Cordish Selling Off And Leasing Back Its Live! Casinos
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Cordish Companies is selling off and leasing back its Live! Casinos in Pennsylvania and Maryland. The deal with Gaming and Leisure Properties Inc. was announced late Monday. GLPI is an investment trust spun off from Penn National Gaming. It owns the real estate of numerous casinos across the U.S. that are run by gaming companies. Peter Carlino, chairman and CEO of GL PI, said the transaction is part of a strategy to diversify its portfolio.
Cordish is selling off and leasing back its Live! Casinos in Pennsylvania. The deal includes the Live!'s first casino, the large Live.'s Maryland property at Arundel Mills Mall in suburban Baltimore. It also includes real estate assets and a binding partnership on any future Cordish casino developments.
