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Gaming and Leisure Properties, Inc.
Public
Traded asNASDAQ: GLPI
Russell 1000 Component
FoundedNovember 1, 2013; 6 years ago
Headquarters
Wyomissing, Pennsylvania
,
Revenue$1.1 billion[1] (2018)
$340 million[1] (2018)
Total assets$8.6 billion[1] (2018)
644[2] (2018)
Websiteglpropinc.com

Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 44 casino properties, and operates two of them.

  • 2Properties
    • 2.4Leased to Penn National Gaming

Shareholders of Casino Queen, Inc., who own and operate the Casino Hotel & Casino located in East St. Louis, Ill., today announced its agreement to sell their interest in the company to a newly. Casino Queen Hotel is one of 42 properties owned by Gaming and Leisure Properties, Inc. The following ownership information is a subset of that available in the Gaming Business Directory published.

History[edit]

The company was created as a corporate spin-off from Penn National Gaming, effective November 1, 2013.[3] The corporate breakup was designed to increase investor returns by taking advantage of the lack of federal income taxes on REITs.[4]

In November 2013, GLPI agreed to finance a proposed billion-dollar casino in Milford, Massachusetts,[5] but the project was killed days later when town voters rejected the casino.[6]

In January 2014, the company acquired the real estate assets of the Casino Queen in East St. Louis, Illinois for $140 million, and leased them back to the casino's operating company for $14 million a year. GLPI also loaned $43 million to the casino.[7]

The company's Argosy Casino in Sioux City, Iowa was forced to close in July 2014, and GLPI then sold the casino's real estate.[8]

In May 2014, GLPI agreed to buy The Meadows Racetrack and Casino in western Pennsylvania from Cannery Casino Resorts for $465 million. The company said it would sell the facility's license to a third-party operator, while retaining ownership of the land and buildings.[9] The deal ran into trouble, with GLPI filing a lawsuit accusing Cannery of fraud in October 2014; the lawsuit was eventually settled with an agreement on a reduced purchase price of $440 million.[10]

After casino operator Pinnacle Entertainment announced its own plan in November 2014 to spin-off a REIT with the real estate assets of its 15 casinos,[11] GLPI approached Pinnacle with an offer to buy those assets, which it said would be simpler and faster than Pinnacle's plan.[12] Pinnacle did not respond to the offer, so GLPI went public with its offer in March 2015.[12] In July, the companies reached a deal for GLPI to buy 14 of Pinnacle's 15 properties for $4.75 billion in stock, and lease them back to Pinnacle, with rent starting at $377 million per year.[13] The acquisition was completed in April 2016.[14] GLPI also completed its purchase of The Meadows in September 2016 and sold the racetrack operation to Pinnacle for $138 million.[15][16]

In May 2015, GLPI agreed to finance the real estate portion of a proposed $650-million casino in New Bedford, Massachusetts,[17] but the plan was canceled months later after developers failed to secure the rest of the needed funding.[18]

In May 2017, GLPI purchased the real estate assets of Bally's Casino Tunica and Resorts Casino Tunica for a total of $83 million, while Penn National simultaneously acquired their operating assets.[19][20]

In October 2018, the company acquired the real estate of five casinos from Tropicana Entertainment for $964 million. The purchase was part of a three-way deal in which Eldorado Resorts simultaneously acquired Tropicana's operating business and leased the casinos from GLPI for a total of $88 million per year.[21]

Weeks later, GLPI completed a four-way deal that saw its two largest tenants combine into one, as Penn National acquired Pinnacle. GLPI also gained a new tenant in Boyd Gaming, which purchased the operations of three of Pinnacle's leased properties. In connection with the merger, GLPI acquired the real estate of Plainridge Park Casino from Penn National for $250 million, and lent $58 million to Boyd to acquire the real estate of Belterra Park.[22][23]

Properties[edit]

Hollywood Casino Baton Rouge, one of the two casinos owned and operated by Gaming and Leisure Properties

Gaming and Leisure Properties owns the following properties:[24]

Owned and operated[edit]

  • Hollywood Casino Baton Rouge — Baton Rouge, Louisiana
  • Hollywood Casino Perryville — Perryville, Maryland

Leased to Boyd Gaming[edit]

  • Ameristar Casino Hotel Kansas City — Kansas City, Missouri
  • Ameristar Casino Resort Spa St. Charles — St. Charles, Missouri
  • Belterra Casino Resort & Spa — Florence, Indiana

Leased to Eldorado Resorts[edit]

  • Belle of Baton Rouge — Baton Rouge, Louisiana
  • Tropicana Atlantic City — Atlantic City, New Jersey
  • Tropicana Evansville — Evansville, Indiana
  • Tropicana Laughlin — Laughlin, Nevada
  • Trop Casino Greenville — Greenville, Mississippi

Leased to Penn National Gaming[edit]

Casinos[edit]

