Gaming & Leisure Properties Purchase Bally’s Rhode Island Casinos for $1 Billion
![Bally’s Sells Two Rhode Island Casino Properties](/assets/images/news/2742/gaming-leisure-purchase-ballys-rhode-island-casinos_980x428.jpg)
Gambling giant Bally’s Corp. has announced that it will be selling the properties and buildings of its two Rhode Island casinos to Gaming & Leisure Properties Inc. for $1 billion.
The deal means that Gaming & Leisure Properties will take ownership of both the land and buildings of the Twin River Casino in Lincoln and Bally’s Tiverton Casino & Hotel in Tiverton. However, Bally’s will then immediately lease back both properties and continue to own, control and manage all of the gaming operations.
![Bobby Lavan](/assets/images/news/bobby-lavan.jpg)
Bally’s is excited to enter into this transaction with GLPI, further strengthening our growing relationship. The transaction will provide the company with significant, long-term liquidity, ensuring that Bally’s is best- positioned to continue executing its capital and strategic plan, as well as to capitalize on future opportunities presented in the market.
In April, Bally’s reached a similar deal with Gaming & Leisure Properties. Bally’s sold the casino properties and buildings of Bally’s Quad Cities in Rock Island, Illinois, and Bally’s Black Hawk in Black Hawk, Colorado, to the company for $150 million as part of a lease-back agreement.
The lease of the Rhode Island properties will be tied to Bally’s master lease with Gaming & Leisure Properties. It means that Bally’s is now paying an incremental rent of $76.3 million over 15 years for a number of properties, including Twin River, Tiverton, Bally’s Dover Casino Resort, Bally’s Evansville Casino & Hotel, Bally’s Quad Cities Casino & Hotel and Bally’s Black Hawk Casinos.
It is likely that Bally’s will use the $1 billion to fund the company’s expansion as well as a $190 million stock repurchase plan. Recently, the company received permission to build a $1.7 billion casino in Chicago.
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