{"id":2346,"date":"2021-12-07T15:00:07","date_gmt":"2021-12-07T15:00:07","guid":{"rendered":"https:\/\/www.casinousa.com\/news\/?p=2346"},"modified":"2021-12-07T15:00:07","modified_gmt":"2021-12-07T15:00:07","slug":"gaming-and-leisure-properties-inc-agrees-to-cordish-asset-deal-valued-at-1-81-billion","status":"publish","type":"post","link":"https:\/\/www.casinousa.com\/news\/gaming-and-leisure-properties-inc-agrees-to-cordish-asset-deal-valued-at-1-81-billion","title":{"rendered":"GLPI Agrees to Cordish Asset Deal Valued at $1.81 Billion"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.casinousa.com\/news\/wp-content\/uploads\/sites\/2\/2021\/12\/gaming-and-leisure-properties-to-acquire-cordish-live-casinos.jpg\" alt=\"Gaming and Leisure Properties to acquire Cordish Live! Casinos\" title=\"GLPI Agrees to Cordish Asset Deal Valued at $1.81 Billion \" width=\"300\" class=\"alignright size-full wp-image-2348\" \/><strong>Summary<\/strong><\/p>\n<ul>\n<li>The agreement includes three properties: one in Maryland and two in Pennsylvania.<\/li>\n<li>Once the deal is completed, GLPI will lease back the venues to Cordish. <\/li>\n<li>Stock analysts see the deal as a positive and an ongoing trend within the industry. <\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.glpropinc.com\">Gaming and Leisure Properties<\/a> (GLPI) portfolio is about to become much bigger. In a recently signed deal, GLPI will take over ownership of <strong>Live! Casino Pittsburgh, Live! Casino &#038; Hotel Philadelphia and Live! Casino &#038; Hotel Maryland<\/strong>. The agreement includes long-term leases with affiliates of the Cordish Companies. Once the deal is completed, Cordish will lease back the venues, staying in control and managing as well as owning all the gaming operations. <\/p>\n<h2 id=\"details-of-the-transaction\">Details of the Transaction <\/h2>\n<p>The deal involving the three properties includes existing real estate as well as a binding partnership on future developments of any <strong>Cordish casinos<\/strong>. The terms of the agreement stretch even further, providing financial partnering between the two in other sectors of the Cordish portfolio when it comes to businesses and property. <\/p>\n<p>It is expected that the deal will close by the end of the month in <a href=\"https:\/\/www.casinousa.com\/states\/maryland\">Maryland<\/a>. For the Pennsylvania side, it is expected to close by early 2022. Each portion of the deal is subject to regulatory approvals along with closing conditions and financing. <\/p>\n<p>Similar deals are popping up on a regular basis in the gaming space, as more companies are offloading properties, only to lease them back for a certain time period. It does seem that with this deal, the lease potential is much longer than with previous deals involving other major gaming companies. <\/p>\n<h2 id=\"master-lease-details\">Master Lease Details <\/h2>\n<p>After acquiring the property, GLPI will start its master lease and single lease with The Cordish Companies for the three venues. Both leases will start with a 39-year term and can go as high as 60 years with tenant renewal options for the companies. <\/p>\n<p>The rent Cordish must pay for the three casinos will start at $125 million. There will be a fixed yearly escalator of 1.75% starting on the second year. GLPI CEO and Chairman, <strong>Peter Carlino<\/strong>, commented on the agreement, stating that the company is excited to create a relationship with Cordish, considering the company to be one of the top developers of large-scale experiential real estate, casinos, and other venue types. <\/p>\n<p>The transaction comes just a short time after The Cordish Companies opened the Live! venues in Pennsylvania. The Philadelphia location opened in early February 2021 and offers 510,000 square feet of gaming space. <a href=\"https:\/\/www.casinousa.com\/news\/cordish-group-launches-first-mini-live-casino-pittsburgh\">The Pittsburg location opened in November 2020<\/a> and is located at the Westmoreland Mall property. It is a much smaller gaming