Gaming & Leisure Properties Enters Material Definitive Agreement

TL;DR

GLPI signed a big deal, details TBD.

AI Summary

On July 11, 2024, Gaming & Leisure Properties, Inc. entered into a material definitive agreement. The filing does not disclose specific details of the agreement, the counterparty, or any associated financial figures.

Why It Matters

This filing indicates a significant new contract or partnership for Gaming & Leisure Properties, which could impact its future revenue streams and operational strategy.

Risk Assessment

Risk Level: medium — The lack of specific details in the filing creates uncertainty about the nature and potential impact of the agreement.

Key Players & Entities

• Gaming & Leisure Properties, Inc. (company) — Registrant
• July 11, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $1.585 billion — overall consideration of approximately $1.585 billion. The following summary of the terms o
• $250 million — s Chicago development for approximately $250 million prior to commencement of construction.
• $20 m — newals, and initial annual base rent of $20 million, subject to annual escalations si
• $940 million — l fund construction hard costs of up to $940 million towards the development of Bally's Chic
• $1.19 billion — for a total investment of approximately $1.19 billion. The development agreement will conta
• $1.8 billion — rrently anticipated to be approximately $1.8 billion. The balance of development costs will
• $395 million — o facilities for total consideration of $395 million. GLP will lease the two properties back
• $32.2 million — ease providing for initial cash rent of $32.2 million and otherwise on terms substantially si
• $735 million — asino & Hotel located in Lincoln, RI to $735 million (from $771 million). GLP has also been
• $771 million — ed in Lincoln, RI to $735 million (from $771 million). GLP has also been granted a call righ

Filing Documents

• d779010d8k.htm (8-K) — 35KB
• d779010dex101.htm (EX-10.1) — 81KB
• d779010dex991.htm (EX-99.1) — 21KB
• g779010g0712101533877.jpg (GRAPHIC) — 3KB
• 0001193125-24-178062.txt ( ) — 294KB
• glpi-20240711.xsd (EX-101.SCH) — 3KB
• glpi-20240711_lab.xml (EX-101.LAB) — 18KB
• glpi-20240711_pre.xml (EX-101.PRE) — 11KB
• d779010d8k_htm.xml (XML) — 4KB

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange, including GLPI's expectations regarding the benefits of the foregoing transaction. Forward-looking statements can be identified by the use of forward-looking terminology such as "expects," "believes," "estimates," "intends," "may," "will," "should" or "anticipates" or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward-looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: (i) GLPI's ability to successfully consummate the announced transactions with Bally's, including the ability of the parties to satisfy the various conditions to advancing loan proceeds, including receipt of all required approvals and consents, or other delays or impediments to completing the proposed transactions; (ii) the potential negative impact of recent high levels of inflation on our tenants' operations; (iii) GLPI's ability to maintain its status as a real estate investment trust ("REIT"); (iv) our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to us; (v) the impact of our substantial indebtedness on our future operations; (vi) changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and (vii) other factors described in GLPI's Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission. GLPI undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except a

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Binding Term Sheet, dated July 11, 2024, by and between GLP Capital, L.P. and Bally's Corporation 99.1 Press Release dated July 12, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: July 12, 2024 GAMING AND LEISURE PROPERTIES, INC. By: /s/ Desiree A. Burke Name: Desiree A. Burke Title: Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR