Gaming and Leisure Properties Inc. (GLPI) has announced that it has completed the acquisition of the land and real estate assets of Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh from The Cordish Companies for total consideration of approximately $674 million.

The Company funded the transaction by assuming approximately $423 million in debt (which the Company has repaid), and issuing approximately $137 million of operating partnership units (3.0 million total units), with the balance paid from cash on hand, which was in part generated by its December issuance of senior unsecured notes and common stock.

Simultaneous with the closing of the transaction, Gaming and Leisure Properties entered into a master lease with Cordish, pursuant to which Cordish will continue its uninterrupted ownership, control, and management of the operations of Live! Philadelphia and Live! Pittsburgh (the PA Live! Master Lease). The PA Live! Master Lease has an initial annual cash rent of $50.0 million and an initial term of 39 years with a maximum term of 60 years, inclusive of tenant renewal options, as well as a fixed annual lease escalation of 1.75% beginning in the lease’s third year.

“We are delighted to add the Live! Pennsylvania properties to our portfolio and expand our presence in the attractive Pennsylvania market with truly world-class properties. The Cordish Companies is world renowned for creating large-scale experiential real estate projects, casinos, hospitality and entertainment districts and we believe their Live! brand exemplifies their track record of development and operating success. Further, our PA Live! Master Lease with Cordish has strong rent coverage and is part of an accretive overall transaction that positions Gaming and Leisure Properties to continue to build value for shareholders through our industry- leading, high quality tenant roster. We are excited to welcome the Live! Pennsylvania properties to the GLPI family and we look forward to working with their team to support the long-term success of the properties. In addition, our announced transactions with Bally’s Corporation for properties located in Rock Island, Illinois and Black Hawk, Colorado are now expected to close in the first half of 2022, while the transactions for Tropicana Las Vegas are expected to close by year end,” Peter Carlino, Chairman and CEO of Gaming and Leisure Properties, said.

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The industry-leading agreement covers Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia, and Live! Casino Pittsburgh

LAS VEGAS  – JCM Global^® has entered into a master supplier agreement with The Cordish Companies, expanding a long-term partnership between the two companies. The industry-leading agreement establishes JCM as the exclusive provider for bill validators, thermal printers, and peripheral management systems for all their gaming casino properties: Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia, and Live! Casino Pittsburgh.

JCM will upgrade the thermal printers at Live! Casino & Hotel Maryland to the standard-setting GEN5 Thermal Printer. The property is already equipped with JCM’s award-winning iVIZION^® bill validator and Intelligent Cash Box System (ICB®) system.

The Cordish Companies will expand their gaming operations by opening the new Live! Casino Pittsburgh in late 2020 with 750 electronic gaming machines (EGMs) and the new Live! Casino & Hotel Philadelphia in early 2021 with 2,255 EGMs. Both properties will feature the award-winning iVIZION^® bill validator, the GEN5 thermal printer, and the ICB system.

With the solid foundation of iVIZION and GEN5, The Cordish Companies are prepared for the future and equipped to unleash the power of JCM’s FUZION^®, the only system that enables complete peripheral management over EGM bill validators, thermal printers, and other connected peripherals.

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Cordish Gaming Group President, Robert Norton, said, “At Cordish Companies, we are focused on bringing the most innovative products, the best technology solutions, and maximum benefits to our properties. Expanding our partnership with JCM through this master supplier agreement further positions our gaming floors for the future, enabling us to provide even higher levels of customer service to our guests while increasing security and accountability across the operation.”

“Throughout their history, The Cordish Companies have been leaders and visionaries for the gaming industry. This unique and extraordinary deal builds on our long-term relationship with Live! and expands on our partnership to create an amazing corporate-wide opportunity for JCM,” JCM SVP Sales, Marketing, & Operations, Dave Kubajak, said. “Our casino partners trust and rely on JCM to provide the most secure, most innovative, most efficient transaction technologies available anywhere. We are honored to extend that trust with The Cordish Companies across multiple properties and into the future.”