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Gaming Leisure Properties, a US group that buys properties and leases them to gaming operators, has tied up a deal with Penn National Gaming and Casino Queen.
Under the arrangements, GLP has an agreement with Penn to sell to it the operations of Hollywood Casino, Perryville, in Maryland for $31.1m in cash. Upon completion it will enter into a new lease with Penn for the real estate assets associated with the casino for an annual rent of $7.77m for 15 years.
GLP has also entered into an agreement to sell the operations of Hollywood Casino Baton Rouge, Louisiana, to Casino Queen Holding Company for $28.2m. it will retain ownership of the real estate at the casino and lease it to Casino Queen.
That deal will include the DraftKings at Casino Queen in East St Louis and the Hollywood Casino at Baton Rouge for a rent of $21.4m per annum over 15 years.
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Penn National is a regional gaming operator with 41 properties in 19 states, with a holding of 50,000 gaming machines and 1,300 tables. Casino Queen is also a regional operator, owned by Standard General that owns or is under contract to buy four casinos across three states.
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DANVILLE, Va., (WSET) -- Danville's Industrial Development Authority met Tuesday morning to discuss and vote on an agreement for Caesars to purchase the property where the casino would be built.
Your #1 source for the latest Gambling News online. Discover the latest stories and headlines - Casino News, Poker News, Sports News. The United States has more casinos than any other country on the planet. There are nearly 300 gambling properties in Las Vegas alone. World Casino News covers the changing casino landscape across the country by highlighting changes in gambling law & legislation, announcing casino proposals, providing project updates as they occur, and reporting on casinos that have been sold or slated for. US gaming revenue continued to improve in October, with it falling 2.88 per cent to US$3.947bn, according to Fantini’s National Revenue Report. That is an improvement on September’s 6.4 per cent decline and August’s 9.4 per cent decline as casinos reopened and because of the ever-growing strength of igaming, sports betting and slot routes.
The site is home to the former Dan River Mills Schoolfield complex on West Main Street.
Danville announced in May that Caesars Entertainment would be the city's preferred gaming operator.
The company has committed an initial $20 million upfront payment to the city, should voters here choose to move forward with a casino on the November ballot.
$5 million of that will go toward the purchase of the property, which the city currently owns.
'What this does its really the first step in getting all the parties that are connected to this project on board with the way this development will occur, should it be approved by the citizens of Danville,' said city manager Ken Larking.
As for the remaining 15-million dollars, Larking says they have not yet determined the best use of those funds.
Now that the Industrial Development Authority has approved this agreement, the City council will need to do the same.
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They are expected to vote during Tuesday night's council meeting.
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Thursday, September 3rd, Caesars executives are expected to be in town for a formal signing ceremony for this agreement.