Gaming and Leisure Properties to acquire Sunland Park Racetrack & Casino real estate
The closing of the transaction is expected on October 15.
US.- Gaming and Leisure Properties (GLPI) has announced that it intends to acquire the real estate assets of Sunland Park Racetrack & Casino, in New Mexico. GLPI will acquire the assets for $183.75m at an initial 8.2 per cent cap rate.
The closing of the transaction is expected on October 15. Sunland Park, located in southern New Mexico, will be GLPI’s second property in the US state.
The company stated that with the inclusion into the Strategic Gaming Leases, annual rent on the lease will escalate at 2 per cent per annum. The acquisition will add a fourth asset to Strategic Gaming’s existing triple-net master lease agreement with GLPI.
Opened in 1959, Sunland Park sits on approximately 157 acres and features a 25,000-square-foot gaming floor, offering 738 slots and 12 electronic gaming tables. It includes a 1-mile thoroughbred and quarter horse racetrack. The property also features a 600-person ballroom, a simulcast wagering area and an hotel.
Peter Carlino, GLPI’s chairman and CEO, said: “Through our acquisition of Sunland Park, we are again diversifying our property portfolio, while again supporting the growth strategy of an existing tenant, as we deepen our relationship with Strategic Gaming, a dynamic and growing gaming operator. This accretive transaction further strengthens GLPI’s reputation as the gaming landlord of choice.”
GLPI recently provided an update on its $1.19bn Bally’s Chicago casino development. The company released renderings of the venue, which will open at the former Chicago Tribune site in the fourth quarter of 2026.
