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Gaming and Leisure Properties to Acquire Land and Fund Hard Costs of Live! Casino & Hotel Virginia

GLPI
  • Gaming and Leisure Properties, Inc. (GLPI) agreed to acquire the real estate in Petersburg, Virginia, for the future Live! Casino and Hotel Virginia project, a joint venture of The Cordish Companies and Bruce Smith Enterprise.
  • GLPI committed to funding $440 million in hard development costs & will purchase the land for $27 million, with both transactions carrying an 8.0% cap rate.
  • The $27 million land purchase is scheduled to close in Q1 2026, while the $440 million financing is expected to be drawn from H2 2026 through Q1 2028.
  • During construction, Cordish will pay rent on the funded amounts, with rent escalating by 1.75% annually after the first anniversary of the permanent casino opening.
  • The permanent facility is expected to open in late 2027, featuring an 80,000 sq. ft. casino, 200 hotel rooms, a 70,000 sq. ft. conference center, & a 3,200-seat concert venue.
  • A temporary casino facility is scheduled to open in late January 2026, subject to regulatory approvals.
  • This transaction expands GLPI's relationship with Cordish, marking the fourth Cordish property owned by GLPI & adding Virginia as the 21st state in GLPI's portfolio.
  • The $600 million project sits on a 98-acre site & serves as the centerpiece of a broader $1.4 billion planned development including retail, dining, & residential features.
  • Greenhill, a Mizuho Affiliate, acted as the financial advisor for GLPI in this transaction.