Cordish Selling Casinos in Pennsylvania & Maryland, Will Lease Them Back
The Cordish Companies has agreed to sell three of its casino properties, all with Live! company branding, to Gaming and Leisure Properties Inc. (GLPI).
Cordish will lease back all three facilities – Live! Casino Pittsburgh, Live! Casino & Hotel Philadelphia and Live! Casino & Hotel Maryland – and continue to operate them, including gaming.
The total price was $1.81 billion, according to a news release from GLPI. The release said that the companies agreed on a triple-net master lease for the two Pennsylvania gaming facilities involved in the sale. The deal for Live! Casino & Hotel Maryland, in Hanover, is for a single asset lease.
“We are excited to establish a relationship with The Cordish Companies, one of the country’s preeminent developers of large-scale experiential real estate projects, casinos, hospitality and entertainment districts,” GLPI Chairman and CEO Peter Carlino said in the company statement. “…A crucial aspect of our transaction was Cordish’s continued commitment to operating with the same team, approach, and standard of excellence that has brought their casinos so much success.”
Pennsylvania Online Gaming Offered at Live! Philadelphia
The Live! facility in Philadelphia offers real money online casino gaming options such as table games and slots, as well as online sports betting.
In October, when Pennsylvania broke its single-month record for sports betting handle at more than $776 million, Live! Casino Philadelphia reported $6.67 million in sports wagering action, according to the Pennsylvania Gaming Control Board. Live! Pittsburgh, which does not offer online casino gaming or online sports betting, registered $1.4 million in retail sports bets for October.
Live! Casino & Hotel Philadelphia partners with Betway Casino to offer online gaming.
Live! a Top Maryland Casino
In Maryland, Live! Casino is either first or second every month in casino revenue and handle generated, along with MGM National Harbor. Live! in Maryland generated $58.2 million in retail gaming revenue in November, a 29.3% increase from one year earlier. The facility in Hanover, about 15 miles from downtown Baltimore, has more than 3,700 slot machines, the most among any of the state’s six commercial casinos. Live! also offers 187 table games, second only to MGM (201).
And Live! is also preparing to launch retail sports betting in Maryland this week. FanDuel Sportsbook is scheduled to open at the casino at 9:30 a.m. Friday, pending final approvals.
“Cordish is delighted to be partnering with GLPI on this range of transactions, which align two recognized leaders in their respective industries,” Cordish Companies Chairman David Cordish said in the release. “Live! is (an) iconic brand, and our commitment to our customers, team members and local communities as top priorities will continue unabated."
The release said that the companies expect the Maryland transaction to close this month and the Pennsylvania deals to be closed early in 2022, pending required approvals in Pennsylvania and Maryland. Cordish is based in Baltimore; GLPI is based in Wyomissing, Pennsylvania.