Bally's completes sale-leaseback deal for three Colorado casinos and Quad Cities property in Illinois
Bally's Corporation and Gaming and Leisure Properties, Inc. (GLPI), a publicly-traded gaming focused real estate investment trust,have completed the from Bally's of the land and real estate assets of Bally's three Black Hawk Casinos in Colorado, and Bally’s Quad Cities Casino & Hotel in Rock Island, Illinois, for $150 million in total consideration.
The three Colorado casinos are Bally's Black Hawk North, Bally's Black Hawk East and Bally's Black Hawk West.
The operation was completed on Friday, April 1, as announced by both companies on Monday. These properties were added to the existing Bally’s Master Lease. The initial rent for the lease was increased by $12 million on an annual basis, subject to contractual escalations based on the Consumer Price Index, with a 1% floor and 2% ceiling, subject to CPI meeting a 0.5% threshold.
The deal between both companies announced in April 2021 also included the Tropicana Las Vegas, for about $308 million. That transaction was expected to close early 2022.
In December, Maryland-based The Cordish Companies announced the sale of its three casino properties, Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia, and Live! Casino Pittsburgh, to Pennsylvania-based real GLPI, in a deal valued at $1.8 billion.