Gaming and Leisure Properties Inc. (GLPI) has agreed to acquire the land that will be home to the future Live! Casino and Hotel in Petersburg, Virginia.
Live! Virginia is expected to open in late 2027 and will feature an 80,000 sq. ft. casino with 1,440 slots and 84 table games, alongside a 200-room hotel, food and beverage outlets, 70,000 sq. ft. conference and event centre, and a 3,200-seat concert venue.
A temporary casino facility at the site is scheduled to open in late January 2026, subject to receipt of regulatory approvals.
GLPI will pay $27 million to acquire the real estate of Live! Virginia, which is a joint venture between affiliates of The Cordish Companies and Bruce Smith Enterprise.
In addition to acquiring the land, GLPI will provide $440 million to fund the hard costs associated with the development of the destination casino and hotel project.
During the construction phase, Cordish Companies will pay rent on the GLPI funding, as drawn. After the first anniversary of the opening of the permanent casino project, rent will escalate at a rate of 1.75 per cent per annum.
The transaction is customary closing conditions, including receipt of licenses and any approvals by the Virginia Lottery Commission.
“Our partnership with The Cordish Companies continues to expand, with this unique opportunity to further diversify our portfolio, both on a geographic basis and through an expansion with an existing tenant,” said Peter Carlino, chairman and CEO of GLPI.
“This accretive transaction plants a Gaming and Leisure Properties flag in Virginia, which will represent the 21st state for our portfolio, and allows us to partner again with a strong, proven tenant on this exciting development project in Petersburg, Virginia. Additionally, this announcement marks our third transaction in the last two months, as the pipeline continues to build, setting the stage for accelerating growth in the coming years.”
Cordish Companies chairman David Cordish commented: “As a multi-generational, family-owned and operated business, GLPI is an ideal partner for us to continue growing our Gaming Division. GLPI supports what we have done successfully for decades and will continue to do: develop, own, and operate best-in-class entertainment destinations under our Live! brand. We look forward to opening this best-in-class gaming facility.”
Shares in Gaming and Leisure Properties Inc. (NASDAQ:GLPI) closed 0.40 per cent higher at $44.99 per share in New York Monday.