Primely located just off Interstate 90 in Rockford, IL, The Hard Rock Casino in Rockford, IL will consist of approximately 177,000 sq. In conjunction with the foregoing transactions, GLPI will receive a right of first refusal on the building improvements of the Hard Rock Casino in Rockford, IL if there is a future decision to sell them once completed. The term loan advances will be subject to typical construction lending terms and conditions. The term loan is prepayable without penalty following the opening of the Hard Rock Casino in Rockford, IL, which is expected in September 2024. The term loan has a draw period of up to 1-year and a maximum outstanding period of up to 6 years (5-year initial term with a 1-year extension). Any borrowings under the senior secured delayed draw term loan will be subject to an interest rate of 10.0%. In addition to the ground lease, GLPI has also committed to providing up to $150.0 million of development funding via a senior secured delayed draw term loan, subject to regulatory review.

The initial annual rent for the ground lease is $8.0 million, subject to fixed 2.0% annual escalation beginning with the lease’s first anniversary and for the entirety of its term. Simultaneous with the land acquisition, GLPI entered into a ground lease with 815 Entertainment for a 99-year term.

(NASDAQ: GLPI) (“GLPI”) announced today that it has acquired the land associated with the Hard Rock Casino development project in Rockford, IL from an affiliate of 815 Entertainment, LLC (together, “815 Entertainment') for $100.0 million.

29, 2023 (GLOBE NEWSWIRE) - Gaming and Leisure Properties, Inc.

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