{"id":287376,"date":"2023-08-29T17:14:40","date_gmt":"2023-08-29T22:14:40","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=287376"},"modified":"2023-08-30T11:35:38","modified_gmt":"2023-08-30T16:35:38","slug":"gaming-and-leisure-buys-hard-rock-rockford-land-for-100m","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/gaming-and-leisure-buys-hard-rock-rockford-land-for-100m\/","title":{"rendered":"Gaming and Leisure Pays $100M for Hard Rock Rockford Real Estate"},"content":{"rendered":"

Gaming and Leisure Properties (NASDAQ: GLPI) announced Tuesday that it\u2019s paying $100 million for the real estate associated with the Hard Rock Casino development in Rockford, Ill.<\/p>\n

\"Hard
Hard Rock Rockford T-shirts are on display at an info center in the Illinois city. Gaming and Leisure Properties acquired the venue’s real estate for $100 million. (Image Hard Rock Casino Rockford)<\/figcaption><\/figure>\n

The gaming real estate investment trust (REIT) acquired the property from an affiliate of 815 Entertainment, LLC. GLPI and 815 Entertainment entered into an initial lease term of 99 years, starting at $8 million annually with 2% inflation escalators.<\/p>\n

In conjunction with the foregoing transactions, GLPI will receive a right of first refusal on the building improvements of the Hard Rock Casino in Rockford if there is a future decision to sell them once completed,\u201d<\/strong> according to a statement.<\/p><\/blockquote>\n

Hard Rock Rockford is one of the six<\/a> new gaming venues approved by Illinois lawmakers in 2019 in a bid to shore up the state\u2019s ailing finances. It was the first of that group to commence construction, and is currently operating at a temporary site.<\/p>\n

Gaming and Leisure Boosts Tenant Diversification<\/h2>\n

One of the critical elements in evaluating gaming REITs, namely GLPI and rival VICI Properties (NYSE: VICI), is geographic and tenant diversification.<\/p>\n

\n

Penn Entertainment is GLPI\u2019s largest tenant, and other clients include Bally\u2019s, Boyd Gaming, Caesars Entertainment, and The Cordish Companies<\/a>. With the purchase of the Rockford casino real estate, the REIT adds a financially healthy tribal gaming tenant in the form of Florida\u2019s Seminole Tribe, which controls Hard Rock International.<\/p>\n<\/div>\n

\u201cThe Hard Rock brand is world renowned and will support and solidify the new casino\u2019s position as a tourist destination and entertainment venue. Hard Rock is the property manager and an equity investor in 815 Entertainment, bringing its world-class management team to the project,\u201d noted GLPI CEO Peter Carlino in a statement.<\/p>\n

Currently, GLPI owns the property assets of 59 gaming venues across 18 states. The Hard Rock will be the sixth Illinois venue in the REIT\u2019s portfolio<\/a>.<\/p>\n

GLPI Also Providing Financing<\/h2>\n

The Hard Rock Casino Rock project is forecast to cost $358 million, of which $120 million has been spent to date. GLPI is providing $150 million in financing via a senior secured delayed draw term loan. Any draws on that line will carry a 10% interest rate.<\/p>\n

\u201cThe term loan has a draw period of up to 1-year and a maximum outstanding period of up to 6 years (5-year initial term with a 1-year extension),\u201d added the REIT.<\/p>\n

