Gaming and Leisure Properties Acquires Real Estate Assets of Tioga Downs Casino Resort for $175 Million - Seite 2

Jeff Gural, Founder and Chief Executive Officer of American Racing, added, “We are excited to partner with the team at GLPI as we continue to grow our business at Tioga Downs. Our locals-oriented property has a well-protected feeder market with no competition within 85 miles and a very loyal following. Its location largely insulates it from gaming expansion in the downstate New York region. GLPI is a great steward of regional casino assets, and we are excited to begin this new relationship. I’m also personally looking forward to becoming a GLPI unitholder.”

The transaction was funded with cash on hand and the issuance of $20.0 million in OP units. Since the end of the third quarter 2023, GLPI has issued 4.06 million shares through its ATM (At-The-Market) program which raised net proceeds of $188.9 million, in part towards the funding of this transaction, as well as its overall potential acquisition pipeline.

Citizens JMP Securities acted as financial advisor to Gaming and Leisure Properties. Innovation Capital served as the financial advisor to American Racing.

About Gaming and Leisure Properties

GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.

About American Racing & Entertainment
Founded in 2005, American Racing is a leading regional casino operator in upstate New York. American Racing’s casino properties include Tioga Downs Casino Resort located in Nichols, NY, and Vernon Downs Casino Hotel (“Vernon Downs”) located in Vernon, NY. Tioga Downs was established in 1974 as a quarter horse track known as Tioga Park. Today, Tioga Downs offers entertainment for everyone with amenities that include 895 slots, 29 table games, a 160-room hotel, 7 F&B venues, live harness racing, a FanDuel sports book, a championship golf course, and 13,000+ SF of indoor/outdoor event space. Vernon Downs first opened in 1953 and following its purchase by American Racing in 2006, now operates 512 video gaming machines, a 150-room hotel, 5 F&B venues, live harness racing, and an 8,600 SF event center.