationship with Bally’s that brings to the table a high-growth track record through their ownership of properties in attractive regional gaming markets,” Peter Carlino, chairman and CEO of Gaming and Leisure Properties, said in the release. “Bally’s Rhode Island assets have delivered exceptionally strong performance over their lifetime thanks to their attractive location near Providence while planned capital investments at Lincoln offer healthy upside potential.

He said that Bally’s properties are the only two gaming facilities in Rhode Island “and the transaction again diversifies our portfolio as the state becomes our 18th U.S. jurisdiction. … We thank Bally’s for their trust in GLPI and look forward to fostering this growing relationship going forward.”

Paula Wolf is a freelance writer

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