Gaming and Leisure Properties, Inc. (GLPI) has acquired the land associated with the Hard Rock Casino development project in Rockford, Illinois from an affiliate of 815 Entertainment LLC for $100 million. Along with this acquisition, GLPI entered into a 99-year ground lease at an initial annual rent of $8 million subject to a fixed 2% annual escalation beginning after the first year. Additionally, GLPI committed to providing up to $150 million of development funding via a senior secured delayed draw term loan at 10% interest rate.
The Hard Rock Casino in Rockford will consist of 177,000 square feet including 60,000-square-foot gaming floor featuring 1,250 slot machines and 50 table games. The temporary facility is already open while completion for final property is scheduled by September 2024.
This acquisition marks another milestone achieved by Gaming and Leisure Properties as they continue their mission towards creating high quality leisure experiences across North America through strategic investments such as this one in Rockford’s HardRock Casino Development Project
