Gaming and Leisure Properties acquires real estate assets of Bally’s Lincoln
Bally’s Lincoln sits on an approximate 190-acre site.
US.- Gaming and Leisure Properties (GLPI) has announced that it has acquired the real estate assets of Bally’s Lincoln in Rhode Island from Bally’s Corporation for $700m. The venue sits on an approximate 190-acre site and has a 165,000 square-foot casino with approximately 3,900 slots and 118 table games.
The company said initial cash rent of $56m represents an 8 per cent capitalisation rate. Bally’s Lincoln will be added to the GLPI Bally’s Master Lease II agreement, increasing the number of properties to five.
Peter Carlino, GLPI’s chairman and CEO, said: “The acquisition of Bally’s Lincoln is immediately accretive to AFFO per share and adds a premier asset, in the healthy Rhode Island gaming market, to the GLPI portfolio. Bally’s Lincoln further expands our relationship with Bally’s, adding a fifth asset to our Bally’s Master Lease II. Bally’s Lincoln is one of the top-performing regional casino properties in the US, having generated over $490.0m in gross gaming revenue in 2025. With its accessibility to Route 146 and located approximately five miles north of Providence, it’s a premier regional destination.”
In 2021, Bally’s launched a $100m expansion project, which added a 40,000 square-foot gaming area, a poker room, a cigar bar and a 14,000 square-foot spa to the venue.
In the third quarter of 2025, GLPI reported a record revenue of $397.6m, up 3.2 per cent year-over-year. According to the company, income from operations was $337.2m compared to $271.4m in the same period in 2024. Net income totalled $248.5m compared to $190.1m. Adjusted EBITDA was $366.4m, up 5.8 per cent.
