Gaming and Leisure Properties has announced the sale of the operations of the Live! Casino and Hotel Maryland from The Cordish Companies for $1.14bn.
The purchase includes a potential partnership on future Cordish casino developments and financing partnerships between GLP and Cordish in other areas of Cordish’s portfolio of real estate and operating businesses.
At the same time GLP entered into a single asset triple net lease with Cordish that will see Cordish continued the operations of Live! Maryland at a rent of $75m annually for 60 years.
GLP also announced that on December 17 it completed the sales of the operations of Hollywood Casino Baton Rouge to Casino Queen Holding Company for $28.2m.
Casino Queen now has a master lease to include both Hollywood Casino Baton Rouge and the DraftKings at Casino Queen property for an annual rent of $21.4m.
Live! Maryland is in Baltimore and has 4,000 slots and 200 gaming tables, including a poker room with 52 tables, sportsbook and 310 hotel rooms.