The property will be sold to real estate investment trust Gaming and Leisure Properties (GLPI) – which was spun off from Penn National Gaming in 2013 – for $340m. GLPI will then lease it to Twin River for $28m per year in rent, which may increase due to inflation.
Twin River president and chief executive George Papanier said the chance to launch operations in Indiana was a major reason for agreeing the deal.
“This transaction is consistent with our core strategy of acquiring strategic gaming assets at attractive valuations and, importantly, represents the Company’s entry into a 10th state,” Papanier explained.
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