The initial annual rent for the ground lease is $800,000, with a fixed annual rent of 2.0% based on the initial lease commencement and the entire lease period

Gaming and Leisure Properties, Inc. announced the acquisition of land related to the Hard Rock Casino Rockford development project in Illinois for $100 million from an affiliate of 815 Entertainment, LLC. Upon the acquisition of the land, GLPI entered into a ground lease agreement with 815 Entertainment for a 99-year term. The initial annual rent for the ground lease is $800,000, with a fixed annual rent of 2.0% based on the initial lease commencement and the entire lease period.

In addition to ground leases, GLPI has committed to providing up to $150 million in development funding through senior mortgage-delayed-term loans subject to regulatory review. All loans under Senior Mortgage Delayed Term Loans are subject to an interest rate of 10.0%. The maturity loan has a withdrawal period of up to one year and an outstanding period of up to six years. Rockford loans are expected to begin in September 2024, and ILockford is upfront with no hard penalty of 2024.

In connection with the above transaction, GLPI will receive a primary veto on building improvements at Hard Rock Casino in Rockford, Illinois, if there is a decision to sell after completion in the future.

Located right next to Hard Rock Casino 90 Interstate in Rockford, Illinois, the project features a game floor of about 60,000 square feet on about 177,000 square feet, initially featuring 1,250 slot machines, 50 table games, and in-person and online sports books in the country’s second-largest sports betting market. The project is currently under construction, and the temporary facility will cost approximately $125 million in total budget. 카지노사이트 순위

Peter Carlino, Chairman and CEO of GLPI, said, “The deal with 815 Entertainment will allow GLPI to expand its presence by adding new ground leases, new tenants and potential funding commitments. I believe that the strong initial results from 815 Entertainment’s temporary facilities are an attractive ground lease deal for shareholders as they show the strength and depth of the market. Hard Rock will solidify the rock brand’s new position as a tourist destination and casino.

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