The Hard Rock Casino, which is scheduled to open in September 2024, will feature 177,000 square feet, with approximately 60,000 square feet of gaming space. It\u2019s expected that the casino will have 50 table games, 1,250 gaming machines, a retail sportsbook, as well as an online sports betting companion. Illinois is the second-largest sports wagering market in the U.S., after New York.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gaming and Leisure Properties (NASDAQ: GLPI) announced Tuesday that it\u2019s paying $100 million for the real estate associated with the Hard Rock Casino development in Rockford, Ill. The gaming real estate investment trust (REIT) acquired the property from an affiliate of 815 Entertainment, LLC. GLPI and 815 Entertainment entered into an initial lease term of […]<\/p>\n","protected":false},"author":46,"featured_media":177847,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093,86430,86438],"tags":[81903,81966,86455,86457],"acf":[],"yoast_head":"\nGaming and Leisure Buys Hard Rock Rockford Land For $100M<\/title>\n<meta name=\"description\" content=\"Gaming and Leisure Properties buying Hard Rock Casino Rockford land for $100 million.\" \/>\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-buys-hard-rock-rockford-land-for-100m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gaming and Leisure Buys Hard Rock Rockford Land For $100M\" \/>\n<meta property=\"og:description\" content=\"Gaming and Leisure Properties buying Hard Rock Casino Rockford land for $100 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/gaming-and-leisure-buys-hard-rock-rockford-land-for-100m\/\" \/>\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=\"2023-08-29T22:14:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-30T16:35:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/Rockford-Day-085.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"534\" \/>\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-buys-hard-rock-rockford-land-for-100m\/\",\"url\":\"https:\/\/www.casino.org\/news\/gaming-and-leisure-buys-hard-rock-rockford-land-for-100m\/\",\"name\":\"Gaming and Leisure Buys Hard Rock Rockford Land For $100M\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/gaming-and-leisure-buys-hard-rock-rockford-land-for-100m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/gaming-and-leisure-buys-hard-rock-rockford-land-for-100m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/Rockford-Day-085.jpg\",\"datePublished\":\"2023-08-29T22:14:40+00:00\",\"dateModified\":\"2023-08-30T16:35:38+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Gaming and Leisure Properties buying Hard Rock Casino Rockford land for $100 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/gaming-and-leisure-buys-hard-rock-rockford-land-for-100m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/gaming-and-leisure-buys-hard-rock-rockford-land-for-100m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/gaming-and-leisure-buys-hard-rock-rockford-land-for-100m\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/Rockford-Day-085.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/Rockford-Day-085.jpg\",\"width\":800,\"height\":534,\"caption\":\"Hard Rock Rockford t-shirts are on display at an info center in the Illinois city. Gaming and Leisure Properties acquired the venue's real estate for $100 million. (Image Hard Rock Casino Rockford)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/gaming-and-leisure-buys-hard-rock-rockford-land-for-100m\/#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 Pays $100M for Hard Rock Rockford Real Estate\"}]},{\"@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 Buys Hard Rock Rockford Land For $100M","description":"Gaming and Leisure Properties buying Hard Rock Casino Rockford land for $100 million.","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-buys-hard-rock-rockford-land-for-100m\/","og_locale":"en_US","og_type":"article","og_title":"Gaming and Leisure Buys Hard Rock Rockford Land For $100M","og_description":"Gaming and Leisure Properties buying Hard Rock Casino Rockford land for $100 million.","og_url":"https:\/\/www.casino.org\/news\/gaming-and-leisure-buys-hard-rock-rockford-land-for-100m\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2023-08-29T22:14:40+00:00","article_modified_time":"2023-08-30T16:35:38+00:00","og_image":[{"width":800,"height":534,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/Rockford-Day-085.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-buys-hard-rock-rockford-land-for-100m\/","url":"https:\/\/www.casino.org\/news\/gaming-and-leisure-buys-hard-rock-rockford-land-for-100m\/","name":"Gaming and Leisure Buys Hard Rock Rockford Land For $100M","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/gaming-and-leisure-buys-hard-rock-rockford-land-for-100m\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/gaming-and-leisure-buys-hard-rock-rockford-land-for-100m\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/Rockford-Day-085.jpg","datePublished":"2023-08-29T22:14:40+00:00","dateModified":"2023-08-30T16:35:38+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Gaming and Leisure Properties buying Hard Rock Casino Rockford land for $100 million.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/gaming-and-leisure-buys-hard-rock-rockford-land-for-100m\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/gaming-and-leisure-buys-hard-rock-rockford-land-for-100m\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/gaming-and-leisure-buys-hard-rock-rockford-land-for-100m\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/Rockford-Day-085.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/Rockford-Day-085.jpg","width":800,"height":534,"caption":"Hard Rock Rockford t-shirts are on display at an info center in the Illinois city. Gaming and Leisure Properties acquired the venue's real estate for $100 million. (Image Hard Rock Casino Rockford)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/gaming-and-leisure-buys-hard-rock-rockford-land-for-100m\/#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 Pays $100M for Hard Rock Rockford Real Estate"}]},{"@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\/287376"}],"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=287376"}],"version-history":[{"count":4,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/287376\/revisions"}],"predecessor-version":[{"id":287461,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/287376\/revisions\/287461"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/177847"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=287376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=287376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=287376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}