Gaming and Leisure Properties Acquires Three Casino Resorts from Strategic Gaming Management
May 17, 2024
Gaming and Leisure Properties (GLPI) purchased the real estate assets of Baldini’s Casino (Nevada), the Silverado Franklin Hotel & Gaming Complex (South Dakota) and the Deadwood Mountain Grand (South Dakota) for $105 million, plus $5 million in capital improvement proceeds (total investment $110 million). GLPI entered 25‑year cross‑defaulted triple‑net leases with tenant Strategic Gaming Management (with two 10‑year renewal options), agreed initial aggregate annual cash rent of $9.2 million, and secured a right of first refusal on future Strategic acquisitions until Strategic’s adjusted EBITDAR reaches $40 million annualized.
- Buyers
- Gaming and Leisure Properties (GLPI)
- Targets
- Baldini's Casino, Silverado Franklin Hotel & Gaming Complex, Deadwood Mountain Grand (DMG)
- Sellers
- Strategic Gaming Management
- Industry
- Real Estate
- Location
- United States
- Transaction Type
- Buyout
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