Bally’s Corporation announced the completion of its previously announced real estate transaction with the operating partnership of Gaming & Leisure Properties, Inc. (“GLPI”). Bally’s and GLPI completed a sale leaseback transaction relating to the land and real estate assets of Bally’s Tiverton Casino & Hotel in Tiverton, RI, and Bally’s Hard Rock Hotel & Casino Biloxi in Biloxi, MS, for total consideration of $635 million.
The transaction was structured as a tax-free capital contribution, and a substantial portion of the proceeds will be applied to reduce Bally’s debt. These properties have been added to Bally’s Master Lease with GLPI, which now includes six properties. The rent for the Master Lease was increased by $48.5 million on an annual basis on account of the transaction.
Bobby Lavan, Chief Financial Officer of Bally’s, said, “We are pleased to have completed another transaction with GLPI. This marks an important step for us, ensuring Bally’s is best positioned for continued growth.”