Gaming and Leisure Properties provides update on financing, development

Gaming and Leisure Properties (GLPI) provided updates on several recent progress milestones associated with four operating partners across five projects. In total, these five projects amount to approximately $1.5B of GLPI capital commitments. GLPI is providing a summary of recent events related to the following project commitments: Caesars (CZR) Republic Sonoma County, Bally’s (BALY) Chicago, Bally’s Baton Rouge, PENN Entertainment’s (PENN) M Resort, and Ione Band of Miwok Indians’ Acorn Ridge. Following the recent receipt of the declination letter from the National Indian Gaming Commission, GLPI funded its $45M share of the $200M term loan B tranche. The $45M participation in the term loan B is part of GLPI’s broader $225M commitment to the project, with the remaining $180M commitment in the form of a delayed draw term loan, priced at 12.5%. Of the $225M total GLPI commitment, no less than $112.5M, and up to a maximum of $180M, will convert to a 45-year sublease, at a cap rate of 9.75%, upon or prior to maturity of the 6-year term loans. Caesars Entertainment and Dry Creek Rancheria broke ground on the new four+ star resort in August of 2025. When completed, the resort, located just outside of Healdsburg, California, and in the heart of Sonoma wine country, will feature a premier gaming experience, overlooking the Alexander Valley and Russian River, with 1,000 slot machines and 28 table games, a 100-room hotel, four restaurants, three bars, a luxury spa, pool, and fitness center. The project is expected to be completed in the summer of 2027. Construction activity continues on the Bally’s Chicago site, with the exterior shell rising, on average, two floors per week. Following its approximately $125M initial funding in October, GLPI funded an additional $76M, leaving approximately $739M of remaining funding under the $940M commitment. When complete, the project will bring an iconic, world-class entertainment destination to the city of Chicago, featuring a 178,000 square-foot casino with over 3,300 slots and 170 table games, a 500-room luxury hotel, vibrant dining and nightlife, extensive event space, and a community-enhancing riverwalk and green space. On December 6, Bally’s will host the grand opening of the re-imagined Bally’s Baton Rouge at the site of the former Belle of Baton Rouge. The new land-based facility, located in downtown Baton Rouge, features 25,000 square-feet of casino space, premium hotel product, multiple food and beverage experiences, a sportsbook, and a host of other entertainment amenities. As of December 4, 2025, GLPI funded $92.5M of its $111M commitment to this project. The incremental rental yield on the development funding, and subsequent rent post opening, is 9.0%. PENN Entertainment announced that its M Resort hotel tower and conference space expansion in Las Vegas opened ahead of schedule, with the grand opening taking place on December 3. On November 3, 2025, GLPI funded $150M, at a 7.79% cap rate, in connection with the project. In September 2024, GLPI entered into a $110M delayed draw term loan facility, at an interest rate of 11%, with the Ione Band of Miwok Indians, to fund the tribe’s new casino development near Sacramento, California. As previously disclosed, at the conclusion of the 5-year term loan, Ione has the option to convert the outstanding principal into a long-term lease, with an initial term of 25 years and a maximum term of 45 years. As of December 4, 2025, GLPI funded $56.6M of its $110M commitment to this project. The facility remains scheduled to open in February.