Maryland completion for Gaming and Leisure Properties Incorporated
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Gaming and Leisure Properties Incorporated has completed the takeover of a Maryland casino operated by The Cordish Companies. The Pennsylvania-based company paid $1.14 billion for the land and real estate assets of the Live! Casino and Hotel Maryland. It also signed a triple net lease to keep the casino running for at least 39 years.
Gaming and Leisure Properties Incorporated was formed in November 2013 as a spin off from Penn National Gaming Inc. It owns 50 casinos spread across 17 states. The company bought the Live! Casino and Hotel Maryland and its Live!, Casino Pittsburgh and Live!. Casino Philadelphia ventures earlier this month.
Peter Carlino is the Chairman and Chief Executive Officer of Gaming and Leisure Properties Incorporated. His company has bought the Live! Casino and Hotel Maryland for $28.2 million. It is a world-renowned company. The deal was finalized twelve days after the company sold its interest in the Hollywood Casino Baton Rouge.
The Live! Casino and Hotel Maryland is coming to completion. It is situated 14 miles from downtown Baltimore and features a gaming floor offering roughly 4,000 slots, 150 gaming tables, a sportsbook and a poker room. The operator is also planning to take over the Live. Casino Pittsburgh and Live!. Casino Philadelphia enterprises in early-2022.
