PENN Entertainment To Pursue Four New Growth Projects In Illinois, Ohio And Nevada
(RTTNews) - PENN Entertainment, Inc. (PENN) announced Monday that it intends to relocate its riverboat casinos in Aurora and Joliet, Illinois to new land-based facilities and to build a new hotel at Hollywood Columbus in Ohio and a second hotel tower at the M Resort in Henderson, Nevada.
In connection with these projects, PENN has entered into an agreement with Gaming and Leisure Properties, Inc. (GLPI) to create a new master lease that would include the two new facilities in Aurora and Joliet, in addition to Hollywood Columbus (OH), Hollywood Toledo (OH), the M Resort (NV), the Meadows (PA) and Hollywood Perryville (MD).
Pursuant to this agreement, GLPI will provide up to $225 million at a 7.75% cap rate for the Aurora project. With respect to the Columbus, Joliet and M Resort projects, PENN may elect to receive up to $350 million of funding in the aggregate from GLPI for real property improvements at then-current market rates, which will incorporate a spread to GLPI's cost of capital.
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