The transaction, which is expected to be immediately accretive, is subject to regulatory approval and is expected to close in the second quarter of 2017. Initial rent of $9.0 million, which equates to 2.3 times rent coverage on combined property adjusted EBITDA for the twelve months ended December 31, 2016, is subject to escalators and adjustments consistent with the other master lease properties. (NASDAQ:PENN) and will be added to the existing master lease with Penn.
The properties will be operated by Penn National Gaming, Inc.
In addition to the casinos, the properties include six restaurants, 201 hotel rooms and 18,000 square feet of meeting space. The two properties combined include 75,000 casino square feet, 1,747 slot machines and 25 table games. (Nasdaq:GLPI) ('GLPI' or the 'Company') today announced that it has entered into a definitive agreement to acquire the real estate assets of Bally’s Casino Tunica and Resorts Casino Tunica located in Robinsonville, Mississippi for $82.6 million. WYOMISSING, Pa., Ma(GLOBE NEWSWIRE) - Gaming and Leisure Properties, Inc. Acquisition Is Expected To Be Immediately Accretive.
Properties Will Be Operated by Penn National Gaming, Inc. Purchase Price of $82.6 Million With Initial Rent of $9.0 Million.
