The Real Estate Industry team advised Gaming and Leisure Properties (NASDAQ:GLPI) in its binding term sheet with Bally’s Corporation (NYSE: BALY) to acquire the land under the Bally’s Chicago Casino Resort and provide construction financing for the development and construction of the Bally’s Chicago Casino Resort. As part of a multi-faceted transaction, GLPI will also acquire Bally’s Kansas City Casino and Bally’s Shreveport Casino & Hotel, all for aggregate consideration of approximately $1.585 billion.
In Chicago, the 30-acre casino entertainment complex will have 178k SF of gaming space, 3,300 slots, 173 table games, 500 hotel rooms, along with various food and beverage as well as entertainment venues and a 2-acre public park. Upon completion of the improvements and acquisition of the land, GLPI will own substantially all of the real estate land and improvements related to the Chicago casino and hotel. The optimal location in Downtown Chicago will serve as one of the country’s only destination casinos outside of the Las Vegas Strip
Gaming and Leisure Properties is the nation’s first real estate investment trust focused on acquiring real property assets leased to gaming operators.
The Goodwin team was led by Ben Hittman, Kevin Morrissey, Yoel Kranz, Edward Glazer, and Erin Claywell.
For additional details on the agreement, please read the press release and coverage in The Chicago Tribune and MarketWatch.