Gaming and Leisure Properties Acquires Real Estate Assets Related to Casino Queen in East St. Louis for $140M

Gaming and Leisure Properties GLPI today announced that it has entered into an agreement to acquire the real estate assets associated with the Casino Queen in East St. Louis, Illinois. The casino and adjacent land cover 78 +/- acres and include a 157 room hotel, a 38,000 square foot casino with 27 gaming tables and 1,155 slot machines, a fine dining steakhouse, a buffet, a quick service deli, a sports bar/entertainment venue, and full service RV park. The resort, built in 2007, had approximately 1.7 million guest visits during the past twelve months. Gaming and Leisure Properties, Inc. has agreed to acquire the real property for $140 million. In addition, GLPI will provide Casino Queen with a $43 million term loan, which will completely refinance and retire all or substantially all of Casino Queen's outstanding long-term debt obligations. As a condition of the purchase, GLPI will lease the property back to Casino Queen on a triple net basis for approximately $14 million per year. The term loan has a five year maturity at an interest rate of 7%. The initial lease term is 15 years, with an option to renew for four successive See full press release