Gaming and Leisure Properties, Inc. recently announced that the company completed the previously announced property acquisitions and lease modifications with Penn National Gaming, Inc. (Penn), Pinnacle Entertainment, Inc. (Pinnacle) and Boyd Gaming Corporation (Boyd) in order to accommodate the acquisition of Pinnacle by Penn, which was completed and separately announced by Penn.
The company has amended the Master Lease with Pinnacle to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort. Boyd has acquired these operating assets and has entered into a new Master Lease with the company. Terms of the new Boyd Master Lease are similar to the company’s existing leases with rent initially set at approximately $97.2 million annually. Rent at the remaining properties in the Pinnacle Master Lease has initially been set at approximately $290.3 million annually.