A spinoff of Penn National Gaming Inc. is acquiring three Live! Casino properties from Baltimore-based The Cordish Cos. for $1.81 billion, including the newly built casino and hotel in South Philadelphia, reports the Philadelphia Business Journal.
Wyomissing-based Gaming and Leisure Properties Inc. is purchasing the real estate assets associated with Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh, including applicable long-term leases. Cordish will immediately lease back all the properties and continue to own and oversee all gaming operations at the facilities.
The transactions for the Philadelphia and Pittsburgh properties are expected to close in early 2022, PBJ.com reports. The Maryland transaction is anticipated to close by the end of the month. All are subject to regulatory approval.
The transaction includes a binding partnership between Gaming and Leisure Properties Inc. and The Cordish Cos. on future Cordish casino developments, as well as potential financing partnerships between the entities on other real estate and operating businesses in Cordish’s portfolio.
The $700 million Live! Casino and Hotel Philadelphia opened in January at 900 Packer Ave. near the Stadium Complex. It includes a 15,000-square-foot event center and culinary standouts like Baltimore-born steakhouse The Prime Rib.