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Gaming and Leisure Completes Maryland Casino Deal
Last updated on January 1st, 2022 at 07:59 am
Gaming and Leisure Properties announced the acquisition of land and real estate assets of Live! Casino and Hotel Maryland. Also, the Maryland casino deal was worth $1.14 billion, according to the announcement.
The exchange incorporates not just the land and land resources of Live! Maryland, yet also an association for future Cordish gambling club advancements, is just as potential financing organizations between Wyomissing-based GLPI and Baltimore-based Cordish in different spaces of Cordish’s land arrangement and working organizations.
According to sports betting platform reports, the organization financed the exchange by expecting roughly $363 million paying off debtors and giving around $200 million of working association stocks. In addition, they will pay the balance with cash via the issuance of senior unsecured notes and standard stock.
Maryland Casino Deal
Cordish will proceed with its continuous possession, control, and the board of the activities of Live! Maryland, which is situated close to Baltimore. Pay per head sources said that the rent has an underlying yearly money lease of $75 million. In addition, the contract will be for 39 years that can be extended to 60 years. Also, the annual rent can increase 1.75 percent starting on the third year of the lease.
Live! Maryland has arranged on around 36.4 sections of land neighboring the Arundel Mills Mall in Hanover, Maryland. The property includes around 4,000 electronic table games and slot machines, roughly 200 live table games, and a poker room with 52 tables.
Gaming and Leisure said it also finished on December 17, selling its Hollywood Casino Baton Rouge operations. The deal with Casino Queen Holding was worth $28.2 million. The organization and Casino Queen also went into an altered and rehashed lease that incorporates both DraftKings and Hollywood Casino Baton Rouge at Casino Queen facility for a consolidated yearly lease of around $21.4 million. The lease has an underlying term of 15 years with four 5-year augmentations.
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