PROVIDENCE – Bally’s Corp. sold two casino properties in Illinois and Colorado to Gaming & Leisure Properties Inc. in a $150 million lease-back announced Monday.
Gaming & Leisure Properties Inc. takes over ownership of both the land and buildings of Bally’s Quad Cities in Rock Island, Ill., and Bally’s Black Hawk in Black Hawk, Col., casino properties. Bally’s will now lease both sites to continue operating the casinos through Bally’s Master Lease and Gaming & Leisure Properties Inc. at an initial annual fixed rent of $12 million, subject to increases over time.
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Bally’s renamed Jumer’s Casino & Hotel to Bally’s Quad Cities after purchasing the property for $120 million on June 15, 2021. The casino features 40,000 square feet of gaming floor, a 205-room hotel, an events center, bar, nightclub and four restaurants.
Bally’s rebranded Golden Gates Casino, Golden Gulch Casino and Mardi Gras Casino in July 2021 to create Bally’s Black Hawk. Those three Colorado casino’s were acquired after Twin River Holdings paid Caesar’s $20 million for the Bally’s name in Oct. 2020.
Gaming and Leisure Properties Inc. is a real estate investment trust based in Wyomissing, Pa., which specializes in casino properties. It was formed in November 2013 as a corporate spinoff from Penn National Gaming.
