Gaming Property Investment Overview
LAS VEGAS STADIUM
1 MILE
ESPORTS ALTRA
GLPI to Enter Ground Lease with Bally's; Backstop Equity
Transaction Announced 4/13/21
Notable Transaction Attributes
T-MOBILE ARENA
0.5 MILES
$157.5M
Residual Land Basis
(1)
6.7%
Ground Lease Yield
on Residual Basis
Bally's
Corporate
Guarantee
50-Year
Lease
Tropicana Ground Lease Highlights
Maintained exposure to a well-located Las Vegas strip property.
Lease payments supported by Bally's corporate guarantee and will be
cross defaulted with Bally's master lease.
Equity Backstop Agreement
Depending on Bally's request for capital, GLPI has the opportunity to
provide funding of up to $500mm towards Bally's acquisition of
Gamesys, and the contractual right to structure any funding in the form
of sale-leaseback transactions (2x coverage and 8 cap rate), secured
loans, or common equity.
Note: This transaction is subject to regulatory approvals and closing conditions
Source: Company Filings and Earnings Releases. 1. Calculated based on expected run-rate EBITDAR of $23M per Bally's, reflected in 12/10/20 investor
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