Gaming and Leisure Properties buys real estate assets of Bally’s Lincoln for $700m – G3 Newswire
Summary
Gaming and Leisure Properties (GLPI) has acquired the real estate assets of Bally’s Lincoln in Lincoln, Rhode Island, from Bally’s Corporation for $700m. Bally’s says the proceeds will be used for general corporate purposes, including funding developments at Bally’s Bronx and Bally’s Chicago.
The property sits on roughly 190 acres and includes a 165,000 sq. ft. casino (about 3,900 slots and 118 table games), 136 rooms and suites, a 29,000 sq. ft. convention centre, a sportsbook, a spa and a range of F&B and entertainment venues. A $100m expansion completed in 2021 added around 40,000 sq. ft. of gaming space, a poker room, a cigar bar and a 14,000 sq. ft. spa.
GLPI says the deal is immediately accretive to AFFO per share. The initial cash rent is $56m, which represents an 8% capitalisation rate and a 12.5x purchase multiple. Bally’s Lincoln generated over $490m in gross gaming revenue in 2025 and will join GLPI’s Bally’s Master Lease II, bringing that portfolio to five properties with pro forma rent coverage expected to be above 2.2x.
Key Points
- GLPI bought the real estate of Bally’s Lincoln from Bally’s Corporation for $700m.
- Proceeds will support Bally’s corporate projects, notably Bally’s Bronx and Bally’s Chicago.
- The site is ~190 acres with a 165,000 sq. ft. casino, 136 rooms and a 29,000 sq. ft. convention centre.
- Initial cash rent is $56m (an 8% capitalisation rate), implying a 12.5x purchase multiple.
- Bally’s Lincoln produced over $490m in gross gaming revenue in 2025 — one of the stronger regional performers.
- The asset will be added to GLPI’s Bally’s Master Lease II, increasing properties to five and improving rent coverage to over 2.2x.
Context and relevance
This is a clear example of the sale‑and‑leaseback model common in gaming: operators monetise valuable land and buildings to raise cash for expansion, while REITs like GLPI secure long‑term, predictable rental income. The size of the deal and the property’s strong 2025 performance underline the robustness of certain regional casino markets and GLPI’s ongoing strategic growth in gaming real estate.
Why should I read this?
Short and sharp: if you’re tracking casino operators, REIT playbooks or where Bally’s is getting cash for big builds (Bronx, Chicago), this is one to note. GLPI just added a high‑earning asset and Bally’s recycled capital — saved you the filing dive, here’s the takeaway.