  • Ameristar Casino Council Bluffs — Council Bluffs, Iowa
  • Ameristar Casino Hotel East Chicago — East Chicago, Indiana
  • Ameristar Casino Vicksburg — Vicksburg, Mississippi
  • Ameristar Casino Resort Spa Black Hawk — Black Hawk, Colorado
  • Argosy Casino Alton — Alton, Illinois
  • Argosy Casino Riverside — Riverside, Missouri
  • Boomtown Biloxi — Biloxi, Mississippi
  • Boomtown Bossier City — Bossier City, Louisiana
  • Boomtown New Orleans — Harvey, Louisiana
  • Cactus Petes Resort Casino — Jackpot, Nevada
  • 1st Jackpot Casino Tunica — Tunica Resorts, Mississippi
  • Hollywood Casino Aurora — Aurora, Illinois
  • Hollywood Casino Columbus — Columbus, Ohio
  • Hollywood Casino Gulf Coast — Bay St. Louis, Mississippi
  • Hollywood Casino Joliet — Joliet, Illinois
  • Hollywood Casino Lawrenceburg — Lawrenceburg, Indiana
  • Hollywood Casino St. Louis — Maryland Heights, Missouri
  • Hollywood Casino Toledo — Toledo, Ohio
  • Hollywood Casino Tunica — Tunica Resorts, Mississippi
  • Horseshu Hotel and Casino — Jackpot, Nevada
  • L'Auberge Casino & Hotel Baton Rouge — Baton Rouge, Louisiana
  • L'Auberge Casino Resort Lake Charles — Lake Charles, Louisiana
  • M Resort — Henderson, Nevada
  • Resorts Casino Tunica — Tunica Resorts, Mississippi (closed)
  • River City Casino — St. Louis, Missouri

Racinos[edit]

  • Hollywood Casino at Charles Town Races — Charles Town, West Virginia
  • Hollywood Casino at Penn National Race Course — Grantville, Pennsylvania
  • Hollywood Casino Hotel & Raceway Bangor — Bangor, Maine
  • Hollywood Gaming at Dayton Raceway — Dayton, Ohio
  • Hollywood Gaming at Mahoning Valley Race Course — Austintown, Ohio
  • The Meadows Racetrack and Casino — North Strabane Township, Pennsylvania
  • Plainridge Park Casino — Plainville, Massachusetts
  • Zia Park Casino Hotel & Racetrack — Hobbs, New Mexico

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Leased to other companies[edit]

  • Casino Queen — East St. Louis, Illinois

Former properties[edit]

  • Argosy Casino Sioux City — Sioux City, Iowa

Who Owns Casino Queen East St. Louis

References[edit]

