Gaming and Leisure Properties, Inc. Announces Pricing of Public Offering of Common Stock

WYOMISSING, Pa., June 28, 2022 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (the “Company” or “GLPI”) (NASDAQ: GLPI) today announced that its previously announced underwritten public offering to sell 6,900,000 shares of common stock has been priced for total gross proceeds (before underwriter’s discounts and commissions and offering expenses) of approximately $308.8 million. The underwriters will sell the shares to purchasers directly or through agents, through brokers in brokerage transactions on Nasdaq, to dealers in negotiated transactions or in a combination of such methods of sale, at a fixed price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,035,000 shares of common stock. The offering is expected to close on July 1, 2022, subject to customary closing conditions.

The Company intends to use the net proceeds from the offering to partially finance the previously-announced acquisition of the real property assets of Bally’s Twin River Lincoln Casino Resort (“Lincoln”) and Bally’s Tiverton Casino & Hotel (“Tiverton”) from affiliates of Bally’s Corporation (the “Bally’s Acquisitions”). If all third-party consents and approvals for the acquisition of Lincoln are not timely received, then GLPI will instead acquire the real property assets of the Hard Rock Hotel & Casino Biloxi in Mississippi along with Tiverton. In that event, GLPI will also have the option, subject to receipt of required consents, to acquire the real property assets of Lincoln prior to December 31, 2024. Pending the closing of the Bally’s Acquisitions, the Company intends to use the net proceeds from the offering to repay borrowings under the senior credit facility of its operating partnership or invest in interest-bearing accounts and short-term, interest-bearing securities. The offering is not conditioned upon the successful completion of the Bally’s Acquisitions and there is no assurance that the Bally’s Acquisitions will be consummated on the anticipated schedule or at all. In the event the Bally’s Acquisitions are not consummated, the Company intends to use the net proceeds from the offering for working capital and general corporate purposes, which may include the acquisition, development and improvement of properties, the repayment of indebtedness, capital expenditures and other general business purposes.