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December 9, 2013
07:31 EDTGLPIGaming and Leisure Properties acquires Casino Queen assets for $140M
Gaming and Leisure Properties, Inc. announced that it has entered into an agreement to acquire the real estate assets associated with the Casino Queen in East St. Louis, Illinois. Gaming and Leisure Properties, Inc. has agreed to acquire the real property for $140M. In addition, GLPI will provide Casino Queen with a $43M term loan, which will completely refinance and retire all or substantially all of Casino Queen's outstanding long-term debt obligations. As a condition of the purchase, GLPI will lease the property back to Casino Queen on a triple net basis for approximately $14M per year. The initial lease term is 15 years, with an option to renew for four successive five year terms. The transaction will be funded with the existing revolver and is expected to contribute approximately 13c to annual AFFO per share, prior to the impact of the purge of historical earnings and profits. The transaction is subject to and requires approval from the Illinois Gaming Board and is expected to close by the end of the first quarter of 2014.
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