Gaming and Leisure Properties Completes Purchase of $250 Million in Land, Site for Bally’s Future Chicago Flagship Casino Page 1

WYOMISSING, Pa., Sept. 11, 2024 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) (“GLPI” or the “Company”), today announced that it has closed its previously announced $250 million acquisition of the land on which Bally’s Corporation (NYSE: BALY) (“Bally’s”) will build its permanent Chicago Casino from Blue Owl Capital. The purchase of the land was part of GLPI’s broader agreement with Bally’s announced in July.

Upon the completion of GLPI’s acquisition of the Chicago land, the current lease with Blue Owl Capital will be assumed by an affiliate of GLPI and amended to reflect negotiated annual rent of $20 million, representing an initial cash yield of 8.0%. GLPI will own substantially all of the real estate and improvements related to the Chicago casino and hotel for a total investment of $1.19 billion, resulting in a blended initial cash investment yield of 8.4%. The stabilized rent coverage for the lease is expected to be in the range of 2.0x – 2.4x.