{"id":320123,"date":"2024-05-16T18:04:07","date_gmt":"2024-05-16T23:04:07","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=320123"},"modified":"2024-05-17T09:05:26","modified_gmt":"2024-05-17T14:05:26","slug":"gaming-and-leisure-paying-105m-for-three-nevada-sd-casinos","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/gaming-and-leisure-paying-105m-for-three-nevada-sd-casinos\/","title":{"rendered":"Gaming and Leisure Paying $105M for Three Nevada, South Dakota Casinos"},"content":{"rendered":"

Gaming and Leisure Properties (NASDAQ: GLPI) said Thursday it’s paying $105 million to Strategic Gaming Management, LLC to acquire the property assets of three casinos in Nevada and South Dakota.<\/p>\n

\"GLPI\"
A logo for Baldini’s Casino in Sparks, Nev. It’s one of three properties Gaming and Leisure is buying from Strategic Gaming Management. (Image: Baldini’s Casino)<\/figcaption><\/figure>\n

The properties being purchased by the real estate investment trust (REIT) are Baldini\u2019s Casino in Sparks, Nev., and the Silverado Franklin Hotel & Gaming Complex and the Deadwood Mountain Grand in South Dakota.<\/p>\n

Simultaneous with the acquisition, GLPI and affiliates of Strategic Gaming Management, LLC \u00a0will enter into two cross-defaulted triple-net lease agreements, each for an initial 25-year term with two ten-year renewal periods. GLPI also provided $5 million in capital improvement proceeds at the closing of the transactions for a total investment of $110 million,\u201d according to a statement issued by GLPI.<\/p><\/blockquote>\n

It\u2019s the second deal announced by Pennsylvania-based GLPI this year. In February, the gaming landlord said it was paying $175 million for the property assets of Tioga Downs Casino Resort<\/a> in Nichols, NY.<\/p>\n

Acquisitions Fit Gaming and Leisure Mold<\/h2>\n

Prior to Thursday’s announcement, GLPI owned the real estate assets of 62 gaming venues in 19 states. The transactions with Strategic Gaming Management keep with the REIT\u2019s penchant for avoiding volatile gaming markets while focusing on regions often overlooked by rivals.<\/p>\n

\n

For example, GLPI\u2019s Las Vegas footprint is scant as it owns the real estate of the now-shuttered Tropicana on the Strip<\/a> and M Resort in Henderson, but that\u2019s it for the company\u2019s Sin City exposure. The REIT also owns the property assets of Tropicana Laughlin, meaning the addition of Baldini\u2019s will grow its Nevada holdings to four. That purchase gives the buyer its initial entry into the Reno-Sparks market.<\/p>\n<\/div>\n

With the purchases of the Silverado Franklin Hotel & Gaming Complex and the Deadwood Mountain Grand, GLPI enters South Dakota for the first time. Prior to Thursday, the casino landlord\u2019s closest properties to the Dakotas were in Illinois and Iowa.<\/p>\n

\u201cSilverado has completed over $32 million of capital projects since its inception to maintain and enhance its offerings, including buffet renovations, new restaurant openings, and casino remodels. Silverado is expected to begin construction on a hotel renovation in 2024, using a portion of the $5 million in capital improvement proceeds funded by GLPI at the closing of the transactions,\u201d according to the statement.<\/p>\n

Other Details of Gaming and Leisure Deal with Strategic<\/h2>\n

When the three purchases are finalized, GLPI\u2019s portfolio will increase to 65 properties and its tenant roster will rise to nine.<\/p>\n

\n

As part of the agreement, GLPI gains rights of first refusal on other gaming properties Strategic Management might up to sell \u201cuntil Strategic\u2019s adjusted earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) related to GLPI owned assets reaches $40 million annualized.\u201d<\/p>\n<\/div>\n

Strategic\u2019s initial annual rent payments to GLPI will be $9.2 million, representing a cap rate of 8.2%. A 2% annual increase goes into effect in year three and an inflation-linked escalator of \u201cthe greater of 2.0% or CPI capped at 2.5%\u201d starts in year 11.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gaming and Leisure Properties (NASDAQ: GLPI) said Thursday it’s paying $105 million to Strategic Gaming Management, LLC to acquire the property assets of three casinos in Nevada and South Dakota. The properties being purchased by the real estate investment trust (REIT) are Baldini\u2019s Casino in Sparks, Nev., and the Silverado Franklin Hotel & Gaming Complex […]<\/p>\n","protected":false},"author":46,"featured_media":320126,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093,86430,86438],"tags":[81903,81966,86455,86457],"acf":[],"yoast_head":"\nGaming and Leisure Paying $105M for Three Nevada, SD Casinos<\/title>\n<meta name=\"description\" content=\"Gaming and Leisure Paying $105M for Three Nevada, South Dakota Casinos.\" \/>\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.casino.org\/news\/gaming-and-leisure-paying-105m-for-three-nevada-sd-casinos\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gaming and Leisure Paying $105M for Three Nevada, SD Casinos\" \/>\n<meta property=\"og:description\" content=\"Gaming and Leisure Paying $105M for Three Nevada, South Dakota Casinos.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/gaming-and-leisure-paying-105m-for-three-nevada-sd-casinos\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-16T23:04:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-17T14:05:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/05\/BC.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/gaming-and-leisure-paying-105m-for-three-nevada-sd-casinos\/\",\"url\":\"https:\/\/www.casino.org\/news\/gaming-and-leisure-paying-105m-for-three-nevada-sd-casinos\/\",\"name\":\"Gaming and Leisure Paying $105M for Three Nevada, SD Casinos\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/gaming-and-leisure-paying-105m-for-three-nevada-sd-casinos\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/gaming-and-leisure-paying-105m-for-three-nevada-sd-casinos\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/05\/BC.png\",\"datePublished\":\"2024-05-16T23:04:07+00:00\",\"dateModified\":\"2024-05-17T14:05:26+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Gaming and Leisure Paying $105M for Three Nevada, South Dakota Casinos.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/gaming-and-leisure-paying-105m-for-three-nevada-sd-casinos\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/gaming-and-leisure-paying-105m-for-three-nevada-sd-casinos\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/gaming-and-leisure-paying-105m-for-three-nevada-sd-casinos\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/05\/BC.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/05\/BC.png\",\"width\":1200,\"height\":630,\"caption\":\"A logo for Baldini's Casino in Sparks, Nevada. 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