Advertisement
PENN Entertainment To Pursue Four New Growth Projects In Illinois, Ohio And Nevada
(RTTNews) - PENN Entertainment, Inc. (PENN) announced Monday that it intends to relocate its riverboat casinos in Aurora and Joliet, Illinois to new land-based facilities and to build a new hotel at Hollywood Columbus in Ohio and a second hotel tower at the M Resort in Henderson, Nevada.
In connection with these projects, PENN has entered into an agreement with Gaming and Leisure Properties, Inc. (GLPI) to create a new master lease that would include the two new facilities in Aurora and Joliet, in addition to Hollywood Columbus (OH), Hollywood Toledo (OH), the M Resort (NV), the Meadows (PA) and Hollywood Perryville (MD).
Pursuant to this agreement, GLPI will provide up to $225 million at a 7.75% cap rate for the Aurora project. With respect to the Columbus, Joliet and M Resort projects, PENN may elect to receive up to $350 million of funding in the aggregate from GLPI for real property improvements at then-current market rates, which will incorporate a spread to GLPI's cost of capital.
Apple Shares Down On $900 Mln Tariff Hit, Despite Strong Q2, Dividend Growth, $100 Bln Buyback
Australian Dollar Rises Against Majors
Yen Slides Against Majors
European Shares To Open Higher On US-China Trade Talk Optimism
European Economic News Preview: Eurozone Inflation, Unemployment Data Due
Sensex, Nifty Climb In Early Trade; Auto Stocks Take Lead
Australian Market Extends Early Gains In Mid-market
