Gaming and Leisure Properties buys Tioga Downs Casino Resort real estate
The deal is worth $175m.
US.- Gaming & Leisure Properties has paid $175m to acquire the real estate assets of Tioga Downs Casino Resort in Nichols, New York. The company acquired the assets from American Racing & Entertainment, which entered a triple-net master lease agreement with the company for an initial 30-year term.
Tioga Downs Casino Resort spans 162 acres. It has a 32,600 sq. ft. gaming floor with 895 slots and 29 table games, a 2,500 sq ft FanDuel sports book, a 160-room hotel, a 5/8-mile harness horse track, seven food and beverage locations and an 18-hole championship golf course.
The initial annual rent for the new master lease is $14.5m and subject to a fixed 1.75 per cent annual escalation beginning with the first anniversary and a 2 per cent beginning in year fifteen.
