Gaming and Leisure Properties, Inc. and Pinnacle Entertainment, Inc. have successfully completed the previously announced transactions in which GLPI acquired substantially all of Pinnacle’s real estate assets.
The acquisition was effected through a series of transactions, including the spin-off of Pinnacle’s operating business, real property of Belterra Park Gaming and Entertainment Center and certain undeveloped land from the former Pinnacle Entertainment into a new, stand-alone publicly traded company. The Pinnacle real estate was merged into a wholly owned subsidiary of GLPI and the Pinnacle operating company was renamed Pinnacle Entertainment, Inc.
GLPI is primarily engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties.
GLPI elected to be taxed as a real estate investment trust for United States federal income tax purposes commencing with the 2014 taxable year and is the first publicly traded triple-net lease REIT focused on gaming.
Pinnacle Entertainment, Inc. owns and operates 15 gaming entertainment businesses, located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada and Ohio. Pinnacle holds a majority interest in the racing license owner, as well as a management contract, for Retama Park Racetrack outside of San Antonio, Texas.
Phil Hevener has been writing about the Nevada gaming business for more than 30 years. Email: .