Globenewswire·2026-02-11 21:15Core Viewpoint - Gaming and Leisure Properties, Inc. (GLPI) has acquired the real estate assets of Bally's Lincoln for $700 million, enhancing its portfolio and expected to be immediately accretive to its adjusted funds from operation (AFFO) per share [1][3][5]. Financial Summary - The initial cash rent for Bally's Lincoln is set at $56 million, reflecting an 8% capitalization rate and a purchase multiple of 12.5x [2]. - The pro forma rent coverage ratio is anticipated to exceed 2.2x, with a four-wall rent coverage of over 1.9x [2]. - The acquisition is primarily funded through debt, and GLPI's net debt to adjusted EBITDA ratio is expected to remain below the target range of 5.0x to 5.5x [3]. Property Details - Bally's Lincoln is situated on approximately 190 acres and features a casino of around 165,000 sq. ft., with approximately 3,900 slots and 118 table games, alongside hotel accommodations and a convention center [4]. - The property underwent a $100 million expansion in 2021, adding significant gaming and leisure facilities [4]. Strategic Implications - The acquisition strengthens GLPI's relationship with Bally's, adding a fifth property to the Bally's Master Lease II agreement, which extends to 2039 with four 5-year renewal options [2][5]. - Bally's Lincoln is recognized as one of the top-performing regional casino properties in the U.S., generating over $490 million in gross gaming revenue in 2025 [5].