Published on: October 27, 2025, 06:01h.
Updated on: October 27, 2025, 06:01h.
- GLPI is acquiring the land for $27 million while financing $440 million
- The casino will be situated in Petersburg, Virginia and managed by Cordish and Bruce Smith Enterprise
Gaming and Leisure Properties (NASDAQ: GLPI) announced its acquisition of the land for the Live! Casino & Hotel Virginia located in Petersburg, along with financing for the entire project, amounting to a substantial total of $467 million.
The real estate investment trust (REIT) is investing $27 million for the property and providing a substantial $440 million in construction financing, operating at a cap rate of 8%. The $600 million gaming facility, currently under development, will be run by Baltimore’s Cordish Companies and Bruce Smith Enterprise. Gaming and Leisure anticipates this investment will enhance its operating performance.
Live! Virginia is conveniently located just off I-95, approximately 25 miles south of Richmond, VA. This $600 million investment is part of a larger 98-acre property development, projected to encompass additional hotels, retail, dining, entertainment, and residential spaces, as outlined in a statement from the REIT.
The casino hotel is expected to open its doors in 2027 and will feature an expansive 80,000-square-foot gaming area, 70,000 square feet designated for conventions, 200 hotel accommodations, and 10 dining options.
Strengthening the Partnership between Cordish and GLPI
The arrangement for Live! Casino & Hotel Virginia signifies a deepening collaboration between Pennsylvania-based GLPI and Cordish.
This Virginia location is the fourth casino operated by Cordish with real estate managed by GLPI, joining others situated in Baltimore, Philadelphia, and Pittsburgh. In addition, Cordish oversees a gaming venue in Bossier City, Louisiana.
GLPI plans to provide funding for the $27 million purchase of the Virginia casino’s real estate in the first quarter of 2026, with the $440 million in construction financing drawn in subsequent quarters until early 2028.
“During the construction phase, Cordish will remit rent on the GLPI financing as utilized. Once one year has passed since the permanent casino opening, rent will increase at a rate of 1.75% annually,” the landlord disclosed in a press statement.
GLPI’s Recent Activity
Within the gaming sector, discussions are rising regarding potential asset trading gains in the upcoming months, and Gaming and Leisure Properties demonstrates substantial credibility in these speculations.
This announcement regarding the financing and purchase of the Live! venue in Virginia marks GLPI’s second transaction this month. On October 1, the property owner revealed a $183.75 million agreement for the Sunland Park Racetrack & Casino located in southern New Mexico.
In a significant September move, GLPI completed a $735 million sale-leaseback arrangement with Bally’s concerning the Twin River Lincoln Casino Resort in Lincoln, Rhode Island, although that deal is presently under scrutiny by several of the seller’s creditors. Regardless, GLPI remains active, adhering to its strategy of securing casino real estate in smaller, less volatile markets.