Core 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]. Group 1: Transaction Details - 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 acquisition adds Bally's Lincoln to GLPI's Master Lease II agreement, increasing the total number of properties to five, with a pro forma rent coverage ratio anticipated to exceed 2.2x [2]. - The lease term aligns with the existing Master Lease II, extending to 2039, and includes four 5-year renewal options, with rent escalation tied to the consumer price index (CPI) [2]. Group 2: Financial Impact - The transaction 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]. - The acquisition is projected to be immediately accretive to GLPI's AFFO per share, indicating a positive impact on financial performance [3][5]. Group 3: Property Overview - Bally's Lincoln is situated on approximately 190 acres and features a 165,000 sq. ft. casino with around 3,900 slots and 118 table games, along with 136 hotel rooms and a 29,000 sq. ft. convention center [4]. - The property underwent a $100 million expansion in 2021, which included the addition of a 40,000 sq. ft. gaming area and other amenities [4]. - In 2025, Bally's Lincoln generated over $490 million in gross gaming revenue, positioning it as one of the top-performing regional casino properties in the U.S. [5].

Core Insights - Gaming and Leisure Properties, Inc. (GLPI) has partnered with Bally's Corporation to develop an integrated casino resort in Chicago's River West neighborhood, featuring a 178,000 square-foot casino, a 500-room luxury hotel, and various entertainment options, with a total investment of $1.19 billion [1][8] - The project is expected to open in the fourth quarter of 2026, enhancing the local community and providing long-term value to GLPI's shareholders [1][8] Completed Project Milestones - Demolition of the Chicago Tribune buildings has been completed - Caissons have been inserted, and trench excavation is finished - A concrete pad has been connected to the hotel core, and a waterproofing membrane has been installed - Structural elements such as caisson caps and grade beams have been installed to support vertical construction - Crane 1 for steel erection has been assembled, with ongoing concrete pours for various foundational elements [6][12] Current Activities - Continued vertical construction of the hotel and casino is ongoing - Regular steel deliveries and erection activities for the casino structure are in progress - Installation of underground electrical and plumbing work is being conducted, along with inspections and backfilling around completed areas [6][12] Upcoming Activities - The project will continue with the fabrication of the hotel curtainwall system for both the hotel and casino - Further vertical construction activities are planned, including the preparation for additional column pours [12] About Gaming and Leisure Properties - GLPI focuses on acquiring, financing, and owning real estate properties to lease to gaming operators under triple-net lease arrangements, where tenants are responsible for all maintenance, insurance, taxes, and utilities [8] About Bally's Corporation - Bally's Corporation operates 15 casinos across 10 states and has a growing omni-channel presence, including online gaming and sports betting platforms - The company employs approximately 10,600 people and manages around 15,300 slot machines and 580 table games [9][10]