Gaming and Leisure Properties Announces Completion of

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The company enters into a triple net lease for a single asset with subsidiaries of The Cordish Companies for Live! Casino & Hotel Maryland

Finalizes the sale of the activities of the Hollywood Casino Baton Rouge to Casino Queen Holding Company

WYOMISSING, Pa., December 29, 2021 (GLOBE NEWSWIRE) – Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (the “Company”) today announced the completion of its previously announced transaction to acquire the land and the real estate real estate assets of Live! Casino & Hotel Maryland (“Live! Maryland”) of The Cordish Companies (“Cordish”) for total consideration of $ 1.14 billion. The transaction does not only include the land and real estate assets of Live! Maryland, but also a partnership on future Cordish Casino developments, as well as potential funding partnerships between GLPI and Cordish in other areas of Cordish’s real estate and operating portfolio. The Company funded the transaction by assuming approximately $ 363 million in debt, which the Company intends to repay by the end of 2021, and by issuing approximately $ 200 million in partnership units from operations (4.35 million units in total), the balance being paid out of available cash. , which was in part generated by its recent issuance of senior unsecured notes and common shares.

Concurrently with the closing of the transaction, the Company entered into a triple net single asset lease with Cordish, under which Cordish will continue its uninterrupted ownership, control and management of the operations of Live! Maryland. The lease has an initial annual cash rent of $ 75.0 million and an initial term of 39 years with a maximum term of 60 years, including tenant renewal options, as well as a fixed annual lease indexation of 1.75% from the third year of the lease.

The Company also finalized, on December 17, 2021, the previously announced sale of the operations of Hollywood Casino Baton Rouge to Casino Queen Holding Company (“Casino Queen”) for a total cash consideration of $ 28.2 million. Concurrently with the closing of the transaction, the company and Casino Queen entered into an amended and updated head lease that includes both Hollywood Casino Baton Rouge and the DraftKings at Casino Queen property for a combined annual rent of approximately $ 21.4 millions of dollars. The main lease has an initial term of 15 years with four extensions of 5 years.

Peter Carlino, CEO of GLPI said: “We are delighted to add Live! Maryland to our portfolio, further diversify our list of leading operators, and gain additional access to the rapidly growing Baltimore-Washington Corridor through truly world-class property. The Cordish Companies are globally known for creating large scale experiential real estate projects, casinos, hospitality and entertainment districts and we believe them Live! brand and their Live! Maryland alone illustrates their track record of development and operational success. Additionally, our new lease with Cordish has strong rental coverage and is part of an accretive global transaction that positions our company to continue to create shareholder value through our roster of high quality, industry-leading tenants. . We are delighted to welcome Live! Maryland to the GLPI family and we look forward to working with their team to ensure the long term success of the property.

Live! Maryland is located on approximately 36.4 acres next to the Arundel Mills Mall in the Baltimore, Maryland / Washington DC Corridor. The property includes approximately 4000 slot machines and electronic table games, approximately 200 live table games, including a poker room with 52 tables, a sports betting site, parking for more than 7000 vehicles in a garage of six-story parking and adjoining lots, 310 hotel rooms, a state-of-the-art entertainment venue and restaurants such as Bobby’s Burger Palace, The Cheesecake Factory and The Prime Rib.

The Company remains on track to complete its previously announced acquisition of the real estate assets of Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh in early 2022, subject to receipt of required regulatory approvals and other customary closing conditions.

About gaming and recreation properties
GLPI is engaged in acquiring, financing and owning real estate for rent to gaming operators under triple net rental agreements, under which the tenant is responsible for all maintenance of the facilities, insurance required in connection with the leased properties and the activity carried on on the leased properties, the taxes levied on or in respect of the leased properties and all utilities and other services necessary or appropriate for the leased properties and the activities carried on on the properties rented.

Forward-looking statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our ability to receive the necessary approvals and to satisfy the suspensive conditions necessary for the closing of the acquisition of the real estate assets of Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh and our ability to honor debt assumed in transactions. Forward-looking statements can be identified by the use of forward-looking terminology such as “expects”, “believes”, “believes”, “intends”, “may”, “may”, “should” Or “anticipating” or the negative or other variation of these words or similar words, or by discussions of future events, strategies or risks and uncertainties. These forward-looking statements are inherently subject to risks, uncertainties and assumptions regarding GLPI and its subsidiaries, including risks related to the following: the effect of pandemics, such as the novel coronavirus (COVID-19), on GLPI in due to the impact of such pandemics on the business operations of GLPI’s tenants and their continued ability to pay rent on time or not at all; GLPI’s ability to honor the debt contracted in connection with the acquisition of Live! Maryland by December 31, 2021; GLPI’s ability to complete the transactions announced for the real estate assets of Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh, including the ability of the parties to meet various closing conditions, including receipt of all required regulatory approvals, or other delays or obstacles in completing the proposed transactions; GLPI’s ability to maintain its status as a REIT; changes in US tax laws and other state, federal or local laws, whether or not specific to REITs or the gaming or accommodation industries; and other factors described in GLPI’s annual report on Form 10-K for the fiscal year ended December 31, 2020, quarterly reports on Form 10-Q and current reports on Form 8-K, each filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to GLPI or to persons acting on GLPI’s behalf are expressly qualified in their entirety by the cautionary statements included in this press release. GLPI assumes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events described in this press release may not occur as presented or may not occur at all.

Contact:
Games and Recreation Properties, Inc. Investor Relations
Matthew Demchyk, Chief Investment Officer Joseph Jaffoni, Richard Land, James Leahy at JCIR
610 / 401-2900 212 / 835-8500
[email protected] [email protected]


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