WYOMISSING, PA — Gaming and Leisure Properties Inc. (NASDAQ: GLPI) announced it has acquired the real estate assets of Bally’s Lincoln in Rhode Island from Bally’s Corporation for $700.0 million, expanding its portfolio of gaming properties.
The property will be added to GLPI’s Bally’s Master Lease II agreement, increasing the number of properties under that lease to five, the company said in a release. The initial cash rent of $56.0 million reflects an 8.0% capitalization rate and a purchase multiple of 12.5 times.
GLPI said the initial lease term aligns with the existing Bally’s Master Lease II, which runs through 2039 and includes four five-year renewal options. Rent escalations are tied to the consumer price index, with a 1.0% floor and 2.0% ceiling, subject to a 0.5% CPI threshold.
The company said the transaction was primarily funded through debt and is expected to be immediately accretive to adjusted funds from operations per share. Following the acquisition, GLPI’s net debt to adjusted EBITDA ratio is expected to remain below the low end of its target range of 5.0x to 5.5x.
GLPI reported that the pro forma rent coverage ratio under the master lease is expected to exceed 2.2x, with four-wall coverage at Bally’s Lincoln above 1.9x.
Bally’s Lincoln is located on approximately 190 acres in Lincoln, Rhode Island. The facility includes about 165,000 square feet of casino space with roughly 3,900 slot machines and 118 table games, along with 136 rooms and suites, a convention center, sportsbook, spa and multiple food and entertainment venues.
In 2021, the property completed a $100.0 million expansion that added a gaming area, poker room, cigar bar and spa.
GLPI said Bally’s Lincoln generated more than $490.0 million in gross gaming revenue in 2025.
Additional details about the transaction are available at www.glpropinc.com.
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