venue, with only 100,000 square feet of space. <\/p>\n","protected":false},"excerpt":{"rendered":"Summary The agreement includes three properties: one in Maryland and two in Pennsylvania. Once the deal is completed, GLPI will lease back the venues to Cordish. Stock analysts see the deal as a positive and an ongoing trend within the industry. Gaming and Leisure Properties (GLPI) portfolio is about to become much bigger. In a [&hellip;]","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,5],"tags":[],"class_list":["post-2346","post","type-post","status-publish","format-standard","hentry","category-news","category-industry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GLPI Agrees to Cordish Asset Deal Valued at $1.81 Billion<\/title>\n<meta name=\"description\" content=\"Penn National Gaming\u2019s real estate investment trust Gaming and Leisure Properties, Inc. has signed an agreement to acquire real estate of The Cordish Companies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casinousa.com\/news\/gaming-and-leisure-properties-inc-agrees-to-cordish-asset-deal-valued-at-1-81-billion\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GLPI Agrees to Cordish Asset Deal Valued at $1.81 Billion\" \/>\n<meta property=\"og:description\" content=\"Penn National Gaming\u2019s real estate investment trust Gaming and Leisure Properties, Inc. has signed an agreement to acquire real estate of The Cordish Companies.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casinousa.com\/news\/gaming-and-leisure-properties-inc-agrees-to-cordish-asset-deal-valued-at-1-81-billion\" \/>\n<meta property=\"og:site_name\" content=\"CasinoUSA News\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-07T15:00:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casinousa.com\/news\/wp-content\/uploads\/sites\/2\/2021\/12\/gaming-and-leisure-properties-to-acquire-cordish-live-casinos.jpg\" \/>\n<meta name=\"author\" content=\"Sadonna Price\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sadonna Price\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casinousa.com\/news\/gaming-and-leisure-properties-inc-agrees-to-cordish-asset-deal-valued-at-1-81-billion\",\"url\":\"https:\/\/www.casinousa.com\/news\/gaming-and-leisure-properties-inc-agrees-to-cordish-asset-deal-valued-at-1-81-billion\",\"name\":\"GLPI Agrees to Cordish Asset Deal Valued at $1.81 Billion\",\"isPartOf\":{\"@id\":\"https:\/\/www.casinousa.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casinousa.com\/news\/gaming-and-leisure-properties-inc-agrees-to-cordish-asset-deal-valued-at-1-81-billion#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casinousa.com\/news\/gaming-and-leisure-properties-inc-agrees-to-cordish-asset-deal-valued-at-1-81-billion#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casinousa.com\/news\/wp-content\/uploads\/sites\/2\/2021\/12\/gaming-and-leisure-properties-to-acquire-cordish-live-casinos.jpg\",\"datePublished\":\"2021-12-07T15:00:07+00:00\",\"author\":{\"@id\":\"https:\/\/www.casinousa.com\/news\/#\/schema\/person\/d3abd52bb9d75eb130cd63cd605c76c0\"},\"description\":\"Penn National Gaming\u2019s real estate investment trust Gaming and Leisure Properties, Inc. has signed an agreement to acquire real estate of The Cordish Companies.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casinousa.com\/news\/gaming-and-leisure-properties-inc-agrees-to-cordish-asset-deal-valued-at-1-81-billion\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casinousa.com\/news\/gaming-and-leisure-properties-inc-agrees-to-cordish-asset-deal-valued-at-1-81-billion#primaryimage\",\"url\":\"https:\/\/www.casinousa.com\/news\/wp-content\/uploads\/sites\/2\/2021\/12\/gaming-and-leisure-properties-to-acquire-cordish-live-casinos.jpg\",\"contentUrl\":\"https:\/\/www.casinousa.com\/news\/wp-content\/uploads\/sites\/2\/2021\/12\/gaming-and-leisure-properties-to-acquire-cordish-live-casinos.jpg\",\"width\":380,\"height\":250,\"caption\":\"Gaming and Leisure Properties to acquire Cordish Live! 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