Advertisement
PENN Entertainment To Pursue Four New Growth Projects In Illinois, Ohio And Nevada
(RTTNews) - PENN Entertainment, Inc. (PENN) announced Monday that it intends to relocate its riverboat casinos in Aurora and Joliet, Illinois to new land-based facilities and to build a new hotel at Hollywood Columbus in Ohio and a second hotel tower at the M Resort in Henderson, Nevada.
In connection with these projects, PENN has entered into an agreement with Gaming and Leisure Properties, Inc. (GLPI) to create a new master lease that would include the two new facilities in Aurora and Joliet, in addition to Hollywood Columbus (OH), Hollywood Toledo (OH), the M Resort (NV), the Meadows (PA) and Hollywood Perryville (MD).
Pursuant to this agreement, GLPI will provide up to $225 million at a 7.75% cap rate for the Aurora project. With respect to the Columbus, Joliet and M Resort projects, PENN may elect to receive up to $350 million of funding in the aggregate from GLPI for real property improvements at then-current market rates, which will incorporate a spread to GLPI's cost of capital.
Swiss Franc Recovers Against Majors
Euro Advances Against Most Majors
Canadian Market Slightly Lower In Cautious Trade
Swiss Market Ends Modestly Higher
European Stocks Close Higher
U.S. Consumer Sentiment Deteriorates Modestly Less Than Estimated In April
Russia Holds Key Interest Rate As Expected
