Rental Properties
−Removed: As of December 31, 2020, the Company had 45 rental properties, consisting of the real property associated with 33 gaming and related facilities operated by Penn, the real property associated with seven gaming and related facilities operated by Caesars, the real property associated with four gaming and related facilities operated by Boyd and the real property associated with the Casino Queen in East St.
−Removed: Louis, Illinois.
+Added: As of December 31, 2021, the Company had 50 rental properties, consisting of the real property associated with 34 gaming and related facilities operated by Penn, the real property associated with 7 gaming and related facilities operated by Caesars, the real property associated with 4 gaming and related facilities operated by Boyd, the real property associated with Maryland Live Casino and Hotel in Hanover, Maryland , the real property associated with 2 gaming and related facilities operated by Casino Queen and 2 gaming and related facilities operated by Bally's.
All rental properties are subject to long-term triple-net leases.
For additional information pertaining to our tenant leases and our rental properties see Item 1.
−Removed: Hollywood Casino Baton Rouge
−Removed: Hollywood Casino Baton Rouge is a dockside riverboat casino located on approximately 21.1 acres, which we own, on the east bank of the Mississippi River in the East Baton Rouge Downtown Development District.
−Removed: The property site serves as the dockside embarkation for Hollywood Casino Baton Rouge and features a two-story building.
−Removed: We also own approximately 4.0 acres of land which features a railroad underpass that provides unimpeded access to the casino property.
−Removed: Hollywood Casino Perryville
−Removed: We own 36.3 acres of land in Perryville, Maryland where Hollywood Casino Perryville is located.
−Removed: The property is located directly off Interstate 95 in Cecil County, Maryland just 35 miles northeast of Baltimore and 70 miles from Washington, D.C.
Tropicana Las Vegas
−Removed: This property was acquired on April 16, 2020 from Penn in exchange for $307.5 million of rent credits.
−Removed: We own approximately 35 acres on the strip of Las Vegas, Nevada and the real estate of the casino which has a 1,467 room hotel and structured and surface parking.
−Removed: An affiliate of Penn continues to operate the casino and hotel business pursuant to a triple net lease with the Company for nominal rent for the earlier of two years (subject to three one-year extensions at the Company's option).
+Added: On April 16, 2020, the Company and certain of its subsidiaries closed on its previously announced transaction to acquire the real property associated with the Tropicana Las Vegas from Penn in exchange for rent credits of $307.5 million, which were applied against future rent obligations due under the parties' existing leases during 2020.
+Added: An affiliate of Penn will continue to operate the casino and hotel business of the Tropicana Las Vegas pursuant to a triple net lease with GLPI for nominal rent for the earlier of two years (subject to three one-year extensions at the Company's option) or until the Tropicana Las Vegas is sold.
+Added: On April 13, 2021, Bally's agreed to acquire the Company's non-land real estate assets and Penn's outstanding equity interests in Tropicana Las Vegas for $150.0 million.
+Added: The Company will retain ownership of the land and concurrently enter into a 50-year ground lease with an initial annual rent of $10.5 million.
+Added: The ground lease will be supported by a Bally's corporate guarantee and cross-defaulted with the Bally's Master Lease.
+Added: This transaction is expected to close in the second half of 2022.
Corporate Office
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.