– January 5, 2023
Bally’s Corporation announced that it has completed its previous real estate transaction through the partnership with Gaming & Leisure Properties.
Bally’s and GLPI concluded a sale-leaseback transaction relating the land and real property assets of Bally’s Tiverton Casino & Hotel, Tiverton (RI) and Bally’s Hard Rock Hotel & Casino Biloxi, MS for a total consideration of $635m.
This transaction is a capital contribution that’s not subject to tax. A substantial amount of the proceeds will go towards paying down Bally’s outstanding debt. The properties were added to Bally’s Master Lease with GLPI. This now has six properties. Due to the transaction, the annual rent of the Master Lease increased by $48.5million.
Bobby Lavan is the Chief Financial Officer at Bally’s. He said, “We are happy to have completed another transaction avec GLPI. This is a significant step in our quest to ensure that Bally’s continues growth.