Gaming and Leisure Properties, Inc. has entered into an agreement to acquire the real estate assets of Bally’s Casino Tunica and Resorts Casino Tunica located in Robinsonville, Mississippi for $82.6 million. The two facilities combined feature 75,000 casino sqf of casino space, 1,747 slot machines and 25 table games. The properties also include six restaurants, 201 hotel rooms and 18,000 square feet of meeting space. The properties will be operated by Penn National Gaming. The transaction, which is expected to be immediately accretive, is subject to regulatory approval and is expected to close in the second quarter of 2017.
Chief Executive Officer, Peter M. Carlino, commented, “The acquisition of Bally’s and Resorts in Tunica reflects the company’s focus on creating shareholder value by completing accretive transactions at attractive multiples.” He added that the inclusion of these assets in the master lease was a key benefit of the transaction which would increase asset diversification and improve aggregate rent coverage.
