Gaming and Leisure Properties announced the purchase of the real‑estate assets of Bally’s Lincoln in Lincoln, Rhode Island, for $700 million. The deal was completed on February 11, 2026 and is financed primarily through debt, with the company projecting an immediate accretion to its adjusted funds from operation (AFFO) per share.
The transaction includes an initial cash rent of $56 million, reflecting an 8.0% capitalization rate and a purchase multiple of 12.5×. Bally’s Lincoln will be added to GLPI’s Bally’s Master Lease II, extending the lease to 2039 and providing four five‑year renewal options. Rent escalations are CPI‑indexed with a 1.0% floor and a 2.0% ceiling, subject to a 0.5% CPI threshold. Pro‑forma rent coverage ratios are expected to exceed 2.2×, and four‑wall coverage is projected to be over 1.9×, underscoring the low risk of tenant default.
The acquisition strengthens GLPI’s portfolio in the Rhode Island market and deepens its relationship with Bally’s. By consolidating the property under the Bally’s Master Lease II, GLPI simplifies lease administration and secures a long‑term, predictable income stream from a high‑performing regional casino. The deal aligns with GLPI’s strategy of acquiring and owning gaming real‑estate that is leased to operators under triple‑net arrangements.
Peter Carlino, GLPI’s Chairman and CEO, said the transaction is “immediately accretive to AFFO per share and adds a premier asset to the company’s portfolio.” He added that Bally’s Lincoln is one of the top‑performing regional casino properties in the U.S., having generated over $490 million in gross gaming revenue in 2025 and is located approximately five miles north of Providence, making it a premier regional destination.
The $700 million sale‑leaseback reflects a broader trend in the gaming industry, where operators monetize real‑estate assets to fund expansion while REITs secure long‑term rental income. In 2022, Bally’s Corp. sold two Rhode Island casino resorts, including Bally’s Twin River Lincoln, to a GLPI affiliate for $1 billion in a similar transaction. The current deal focuses on the Lincoln property’s real‑estate assets, indicating a strategic refinement of the partnership and a continued confidence in the property’s performance.
The transaction is expected to keep GLPI’s net debt to adjusted EBITDA ratio within its target range of 5.0x to 5.5x, supporting the company’s ability to pursue additional acquisitions while maintaining a strong balance sheet.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.