  1. ^ abcForm 10-K: Annual Report (Report). Gaming and Leisure Properties. February 13, 2019. p. 38 – via EDGAR.
  2. ^Form 10-K: Annual Report (Report). Gaming and Leisure Properties. February 13, 2019. p. 22 – via EDGAR.
  3. ^Jamison Cocklin (November 2, 2013). 'Penn National forms spin-off company for tax breaks on real estate'. Youngstown Vindicator. Retrieved 2013-11-07.
  4. ^Dimitra Defotis (November 16, 2012). 'Penn National Gaming hits jackpot'. Barron's. Retrieved 2013-11-07.(subscription required)
  5. ^Bob Salsberg (November 16, 2013). 'Foxwoods Group Has Mass. Casino Finance Deal'. CBS Boston. AP. Retrieved 2014-05-18.
  6. ^Mark Arsenault; Ellen Ishkanian (November 19, 2013). 'Milford voters reject Foxwoods-backed casino plan'. Boston Globe. Retrieved 2014-05-18.
  7. ^'Gaming and Leisure Properties, Inc. closes acquisition of the real estate assets related to the Casino Queen in East St. Louis for $140 million' (Press release). Gaming and Leisure Properties. January 23, 2014. Retrieved 2014-05-18.
  8. ^Form 10-K: Annual Report (Report). Gaming and Leisure Properties. February 27, 2015. p. 37 – via EDGAR.
  9. ^Paul J. Gough (May 14, 2014). 'New Meadows owner has short history, familiar name, big growth plans'. Pittsburgh Business Times. Retrieved 2014-05-18.
  10. ^Howard Stutz (December 16, 2015). 'Legal matters resolved, GLPI acquires Cannery's Pittsburgh racetrack'. Las Vegas Review-Journal. Retrieved 2016-07-22.
  11. ^Howard Stutz (November 6, 2014). 'Pinnacle Entertainment plans to split off casinos into a REIT'. Las Vegas Review-Journal. Retrieved 2015-03-09.
  12. ^ abHoward Stutz (March 9, 2015). 'GLPI offers $4.1 billion for Pinnacle Entertainment's real estate'. Las Vegas Review-Journal. Retrieved 2015-03-09.
  13. ^Howard Stutz (July 21, 2015). 'Pinnacle, GLPI agree on $4.75B merger'. Las Vegas Review-Journal. Retrieved 2016-07-22.
  14. ^'Gaming and Leisure Properties, Inc. completes the previously announced acquisition of the real estate assets of Pinnacle Entertainment, Inc' (Press release). Pinnacle Entertainment. April 28, 2016. Archived from the original on August 22, 2016. Retrieved 2016-07-22.
  15. ^Paul J. Gough (March 30, 2016). 'Meadows license, gaming assets sold for $138M'. Pittsburgh Business Times. Retrieved 2016-07-22.
  16. ^Paul J. Gough (September 12, 2016). 'Meadows Casino now under new ownership'. Pittsburgh Business Times. Retrieved 2016-09-12.
  17. ^Mike Lawrence (May 4, 2015). 'New Bedford casino developer names big new partners, meets state financial deadline'. The Standard-Times. New Bedford, MA. Retrieved 2015-05-14.
  18. ^'Officials mull future after New Bedford casino plan scrapped'. Boston Herald. AP. July 24, 2015. Retrieved 2015-07-24.
  19. ^Form 10-Q: Quarterly Report (Report). Gaming & Leisure Properties. May 3, 2017. p. 8 – via EDGAR.
  20. ^Form 10-Q: Quarterly Report (Report). Penn National Gaming. May 3, 2017. p. 23 – via EDGAR.
  21. ^'Gaming and Leisure Properties, Inc. completes previously announced acquisition of the real estate assets of Tropicana Entertainment' (Press release). Gaming and Leisure Properties. October 1, 2018. Retrieved 2018-10-11 – via GlobeNewswire.
  22. ^'Gaming and Leisure Properties, Inc. announces completion of acquisitions and lease modifications to accommodate the acquisition of Pinnacle Entertainment, Inc. by Penn National Gaming, Inc' (Press release). Gaming and Leisure Properties. October 15, 2018. Retrieved 2018-10-16.
  23. ^Todd Prince (October 15, 2018). 'Penn National Gaming completes $2.8B acquisition of Pinnacle'. Las Vegas Review-Journal. Retrieved 2018-10-16.
  24. ^'Our Portfolio'. Gaming and Leisure Properties, Inc. Retrieved 2014-05-18.

External links[edit]


Retrieved from 'https://en.wikipedia.org/w/index.php?title=Gaming_and_Leisure_Properties&oldid=935793522'
Casino Queen
Location East St. Louis, Illinois
Address 2000 S Front St
Opening date1993
Total gaming space38,000 sq ft (3,500 m2)
Casino typeRiverboat
OwnerGaming & Leisure Properties
Coordinates38°37′33″N90°10′34″W / 38.62583°N 90.17611°W
WebsiteCasinoQueen.com

Casino Queen is a riverboat casino located near the Mississippi River in East St. Louis, Illinois, just across the river from downtown St. Louis. It is owned by Gaming and Leisure Properties, a spin-off from Penn National Gaming.

History[edit]

Casino Queen opened in 1993. It was viewed positively by most city officials and residents, as the struggling city desperately needed both a revenue source and employment opportunities for its residents.[1]. Casino Queen originally operated on a boat called the White Star One. Changed regulations led to the casino to be moved inland, but still built above a shallow pit of water, in 2007. The move also allowed the casino to add 10,000 additional square feet of gaming space. In 2014, the White Star One was auctioned off and sold for $600,000.[2] Casino Queen has generated over $160 million for the city of East St. Louis between 1993 and 2009.[3]

Property information[edit]

City of east st louis

The casino includes both 1,100 slots and 34 table games in its 38,000 square feet of gaming space.[4] Per Illinois law and unlike neighboring Missouri casinos, it is not open 24 hours a day.[5]

Dining options include: the Market Street Buffet, Prime Steakhouse, Sevens, and Deli & Chips.

City Of East St Louis

Both a hotel and an RV Park are located on the Casino Queen property.

East St Louis Casino Queen

References[edit]

  1. ^Brett Pulley (21 July 1998). 'Casino Changes the Fortune Of a Hard-Luck Illinois City'. The New York Times. Retrieved 17 November 2019.
  2. ^Robert Patrick (4 April 2014). 'Old Casino Queen yields $600,000 at auction'. St Louis Post Dispatch. Retrieved 17 November 2019.
  3. ^'Gambling on the future of East St Louis'. Lindenwood University. Retrieved 17 November 2019.
  4. ^'Casino Queen'. Clayco. Retrieved 17 November 2019.
  5. ^'IL Says Casino Queen Can't Stay Open 24 Hours'. St Louis Public Radio. Retrieved 17 November 2019.

See also[edit]

St Louis Casinos Locations

External links[edit]

Casino Queen St Louis Reviews

Retrieved from 'https://en.wikipedia.org/w/index.php?title=Casino_Queen&oldid=926555041'