1st Public Casino REIT Makes $140M Property Buy

Law360, New York (December 9, 2013, 3:04 PM EST) -- Gaming and Leisure Properties Inc. has made its first investment as a stand-alone real estate investment trust, agreeing to buy Casino Queen's gambling, entertainment and hotel complex in East St. Louis, Ill., for $140 million, the Pennsylvania gaming company said Monday.

Under the deal, GLPI will pay $140 million to Casino Queen up front and also furnish the seller with a $43 million term loan, to help the latter pay down its other debts. GLPI also agreed to lease the property back to Casino Queen for $14...
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