GLPI Expands its Holdings with Tioga Downs Casino Resort Acquisition
Tioga Downs Casino Resort, located in upstate New York, has become the latest addition to GLPI’s growing portfolio. The resort, which features a harness racetrack, boasts nearly 900 slot machines, 29 table games, a FanDuel retail sportsbook, a golf course, and a 160-room hotel. It began full-scale casino operations in 2016 following the approval of commercial gaming facilities in certain regions of New York.
GLPI, a real estate investment trust (REIT) specializing in gambling-related properties, is known for its partnerships with major tenants such as PENN Entertainment and Bally’s Corporation. CEO and Chairman Peter Carlino expressed satisfaction with the new deal, emphasizing the strategic value of Tioga Downs’ location, which offers “significant geographic protection from competition” within an 85-mile radius.
With this latest acquisition, GLPI now manages a total of 62 properties across 19 states and collaborates with nine different tenants. The company’s growth mirrors the success of VICI Properties, another prominent gambling-related REIT, whose key tenants include MGM Resorts International and Caesars Entertainment.
American Racing, the owner of Tioga Downs Casino Resort, is also responsible for the management of the Vernon Downs Casino Hotel, a property with over 500 video gaming machines and live harness racing. CEO and Founder Jeff Gural is optimistic about the future prospects of both resorts, especially in light of the upcoming issuance of three licenses for full-scale commercial casinos in downstate New York.
The acquisition of Tioga Downs Casino Resort by GLPI for $175 million reflects the company’s continuous expansion efforts in the gambling and entertainment sector. As the industry evolves, GLPI aims to solidify its position as a leading investor in high-quality gaming properties across the United States.
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