The lease will have initial annual fixed rent of $12 million, subject to increase over time. Bally's and GLPI will also will enter into a sale-and-leaseback transaction relating to Bally's Black Hawk, CO and Rock Island, IL casino properties for a cash purchase price of $150 million payable by GLPI.
In addition, Bally's has agreed to lease the land underlying the Tropicana property from GLPI for an initial term of 50 years at annual rent of $10.5 million, subject to increase over time. The purchase price for the Tropicana property's non-land assets is $150 million.
