A commitment to work togetherĪccording to Monday’s statement, the deal will also create a binding partnership between GLPI and Cordish for the latter’s future casino developments. All the transactions are subject to various closing conditions, financing, and regulatory approval. The Pennsylvania transactions are set to close early next year. The expected deadline for completion of the Maryland side of the deal is by the end of 2021. Cordish will pay a starting rent of $125m, which will rise annually by 1.75% beginning on the second anniversary of the lease. The initial leases carry a term of 39 years, with a maximum term of 60 years possible.
The Pennsylvania-based Penn National Gaming spin-off announced the deal on Monday.Ĭordish will pay a starting rent of $125mįollowing completion of the deal, Cordish will lease back the properties immediately and continue to operate the gaming floors at the Live! Casino Pittsburgh, Live! Casino & Hotel Philadelphia, and the Live! Casino & Hotel Maryland. (GLPI), a real estate investment trust (REIT), has agreed to acquire three casino properties from The Cordish Companies in a deal worth $1.81bn.
