Gaming and Leisure Properties (GLPI) has acquired the real estate assets of Bally’s Twin River Lincoln Casino Resort in Rhode Island for $700.0 million. 

The transaction is primarily funded through debt and is expected to be immediately accretive to GLPI’s adjusted funds from operation (AFFO) per share. 

Located in Lincoln, Bally’s Lincoln sits on an approximate 190-acre site and features a 165,000 sq. ft. casino with around 3,900 slots and 118 table games, 136 rooms and suites, a 29,000 sq. ft. convention center, a sportsbook, and multiple Food & Beverage and entertainment venues. 

In 2021, the property embarked on a $100 million expansion and improvement program, which added a 40,000 sq. ft. gaming area, a poker room, a cigar bar, and a 14,000 sq. ft. spa.

“The acquisition of Bally’s Lincoln is immediately accretive to AFFO per share and adds a premier asset, in the healthy Rhode Island gaming market, to the GLPI portfolio,” said GLPI chairman and CEO Peter Carlino. “Bally’s Lincoln further expands our relationship with Bally’s, adding a fifth asset to our Bally’s Master Lease II. 

“Bally’s Lincoln is one of the top performing regional casino properties in the US, having generated over $490.0 million in gross gaming revenue in 2025. With its accessibility to Route 146 and located approximately five miles north of Providence, it’s a premier regional destination.”

The deal adds further scope to Bally’s Master Lease II agreement, increasing the number of properties to five, and the pro forma rent coverage ratio is expected to be over 2.2x.

The initial cash rent of $56 million represents an 8.0 per cent capitalization rate and equates to a purchase multiple of 12.5x.

The initial lease term is consistent with Bally’s Master Lease II, which extends to 2039, and includes four 5-year renewal options. 

Upon closing, GLPI’s net debt to adjusted EBITDA ratio is expected to remain below the low end of the target range of 5.0x to 5.5x.

Shares in Gaming and Leisure Properties Inc (NASDAQ: GLPI) closed marginally higher by 0.43 per cent at $46.40 per share in New York Friday, while shares in Bally’s Corporation (NYSE:BALY) closed 2.05 per cent higher at $13.91.