New changes are coming for Live! Casino & Hotel in Hanover, MD, as Gaming and Leisure Properties (GLPI) purchased the casino’s land and real estate assets.
According to Gaming America, GLPI paid The Cordish Companies $1.14 billion for the sale.
GLPI buys Live! Casino & Hotel from Baltimore-based real estate group
Headquartered in Wyomissing, Pennsylvania, Gaming and Leisure Properties is a real estate investment trust that specializes in casino properties.
To fund part of this sale, GLPI took on $363 million in debt. Gaming America reports that they expect to pay this off by the end of 2021.
Additionally, GLPI will have part ownership of future Cordish Companies casino developments.
Peter Carlino, CEO of GLPI, said in a statement:
“We are delighted to add Live! Maryland to our portfolio, further diversify our roster of leading operators, and gain additional access to the rapidly growing Baltimore-Washington corridor via a truly world-class property.”
The Cordish Companies’ role with Hanover casino
The Cordish Companies is a real estate development and entertainment operating company in Baltimore, MD.
Since opening in 2012, Live! Casino & Hotel has been owned and operated by The Cordish Companies. The group has expanded to offer Live! casinos in Philadelphia and Pittsburgh as well.
Despite this recent transaction, they’ll still have a major role on Live! Casino & Hotel. The Cordish Companies will continue to manage and operate the casino at an annual cash rent of $75 million and a term of 39 years, which can grow to 60.
“Our new lease with Cordish has strong rent coverage and is part of an accretive overall transaction that positions our company to continue to build value for shareholders through our industry-leading, high-quality tenant roster,” Carlino said.
Live! Casino & Hotel making strides
Along with this recent acquisition, Live! Casino & Hotel has had its fair share of changes this year.
On Dec. 17, the casino opened its doors to sports bettors when it launched its FanDuel sportsbook in Maryland.
As a result, they were the second casino in Maryland to launch sports betting.
Also, in November, Live! Casino & Hotel led all casinos in total monthly revenue for the second time in history. This was quite unprecedented, as MGM National Harbor held that top spot since 2017.