Live! casinos acquired

Several Live! casinos in Pennsylvania and Maryland, US, are being acquired by Gaming and Leisure Properties Inc.

GLPI buys and leases gaming properties across the US. In this instance it is buying the Live! casinos and hotels situated in Maryland, in Philadelphia and in Pittsburgh from The Cordish Companies.

The price is US$1.81bn and the properties will all immediately be leased back to Cordish and will continue their operation uninterrupted. There is also a partnership agreement on future Cordish casino developments.

The lease-back is for a period of 39 years with a maximum of 60 years upon renewals. There is an annual cash rent for all three properties of $125m. The Maryland transaction should close by the end of 2021 and the Pennsylvania deals will close early next year.