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Gaming And Leisure Properties Acquires Hard Rock Casino's Rockford Land For $100 Million

Property Image
SOLD
$100,000,000

Illinois

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Land
Sold 08/29/2023
the dealdetailscomps
Property Image
SOLD

Gaming And Leisure Properties Acquires Hard Rock Casino's Rockford Land For $100 Million

Land
Sold 08/29/2023
the dealdetailscomps

Summary

Asset Type:Land
Transaction Type:Sale

Gaming and Leisure Properties (GLPI) has acquired the Rockford land previously owned by 815 Entertainment, LLC, for a sale price of $100 million. The land, located just off Interstate 90, is intended for the development of the Hard Rock Casino. The transaction includes a 99-year ground lease agreement between GLPI and 815 Entertainment. The project is expected to feature a 60,000 sq. ft. gaming area and is scheduled to open in September 2024.

Summary of transaction details:

  • Property Type: Land
  • Transaction Amount: $100,000,000
  • Buyer: Gaming and Leisure Properties - Peter Carlino
  • Seller: 815 Entertainment, LLC
  • Market: Rockford
  • Address: Located just off Interstate 90

GLPI, led by Peter Carlino, finalized the acquisition of the Rockford land, signaling their entry into the casino development market. In addition to the purchase, GLPI has committed to providing up to $150 million in development funding for the project. This collaboration allows GLPI to expand its portfolio and support the growth of the gaming industry in Rockford.

Players

GI
Gaming and Leisure Properties, Inc
BUYER

Details

SOLD
IMAGE: Peter Carlino DATE: 08/29/2023 ADDRESS: Located just off Interstate 90 MARKET: Rockford ASSET TYPE: Land BUYER: Gaming and Leisure Properties - Peter Carlino SELLER: 815 Entertainment, LLC SALE PRICE: $100,000,000 NOTE: Gaming and Leisure Properties acquired Hard Rock Casino's Rockford land for $100 million and entered a 99-year ground lease with 815 Entertainment. Additionally, GLPI will offer up to $150 million in development funding for the project, which includes a 60,000 sq. ft. gaming space and is scheduled to open in September 2024.

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