Gaming and Leisure Properties, a U.S. real estate investment trust, has completed the previously announced property acquisitions and lease modifications with casino operator Penn National Gaming, Pinnacle Entertainment and Boyd Gaming Corporation in order to accommodate the acquisition of Pinnacle by Penn. The companies announced that the value of the transaction is $2.8 billion.
Gaming and Leisure has amended the master lease with Pinnacle to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort. It has acquired the real property assets at Plainridge Park Casino for $250 million from Penn.
Additionally, Boyd has acquired Belterra Park in Cincinnati, Ohio from Pinnacle. Gaming and Leisure provided a $57.7 million mortgage loan to Boyd to finance its acquisition of the real estate assets of Belterra Park, with initial annual interest payments of $6.4 million.
Gaming and Leisure said that the transactions demonstrate its ability to create value for its shareholders through complex and unique structures. Through this move, the company has added an economic interest in two additional high-quality regional gaming facilities, increasing its annual real estate income by $45.3 million.