WYOMISSING, PA — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) announced plans to acquire the real estate assets of Sunland Park Racetrack & Casino in southern New Mexico for $183.75 million. The deal, set to close October 15, 2025, carries an initial cap rate of 8.2% and is expected to be immediately accretive to adjusted funds from operations (AFFO) per share.
The property will be added to GLPI’s existing triple-net master lease with Strategic Gaming Management, LLC, marking the fourth asset under that agreement. Annual rent on the lease will escalate at 2.0% per year.
“Through our acquisition of Sunland Park, we are again diversifying our property portfolio, while again supporting the growth strategy of an existing tenant, as we deepen our relationship with Strategic Gaming, a dynamic and growing gaming operator,” said Peter Carlino, GLPI’s Chairman and CEO. “This accretive transaction further strengthens GLPI’s reputation as the gaming landlord of choice.”
The acquisition expands GLPI’s footprint in New Mexico, where Sunland Park will become its second property. Strategically located near the Texas border, the facility serves the El Paso–Las Cruces market, a region with strong population and income growth. State regulatory protections further bolster its operating environment.
Opened in 1959, Sunland Park spans 157 acres and features 738 slot machines, 12 electronic table games, and a 25,000-square-foot gaming floor. The property includes a one-mile racetrack with a 733-seat stadium, a 600-person ballroom, simulcast wagering facilities, and a 78-room third-party hotel. Additional acreage offers potential for future expansion.
Truist Securities, Inc. served as financial advisor to GLPI. CBRE Investment Banking and Macquarie acted as financial advisors to Sunland Park.
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