In a deal for $467 million, Gaming and Leisure Properties (NASDAQ: GLPI) announced today that it is purchasing the property of the Live! Casino & Hotel Virginia in Petersburg and financing the project.
In addition to providing $440 million in "hard cost funding" at a cap rate of 8%, the real estate investment trust (REIT) is paying $27 million for the property. Currently under development, the $600 million gaming venue will be run by Bruce Smith Enterprise and Cordish Companies of Baltimore. According to Gaming and Leisure, the acquisition will improve its operational performance.
"Live! Virginia is located just off I-95, less than 25 miles south of Richmond, VA. The approximately $600 million project will sit within a large 98-acre site and serve as the centerpiece of a broader $1.4 billion planned development, expected to include additional hotels, retail, dining, entertainment, and residential features,” according to a statement issued by the REIT.
When the permanent version of the casino hotel opens in 2027, it will have 200 hotel rooms, 10 restaurants, 70,000 square feet of conference space, and an 80,000-square-foot casino.
The cooperation between closely owned Cordish and Pennsylvania-based GLPI is strengthened by the agreement including Live! Casino & Hotel Virginia in Petersburg.
The Virginia gaming establishment is Cordish's fourth, and GLPI will control the real estate. Pittsburgh, Philadelphia, and Baltimore are home to the other three. In Bossier City, Louisiana, Cordish also runs a gaming establishment.
According to GLPI, the $27 million needed to buy the Virginia casino's real estate will be funded in the first quarter of 2026, and the $440 million in hard cost financing is anticipated to be pulled in the next quarter and last through the first three months of 2028.
“During the construction phase, Cordish will pay rent on the GLPI funding, as drawn. After the first anniversary of the opening of the permanent casino project, rent will escalate at a rate of 1.75% per annum,” said the landlord in the press release.
Gaming and Leisure Properties demonstrates the validity of the growing rumors in the gaming sector that asset-level trade will pick up speed in the upcoming months.
The REIT has announced two deals this month, including the acquisition and financing of the Live! venue in Virginia. A $183.75 million agreement for the Sunland Park Racetrack & Casino in southern New Mexico was announced by the property owner on October 1.
A group of the seller's creditors are presently holding the $735 million sale-leaseback agreement that GLPI and Bally's made in September about the Twin River Lincoln Casino Resort in Lincoln, RI. Nevertheless, GLPI has been actively pursuing its strategy of purchasing casino real estate in smaller, less erratic markets.
Waymo revealed that it will make its debut in Las Vegas the following summer. Currently, LA, San F..
One of the wealthiest residents of the state is running to be replaced as the top lawmaker in the La..
We give you advice on how to get the most enjoyment out of your gaming, find the best casinos, play games, learn everything there is to know about playing online slots, and take advantage of some alluring bonuses.
A casino promotion is a great way to increase patronage and frequency of visits. For illustration, a casino might give away free gifts or prizes to recent customers. It might also consider using other channels to spread the word about how to win at casinos. Current customers may also be rewarded with seasonal sales incentives. These kinds of promotions can boost client loyalty, but make sure to read the guidelines before participating in any promotional activity.
© Slotilla 2025
