Gaming and Leisure Properties (GLPI) has completed the acquisition of the land and real estate assets of Bally’s Kansas City Casino and Bally’s Shreveport Casino & Hotel from Bally’s Corporation.
The previously announced sale lease-back transaction is valued at $395 million, including $388 million in cash and $7 million in LP units. The consideration includes a $56 million reimbursement of prior capital expenditures at the properties, with the balance as gross sale proceeds.
Bally’s will use the proceeds from the transaction to pay down approximately $350 million that has been drawn against its $620 million revolving credit facility, with the balance to be allocated for capital expenditures and general corporate purposes.
Bally's Shreveport Casino
Peter Carlino, Chairman and CEO of GLPI, commented: “We are pleased to announce the completion of our sale-leaseback transactions for Bally’s properties in Kansas City and Shreveport, which we expect will be accretive to our financial results.”
“This transaction was executed at an attractive cap rate and expands our partnership with Bally’s, while strengthening our portfolio which has now grown to include 67 high-quality regional gaming assets,” he added.
Bally’s Kansas City Casino is located on the Missouri River in Kansas City, Missouri, and recently completed a $70 million renovation and expansion. The property features a 42,000-square-foot casino with over 900 slot machines, 24 table games, and more than 50 video poker and keno terminals. It also offers three restaurants, including a location of the award-winning Chickie’s & Pete’s sports bar, a full-service bar, nearly 3,000 square feet of event space, and several entertainment lounges.
Bally’s Shreveport Casino & Hotel is located along the Red River in downtown Shreveport, Louisiana. The property features a 30,000-square-foot casino with more than 950 slot machines, over 50 table games, a poker room, and a Bally Bet Sportsbook. It has a 400-room hotel with a full-service spa, three on-site restaurants including an award-winning fine dining steakhouse and noodle bar, event spaces, live entertainment, and two on-site nightclubs.
