Gaming and Leisure Properties buys Tioga Downs Casino Resort real estate

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.

See also: Senator Joseph P. Addabbo Jr: “The legalisation of igaming and ilottery presents a significant potential for New York”

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Tioga Downs Casino Resort