WYOMISSING, PA — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) announced an agreement to acquire the real estate for the upcoming Live! Casino and Hotel Virginia in Petersburg, further expanding its partnership with The Cordish Companies and Bruce Smith Enterprise.
The deal includes a $27 million land purchase and up to $440 million in construction financing, both at an 8% cap rate. The investment is expected to be accretive to GLPI’s operating results. The transaction is contingent on standard closing conditions and regulatory approvals from the Virginia Lottery Commission.
The $600 million Live! Virginia development will anchor a broader $1.4 billion mixed-use project featuring hotels, retail, dining, entertainment, and residential components. Located just off Interstate 95, 25 miles south of Richmond, the destination casino will feature an 80,000-square-foot gaming floor with 1,440 slot machines and 84 tables, more than 10 restaurants and bars, a 200-room hotel, a 70,000-square-foot conference and event center, and a 3,200-seat concert venue.
GLPI expects to fund the land acquisition in early 2026, with the construction financing drawn in phases beginning in late 2026 and continuing through early 2028. A temporary casino is scheduled to open in January 2026, pending regulatory approval, with the permanent facility expected to debut in late 2027.
“Our partnership with The Cordish Companies continues to expand, with this unique opportunity to further diversify our portfolio,” said Peter Carlino, GLPI’s Chairman and CEO. “This accretive transaction plants a Gaming and Leisure Properties flag in Virginia, which will represent the 21st state for our portfolio.”
David Cordish, Chairman of The Cordish Companies, added, “As a multi-generational, family-owned and operated business, GLPI is an ideal partner for us to continue growing our Gaming Division. We look forward to opening this best-in-class gaming facility.”
Greenhill, a Mizuho affiliate, acted as financial advisor to Gaming and Leisure Properties.
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