GLPI Acquires Sunland Park Racetrack & Casino for $183.75M, Boosting AFFO
Gaming and Leisure Properties (GLPI) has announced a significant acquisition, agreeing to purchase the real estate assets of Sunland Park Racetrack & Casino for $183.75 million. The deal, expected to close on 15 October, is set to be immediately accretive to GLPI's Adjusted Funds From Operations (AFFO) per share.
The acquisition, GLPI's second property in New Mexico, is part of the company's strategy to diversify its portfolio and support the growth of its partner, Strategic Gaming Management. GLPI chairman and CEO Peter Carlino expressed his enthusiasm about the deal, stating that it aligns with their growth objectives.
Sunland Park, opened in 1959, spans approximately 157 acres and offers a range of gaming and entertainment facilities. The property will be added to GLPI's existing triple-net master lease agreement with Strategic Gaming, marking the fourth asset in their collaboration. The annual rent on the lease will escalate at a rate of 2.0 per cent per annum, reflecting the long-term potential of the property.
The acquisition of Sunland Park Racetrack & Casino by GLPI is a strategic move that strengthens both companies' portfolios and solidifies their partnership. With an initial cap rate of 8.2 per cent, the deal is expected to contribute positively to GLPI's financial performance, further bolstering its position in the gaming and leisure industry.
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