GLPI invests $1.585B in Bally’s: Chicago development, KC/Shreveport sale-leasebacks at 8.3% yield

Gaming & Leisure Properties, Inc.

Acquires Chicago land for $250M and funds up to $940M construction hard costs at 8.5% yield; total Chicago investment $1.19B.
Purchases Bally’s Kansas City and Shreveport real estate for $395M, leased back at initial rent of $32.2M (8.2% cap rate).
Reduces purchase option for Bally’s Lincoln from $771M to $735M (8.0% yield); GLPI gains call right from Oct 1, 2026.
KC and Shreveport closings expected as early as Q4 2024; Chicago funding runs Aug 2024–Dec 2026, subject to approvals.
Blended initial cash yield of 8.3%; funding via cash on hand, revolver, and potential capital markets; rent coverage 2.0x–2.4x.

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