{"id":133532,"date":"2020-04-20T11:32:42","date_gmt":"2020-04-20T18:32:42","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=133532"},"modified":"2020-04-20T12:17:28","modified_gmt":"2020-04-20T19:17:28","slug":"gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent\/","title":{"rendered":"Gaming and Leisure Collects Nearly All April Rent, Finalizes Penn National Tropicana Deal"},"content":{"rendered":"

Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) updated investors today on April rent collection efforts. It also noted it wrapped up its previously announced transaction with Penn National Gaming (NASDAQ:PENN) for the property assets of the Tropicana Las Vegas.<\/p>\n

\"Gaming
Gaming and Leisure says April rent collection was strong and that it could sell the Tropicana down the road. (Image: NY Post)<\/figcaption><\/figure>\n

In a deal announced last month, Penn sold the real estate of the Tropicana and lease rights to a project in Pennsylvania to GLPI for $337.5 million in rent credits<\/a>.<\/p>\n

On April 16, 2020, the Company and certain of its subsidiaries acquired the real property associated with the Tropicana from Penn National Gaming, Inc. in exchange for rent credits of $307.5 million, which will be applied to rent due under the parties\u2019 existing leases for the months of May, June, July, August, October and a portion of November 2020,\u201d said the real estate investment trust (REIT).<\/p><\/blockquote>\n

GLPI, which was spun off from Penn National, owns the property assets of 44 casinos and related establishments and counts the Penn as its largest tenant.<\/p>\n

Rent Update<\/h2>\n

As casinos across the country were shuttered last month because of the coronavirus outbreak, analysts and investors grew increasingly concerned about the ability of operator tenants to pay<\/a> April lease obligations to gaming REITs, such as Gaming and Leisure. For the time being, it looks like the industry has that issue under control.<\/p>\n

\n

\u201cWhile all of GLPI\u2019s tenants\u2019 properties, as well as the Company\u2019s two TRS (taxable REIT subsidiaries) properties, were closed in mid-March as a result of COVID-19 related precautions, the Company collected 98.6% of contractual April rent, including amounts paid by Penn National,\u201d said GLPI.<\/p>\n<\/div>\n

While Penn is GLPI’s largest tenant, the REIT also counts Eldorado Resorts (NASDAQ:ERI), among others, as another lessee.<\/strong><\/p>\n

The real estate company did not say which client or properties were part of the 1.4 percent that did not pay April rent. Rivals are saying their rent collection efforts for this month are similarly strong<\/a>, and that they’re working with a small number of tenants that may be having financing issues.<\/p>\n

Trop Could Change Hands Again<\/h2>\n

Under the terms of GLPI’s Tropicana with Penn, the latter is committed to operating the Strip venue for at least two years, with an option held by the REIT that calls for up to three one-year extensions. However, the property could again be sold in the future.<\/p>\n

The sooner another sale of the venue is struck, the larger the financial benefits are for Penn.<\/p>\n

\u201cIf a definitive agreement for the sale is entered into during the first year of the sale process, Penn National Gaming will receive 75% of the net proceeds above $307.5 million, plus certain taxes, expenses and costs,\u201d according to Gaming and Leisure. \u201cIf a definitive agreement is entered into during the second year of the sale process, Penn National Gaming will receive 50% of the proceeds above $307.5 million.\u201d<\/p>\n

If it takes longer than two years to move the property to another buyer, GLPI will gain all financial benefits from that transaction.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) updated investors today on April rent collection efforts. It also noted it wrapped up its previously announced transaction with Penn National Gaming (NASDAQ:PENN) for the property assets of the Tropicana Las Vegas. In a deal announced last month, Penn sold the real estate of the Tropicana and lease rights […]<\/p>\n","protected":false},"author":46,"featured_media":133544,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093],"tags":[],"acf":[],"yoast_head":"\nGaming and Leisure Finals Trop Deal, Collects Almost all April Rent<\/title>\n<meta name=\"description\" content=\"Gaming and Leisure Properties wrapped up the Tropicana deal with Penn National and said it collected almost 99 percent of April rent from tenants.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gaming and Leisure Finals Trop Deal, Collects Almost all April Rent\" \/>\n<meta property=\"og:description\" content=\"Gaming and Leisure Properties wrapped up the Tropicana deal with Penn National and said it collected almost 99 percent of April rent from tenants.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-20T18:32:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-20T19:17:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/trop-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"3000\" \/>\n\t<meta property=\"og:image:height\" content=\"1995\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent\/\",\"url\":\"https:\/\/www.casino.org\/news\/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent\/\",\"name\":\"Gaming and Leisure Finals Trop Deal, Collects Almost all April Rent\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/trop-scaled.jpg\",\"datePublished\":\"2020-04-20T18:32:42+00:00\",\"dateModified\":\"2020-04-20T19:17:28+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Gaming and Leisure Properties wrapped up the Tropicana deal with Penn National and said it collected almost 99 percent of April rent from tenants.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/trop-scaled.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/trop-scaled.jpg\",\"width\":3000,\"height\":1995,\"caption\":\"Tropicana on the Las Vegas Strip. Owner Gaming and Leisure Properties has a decent credit rating and profiles, says Fitch. (Image: NY Post)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Gaming and Leisure Collects Nearly All April Rent, Finalizes Penn National Tropicana Deal\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Gaming and Leisure Finals Trop Deal, Collects Almost all April Rent","description":"Gaming and Leisure Properties wrapped up the Tropicana deal with Penn National and said it collected almost 99 percent of April rent from tenants.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent\/","og_locale":"en_US","og_type":"article","og_title":"Gaming and Leisure Finals Trop Deal, Collects Almost all April Rent","og_description":"Gaming and Leisure Properties wrapped up the Tropicana deal with Penn National and said it collected almost 99 percent of April rent from tenants.","og_url":"https:\/\/www.casino.org\/news\/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2020-04-20T18:32:42+00:00","article_modified_time":"2020-04-20T19:17:28+00:00","og_image":[{"width":3000,"height":1995,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/trop-scaled.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent\/","url":"https:\/\/www.casino.org\/news\/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent\/","name":"Gaming and Leisure Finals Trop Deal, Collects Almost all April Rent","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/trop-scaled.jpg","datePublished":"2020-04-20T18:32:42+00:00","dateModified":"2020-04-20T19:17:28+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Gaming and Leisure Properties wrapped up the Tropicana deal with Penn National and said it collected almost 99 percent of April rent from tenants.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/trop-scaled.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/trop-scaled.jpg","width":3000,"height":1995,"caption":"Tropicana on the Las Vegas Strip. Owner Gaming and Leisure Properties has a decent credit rating and profiles, says Fitch. (Image: NY Post)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/gaming-and-leisure-finals-trop-deal-collects-almost-all-april-rent\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Gaming and Leisure Collects Nearly All April Rent, Finalizes Penn National Tropicana Deal"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/133532"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=133532"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/133532\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/133544"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=133532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=133532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=133532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}