Gaming and Leisure Properties Acquires Bally's Lincoln Real Estate Assets for $700M

Gaming and Leisure Properties has acquired the real estate assets of Bally's Lincoln in Rhode Island for $700 million. The deal includes a 190-acre site with a casino, hotel, convention center, sportsbook, spa, and entertainment venues. The initial cash rent is $56 million, representing an 8% capitalization rate and a purchase multiple of 12.5x. The acquisition is expected to be immediately accretive to GLPI's adjusted funds from operation per share.