GLPI to acquire Bally’s casinos for $1bn

Bally’s Corporation has entered into a deal with Gaming and Leisure Properties, which will see the latter acquire Bally’s two Rhode Island casino properties.

The casinos are the Twin River Lincoln Casino Resort and the Tiverton Casino and Hotel and the deal is subject to customary regulatory approvals, with Lincoln also subject to lender consent.

Pursuant to the terms of the transaction, Bally’s will immediately lease back both properties and continue to own, control and manage all the gaming operations of the facilities on an uninterrupted basis. Total consideration for the acquisition is $1bn.

Bobby Lavan, chief financial officer at Bally’s, said: “Bally’s is excited to enter into this transaction with GLPI, further strengthening our growing relationship.

“The transaction will provide the Company with significant, long-term liquidity, ensuring that Bally’s is best positioned to continue executing its capital and strategic plan, as well as to capitalise on future opportunities presented in the market.”