June 1, 2023


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Gaming and Leisure Attributes, Inc. Announces Sale and Lease Transactions

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WYOMISSING, Pa., Dec 15, 2020 (World NEWSWIRE by way of COMTEX) —
WYOMISSING, Pa., Dec. 15, 2020 (World NEWSWIRE) — Gaming and Leisure Qualities, Inc. (the “Firm” or “GLPI”) (NASDAQ: GLPI), declared these days that the Enterprise has entered into a definitive arrangement with Penn Nationwide Gaming, Inc. (NASDAQ: PENN) (“Penn Countrywide” or the “Business”) to market to Penn Nationwide the operations of Hollywood On line casino Perryville in Maryland for $31.1 million in hard cash, subject matter to certain customary functioning capital changes. Simultaneous with the closing of the transaction, GLPI will enter into a new lease with Penn Countrywide for the serious estate belongings related with Hollywood On line casino Perryville, for initial annual cash rent of somewhere around $7.77 million. The lease will have an original expression of 15 decades with four 5-12 months extensions.

GLPI has also entered into a definitive settlement to sell the operations of Hollywood On line casino Baton Rouge (“HCBR”) to Casino Queen Keeping Firm Inc. (“On line casino Queen”) for $28.2 million. GLPI will retain ownership of all real estate belongings at HCBR and will at the same time enter into a learn lease with Casino Queen, which will include things like both equally the DraftKings at Casino Queen (“DKCQ”) property in East St. Louis and the HCBR facility, for first annual hard cash lease of about $21.4 million. The lease will have an initial time period of 15 several years with 4 5-calendar year extensions.

In conjunction with the transaction, GLPI will also have a suitable of initial refusal with On line casino Queen for other sale leaseback transactions up to $50 million above the upcoming 2 a long time. GLPI will entire the earlier announced landside enhancement venture at HCBR and the rent below the grasp lease will be modified on shipping and delivery to replicate a yield of 8.25{540ccc4681f92a8237c705b0cdebbb9da373ec200da159e6cc1fd9f393be00be} on GLPI’s task charges.

Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, “The sale of our functions in Baton Rouge and Perryville is bittersweet as both properties were foundational to the development of GLPI 7 a long time back. We are grateful to the staff members who do an amazing career managing these houses and offering terrific visitor leisure and facilities, specifically in the face of the difficulties introduced on by the pandemic. We are self-assured that they are in excellent fingers with the new operators of these properties and will keep on to shine underneath Penn National and Casino Queen. By retaining the real estate of both of those Perryville and Baton Rouge, and continuing the enhancement on the expansion in Baton Rouge, we keep a vested interested in their foreseeable future. Eventually, while we have resolved to divest these functions to emphasis on our main enterprise, our institutional know-how and capability to operate gaming facilities at a significant degree continue being intact should a compelling possibility arise in the foreseeable future.”

Terry Downey, President and �??Chief Executive Officer of On line casino Queen commented further more, “Casino Queen is happy to be functioning with GLPI on this transaction. This provides us the chance to increase our regional footprint into the Baton Rouge location, a marketplace which we are incredibly psyched about. We feel that with athletics betting coming on, together with traditional gaming, we have a good deal to give to our valued buyers.”

The two transactions are predicted to close in the second half of 2021, subject matter to regulatory approvals and other customary closing conditions.

Penn Countrywide Gaming is the nation’s most significant and most diversified regional gaming operator with 41 homes throughout 19 states (like the Perryville home). Penn National’s properties attribute approximately 50,000 gaming machines, 1,300 table online games and 8,800 lodge rooms, and work underneath several properly-identified brand names, together with Hollywood, Ameristar, and L’Auberge.

Casino Queen is a regional gaming corporation owned by Normal Common that owns or is beneath contract to purchase four casinos throughout 3 states and is targeted on additional expanding its casino and sports betting operations.

About Gaming and Leisure Qualities

GLPI is engaged in the enterprise of buying, financing, and possessing true estate property to be leased to gaming operators in triple-web lease arrangements, pursuant to which the tenant is accountable for all facility upkeep, insurance plan demanded in link with the leased properties and the business executed on the leased homes, taxes levied on or with respect to the leased properties and all utilities and other services important or suitable for the leased qualities and the company conducted on the leased qualities. GLPI elected to be taxed as a serious estate investment decision rely on (“REIT”) for U.S. federal earnings tax reasons commencing with the 2014 taxable yr and was the 1st gaming-targeted REIT in North The united states.

Forward-On the lookout Statements

This push release consists of “forward-hunting statements” within just the indicating of Section 27A of the Securities Act of 1933, as amended, and Area 21E of the Securities Exchange Act of 1934, as amended, which include our expectations regarding our receipt of deferred rent and financial loan satisfaction from Casino Queen, as effectively as our capability to complete the sale of the functions of Hollywood On line casino Perryville and Hollywood Casino Baton Rouge and connected transactions. Forward-searching statements can be determined by the use of forward-searching terminology such as “expects”, “believes”, “estimates”, “intends”, “may well”, “will”, “must” or “anticipates” or the negative or other variation of these or very similar phrases, or by discussions of future occasions, approaches or threats and uncertainties. This kind of ahead hunting statements are inherently issue to challenges, uncertainties and assumptions about GLPI and its subsidiaries, such as dangers related to the adhering to: GLPI’s capacity to efficiently consummate the Hollywood Casino Perryville and Hollywood Casino Baton Rouge divestitures and linked transactions, including the capability of the events to satisfy a variety of closing conditions, receipt of expected regulatory approvals, or other delays or impediments to completing the proposed transactions GLPI’s skill to gather deferred rent and the bank loan reimbursement obligations from On line casino Queen GLPI’s ability to maintain its status as a REIT variations in the U.S. tax law and other condition, federal or area guidelines, whether or not or not particular to REITs or to the gaming or lodging industries and other variables explained in GLPI’s Once-a-year Report on Type 10-K for the 12 months ended December 31, 2019, Quarterly Studies on Type 10-Q and Present Stories on Sort 8-K, each individual as submitted with the SEC. All subsequent written and oral ahead-hunting statements attributable to GLPI or people performing on GLPI’s behalf are expressly capable in their entirety by the cautionary statements incorporated in this press release. GLPI undertakes no obligation to publicly update or revise any forward-hunting statements contained or incorporated by reference herein, whether as a outcome of new data, upcoming situations or if not, besides as necessary by legislation. In mild of these risks, uncertainties and assumptions, the forward-hunting events discussed in this push launch may not happen as introduced or at all.


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