Gaming and Leisure Properties (GLPI) has completed the previously announced $395M acquisition of the land and real estate assets of Bally’s Kansas City Casino and Bally’s Shreveport Casino & Hotel from Bally’s Corporation (BALY). The two properties have been put into a new Bally’s Master Lease that is cross-defaulted with the Company’s existing Bally’s Master Lease, with initial annual cash rent of $32.2M representing an 8.2% initial cash capitalization rate. Total rent coverage on the Kansas City and Shreveport assets is expected to be 2.2x in the first year of ownership.
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