Gaming and Leisure Properties, Inc. (âGLPâ) is a self-administered and self-managed Pennsylvania real estate investment trust (âREITâ) that was incorporated on February 13, 2013. GLPâs primary business consists of acquiring, financing, and owning real property to be leased to gaming operators in âtriple netâ lease arrangements. GLPâs portfolio currently consists of 44 gaming and related facilities, which are geographically diversified across 16 states. Its tenants include Penn National Gaming, Inc. (âPennâ), Casino Queen, Eldorado Resorts, Inc. (âERIâ) and Boyd Gaming Corporation (âBoydâ). GLP also owns and operates Hollywood Casino Baton Rouge and Hollywood Casino Perryville. In April 2016, it acquired substantially all the real estate assets of Pinnacle Entertainment, Inc. (âPinnacleâ) for approximately $4.8 billion. On October 1, 2018, GLP successfully completed its acquisition of the real estate assets of five casino properties from Tropicana Entertainment, Inc. (âTropicanaâ) for $964 million. Additionally, GLP provided a $246 million mortgage loan to ERI to finance its acquisition of the real estate assets of Lumiere Place in St. Louis, Missouri from Tropicana. On October 15, 2018, GLP completed its acquisition and lease modifications to accommodate Penn in its acquisition of Pinnacle. As part of this transaction, GLP acquired the real estate assets of Plainridge Park Casino in Plainville, Massachusetts. GLP also provided a $57.7 million mortgage loan to Boyd to finance its acquisition of the real estate assets of Belterra Park Gaming and Entertainment Center in Cincinnati, Ohio. GLP expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators. GLP also anticipates diversifying its portfolio over time by acquiring properties outside the gaming industry. The expertise of GLPâs management team will allow it to secure additional avenues for growth beyond the gaming industry and allow it to pursue other acquisitions that may prove complementary to GLP's gaming facilities. Source
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