{"id":3322,"date":"2024-05-17T12:19:11","date_gmt":"2024-05-17T12:19:11","guid":{"rendered":"https:\/\/www.casinousa.com\/news\/?p=3322"},"modified":"2024-05-17T12:19:11","modified_gmt":"2024-05-17T12:19:11","slug":"gaming-and-leisure-properties-inc-acquires-three-nevada-and-south-dakota-casinos-for-105-million","status":"publish","type":"post","link":"https:\/\/www.casinousa.com\/news\/gaming-and-leisure-properties-inc-acquires-three-nevada-and-south-dakota-casinos-for-105-million","title":{"rendered":"GLPI Acquires Three Nevada and South Dakota Casinos for $105m"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.casinousa.com\/news\/wp-content\/uploads\/sites\/2\/2024\/05\/gaming-and-leisure-properties-acquires-baldinis-silverado-franklin-and-deadwood-mountain-grand-casino.jpg\" alt=\"Gaming and Leisure Properties acquires Baldini\u2019s Casino,  Silverado Franklin Hotel &amp; Gaming Complex and the Deadwood Mountain Grand Casino\" title=\"Gaming and Leisure Properties, Inc Acquires Three Nevada and South Dakota Casinos for $105m\" class=\"alignright size-full wp-image-3323\" width=\"300\"\/><strong>Summary:<\/strong><\/p>\n<ul>\n<li>Gaming and Leisure Properties, Inc. purchased the real estate assets from one Nevada-based and two South Dakota-based casinos for $105 million.<\/li>\n<li>GLPI also entered two cross-defaulted triple-net lease agreements with Strategic Gaming Management. <\/li>\n<li>GLPI offered $5 million for capital improvements, taking the total investment to $110 million.<\/li>\n<\/ul>\n<p><strong><a href=\"https:\/\/www.casinousa.com\/news\/gaming-and-leisure-properties-inc-agrees-to-cordish-asset-deal-valued-at-1-81-billion\">Gaming and Leisure Properties, Inc.<\/a><\/strong> (GLPI) has announced the acquisition of the real estate assets belonging to two casinos located in South Dakota and one casino based in Nevada.<\/p>\n<p>GLPI announced it will pay $105 million for the <strong>Silverado Franklin Hotel &#038; Gaming Complex<\/strong> and the <strong>Deadwood Mountain Grand Casino<\/strong> located in Deadwood, <a href=\"https:\/\/www.casinousa.com\/states\/south-dakota\">South Dakota<\/a> and <strong>Baldini\u2019s Casino<\/strong> located in Sparks, <a href=\"https:\/\/www.casinousa.com\/states\/nevada\">Nevada<\/a>.<\/p>\n<h2 id=\"two-cross-defaulted-triple-net-lease-agreements\">Two Cross-Defaulted Triple-Net Lease Agreements<\/h2>\n<p>At the same time, GLPI and Strategic Gaming Management, which owns the three resorts, also announced they would enter two cross-defaulted triple-net lease agreements. <\/p>\n<p>Each of them has been inked for an initial term of 25 years and they will feature two renewal periods once every 10 years. <\/p>\n<p>The Wyomissing, PA-based real estate investment trust that specializes in casino properties also offered $5 million in terms of capital improvements, taking the total investment to $110 million.<\/p>\n<p>The leases have an initial aggregate annual rent set at $9.2 million. This will include capital-improvement funding and will stand for an 8.4% capitalization rate. <\/p>\n<p>Rent will be subject to a fixed 2% annual escalation starting with the third year while the CPI-based annual escalation will start on year 11 of the greater of 2% or CPI capped at 2.5.<\/p>\n<h2 id=\"glpi-now-has-65-properties-in-20-states\">GLPI Now Has 65 Properties in 20 States<\/h2>\n<p>GLPI\u2019s chairman and chief executive officer, <strong>Peter Carlino<\/strong>, explained that the decision to acquire the three casinos will help them \u201cfurther diversify\u201d their portfolio while expanding their \u201c<em>tenant roster<\/em>\u201d through the new relationship with Strategic, which he called a \u201c<em>dynamic and growing gaming operator<\/em>\u201d.<\/p>\n<p>Strategic\u2019s chief executive officer, <strong>J. Grant Lincoln<\/strong>, also expressed their pleasure to initiate their partnership with GLPI, explaining their operating approach \u201c<em>is laser-focused on bottom line results<\/em>\u201d. <\/p>\n<p>Now, GLPI\u2019s portfolio has expanded to 65 properties located across 20 US states, but their initiatives to further expand the portfolio \u201c<em>remain active in the current environment<\/em>\u201d, as Carlino explained. <\/p>\n<p><a href=\"https:\/\/www.silveradofranklin.com\">Silverado<\/a> is one of South Dakota\u2019s first casinos opened in 1990, and it is currently one of the largest casinos in the state with two restaurants, a hotel with 68 rooms, two bars, 245 slots, and 16 table games. <\/p>\n<p><a href=\"https:\/\/deadwoodmountaingrand.com\">Deadwood Mountain Grand<\/a> opened in 2011 and spreads across 11 acres and offers two food and beverage locations, 141 slots, eight table games, a sportsbook with 67 seats, a 208-space parking garage, and a 13,500-square-foot event center.<\/p>\n<p><a href=\"https:\/\/baldinis.com\">Baldini\u2019s<\/a> opened in 1988, spreads over 9 acres, and hosts 492 slot machines located in the 43,000-square-foot casino. The property is also home to a 2,000-square-foot sportsbook, as well as bars and restaurants, additional office and support space, and a parking lot with 600 spaces.<\/p>\n","protected":false},"excerpt":{"rendered":"Summary: Gaming and Leisure Properties, Inc. purchased the real estate assets from one Nevada-based and two South Dakota-based casinos for $105 million. GLPI also entered two cross-defaulted triple-net lease agreements with Strategic Gaming Management. GLPI offered $5 million for capital improvements, taking the total investment to $110 million. Gaming and Leisure Properties, Inc. (GLPI) has [&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-3322","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 Acquires Three Nevada and South Dakota Casinos for $105m<\/title>\n<meta name=\"description\" content=\"Gaming and Leisure Properties, Inc., has acquired the real estate assets from two South Dakota casinos and one Nevada-based gambling venue for $105 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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