PENN Entertainment signs term sheet with GLPI for $575M funding to develop four casino/hotel projects

PENN Entertainment, Inc.

Plans land-based relocations in Aurora ($360M budget) and Joliet ($185M), plus hotels at Columbus ($100M) and M Resort ($206M).
GLPI to fund up to $575M: $225M for Aurora at 7.75% cap rate, up to $350M for other projects at market rates.
New master lease effective Jan 1, 2023, covering 7 properties with $232.17M base rent, cross-defaulted with existing master lease.
Aurora development includes city funding up to $50M via bond issuance, subject to council and regulatory approvals.
Construction on all projects expected to begin in late 2023, subject to municipal and gaming approvals.

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