American real estate investment trust Gaming and Leisure Properties Incorporated has announced that it has officially completed the takeover of a Maryland casino operated by The Cordish Companies.
The Pennsylvania-based firm used an official Wednesday press release to declare that it has paid a total consideration of $1.14 billion so as to assume control over ‘the land and real estate assets’ of the Live! Casino and Hotel Maryland property while simultaneously inking ‘a single asset triple net lease’ that is to see The Cordish Companies continue to run the suburban Baltimore venue uninterrupted for at least the next 39 years.
Pronounced player:
Gaming and Leisure Properties Incorporated was born in November of 2013 as a spin off from Penn National Gaming Incorporated and now owns 50 casinos spread across 17 American states including the 2,364-room Tropicana Atlantic City venue in New Jersey as well as Indiana’s more modest Belterra Casino Resort property. The Wyomissing-headquartered company revealed earlier this month that it had entered into definitive agreements with The Cordish Companies to buy that operator’s Live! Casino and Hotel Maryland enterprise as well as its Live! Casino Pittsburgh and Live! Casino and Hotel Philadelphia endeavors.
Excited expansion:
Peter Carlino serves as the Chairman and Chief Executive Officer for Gaming and Leisure Properties Incorporated and he used the press release to declare that he is ‘delighted’ his firm has managed to complete the Live! Casino and Hotel Maryland purchase in order to ‘further diversify’ its portfolio and ‘gain additional access to the rapidly growing Baltimore-Washington corridor via a truly world-class property’. The boss furthermore divulged that this arrangement has been finalized approximately twelve days after it sold off its interest in the Hollywood Casino Baton Rouge venue to Casino Queen Holding Company for some $28.2 million.
Read a statement from Carlino…
“The Cordish Companies is world-renowned for creating large-scale experiential real estate projects, casinos, hospitality and entertainment districts and we believe its Live! brand and its Live! Casino and Hotel Maryland together exemplify its track record of development and operating success. We are excited to welcome the Live! Casino and Hotel Maryland to our family and we look forward to working with its team to ensure the long-term success of the property.”
Coming completions:
Gaming and Leisure Properties Incorporated explained that the Live! Casino and Hotel Maryland venue sits on around 36.4 acres of land situated about 14 miles from downtown Baltimore and features a gaming floor offering roughly 4,000 slots alongside 150 gaming tables, a sportsbook and a 52-table poker room. The operator finished by asserting that it ‘remains on track’ to secure ownership over the Live! Casino Pittsburgh and Live! Casino and Hotel Philadelphia enterprises ‘in early-2022’ so long as it receives ‘required regulatory approvals’ and meets ‘other customary closing conditions.’