American land-based kasino operator Bally's Corporation has announced the signing of a binding agreement that will see it offload its two properties in the eastern state of Rhode Island to Gaming and Leisure Properties Incorporated for $1 billion in kontan.
The Providence-headquartered firm used an official Tuesday press release to assert that the arrangement involving its 83-room Bally's Tiverton Kasino and Hotel and even larger Bally's Twin River Lincoln Kasino Resor venues remains ‘subject to customary regulatory approvals' as well as lender consent on the latter enterprise. The company also disclosed that it subsequently intends to lease back the operation of the Rhode Island pair from Gaming and Leisure Properties Incorporated under a 15-year master lease arrangement featuring an incremental annual rent of $76.3 million.
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Previously known as Twin River Worldwide Holdings Incorporated until undergoing a 2020 name-change, Bally's Corporation is responsible for 14 kasinos spread across the United States including the giant Bally's Atlantic City and Eldorado Resor Kasino Shreveport properties. The operator has owned the 163-room Bally's Twin River Lincoln Kasino Resor enterprise since 2005 while it spent some $22 million ten years later so as to purchase the Bally's Tiverton Kasino and Hotel venue.
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Should approvals for the Bally's Twin River Lincoln Kasino Resor portion of the arrangement not be received in a timely manner and Bally's Corporation disclosed that the new setuju will allow Gaming and Leisure Properties Incorporated to instead acquire the real estate assets of its Hard Rock Hotel and Kasino Biloxi properti. The seller noted that this momentuality would knock the aggregated price for the revised two venues down to $635 million and oblige it to pay a combined annual rent on the Rhode Island and Mississippi enterprises of $48.5 million.
Subsequent sale:
In the moment that this latter momentuality comes to pass and Bally's Corporation declared that Gaming and Leisure Properties Incorporated, which is a real estate investment kepercayaan spun off from Penn National Gaming Incorporated some nine years ago, would still have the pilihan of buying its Bally's Twin River Lincoln Kasino Resor venue before the end of 2024 ‘subject to receipt of required consents'. The company divulged that the setuju is to set the momentual purchase price for this one Rhode Island venue at $771 million and require it to pay an additional annual rent of $58.8 million.
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