GLPI Announces Deal with Cordish for Real Estate of Live! Properties in Pa.

GLPI Announces Deal with Cordish for Real Estate of Live! Properties in Pa.

By Lou Monaco

Fact Checked by Jim Tomlin

In Pennsylvania gambling news, Gaming and Leisure Properties, Inc. (GLPI) announced Wednesday that it has completed the acquisition of the land and real estate assets of Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh from the Cordish Companies.

The closing number was approximately $674 million.

GLPI – which is based in Wyomissing, Pa. (Berks County, west of Reading) – also entered into a master lease with Cordish, in which Cordish will continue to own, control and manage both properties.

“We are delighted to add the Live! Pennsylvania properties to our portfolio and expand our presence in the attractive Pennsylvania market with truly world-class properties,” said Peter Carlino, chairman and CEO of gaming and leisure properties for GLPI, in a news release. “The Cordish Companies is world renowned for creating large-scale experiential real estate projects, casinos, hospitality and entertainment districts and we believe their Live! brand exemplifies their track record of development and operating success.

"...We are excited to welcome the Live! Pennsylvania properties to the GLPI family and we look forward to working with their team to support the long-term success of the properties.”

Pennsylvania is one of just six states in the U.S. to offer real money online gaming, along with Connecticut, New Jersey, West Virginia, Delaware and Michigan.


More About Live! Philadelphia

Live! Philadelphia is located in the heart of the Philadelphia stadium district, which includes Lincoln Financial Field (Eagles), Wells Fargo Center (Sixers, Flyers) and Citizens Bank Park (Phillies) as well as a sports bar. Live! Philadelphia includes more than 510,000 square feet of gaming, hotel, dining and entertainment space. The location has more than 2,100 slot machines and 116 live action table games. There also are 15 electronic table games, a poker room (with 29 tables) and FanDuel Sportsbook.

The dining and nightlife spots include Sports and Social Philly, Luk Fu and Prime Rib.

  

The property also has a 208 room hotel, multi-level parking facility as well as a six-room event center. That 15,00-square foot meeting room space can accommodate up to 1,000 guests. 

Live! Philadelphia reported overall gaming revenue of $16.7 million in January, which was a whopping 291.38% higher than January of 2021. Its sports betting handle was $6.33 million for the month.


More About Live! Pittsburgh

Live! Pittsburgh, located approximately 30 miles from Pittsburgh off Route 30 at the Westmoreland Mall, celebrated its one-year anniversary in November.

Live! Pittsburgh is a 100,000-square foot facility with 750 slot machines and about 30 live-action table games. It also has a FanDuel Sportsbook. 

Live! Pittsburgh had a January total revenue number of $8.24 million, which was up 34.22% from January of the year before. It also had a sports betting handle of a little more than $1 million in January.

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WRITTEN BY
PennStakes.com
Lou Monaco
Lou Monaco had been East Coast Scene columnist for Gaming Today in Las Vegas since June 2019, covering the East Coast sportsbook scene with emphasis on NJ and PA. He also currently is a part-time writer for the high school sports department for NJ Advanced Media (NJ.com) in Iselin, NJ. Lou has over 30 years sports experience with previous stints at ESPN SportsTicker, Daily Racing Form and Oddschecker.
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Lou Monaco had been East Coast Scene columnist for Gaming Today in Las Vegas since June 2019, covering the East Coast sportsbook scene with emphasis on NJ and PA. He also currently is a part-time writer for the high school sports department for NJ Advanced Media (NJ.com) in Iselin, NJ. Lou has over 30 years sports experience with previous stints at ESPN SportsTicker, Daily Racing Form and Oddschecker.
... Read More