Bally’s completes GLP transaction

Bally’s Corporation has announced the completion of its previously announced real estate transaction with the operating partnership of Gaming and Leisure Properties.

Bally’s and GLP completed a sale leaseback transaction relating to the land and real estate assets of Bally’s Tiverton Casino and Hotel in Tiverton, Rhode Island, and Bally’s Hard Rock Hotel and Casino Biloxi in Biloxi, Mississippi, for total consideration of $635m.

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 GLP, which now includes six properties. The rent for the Master Lease was increased by $48.5m 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 GLP. This marks an important step for us, ensuring Bally’s is best positioned for continued growth.”