Published on: February 22, 2026, 07:00h.
Updated on: February 21, 2026, 07:54h.
- The REIT shows interest in financing the Bronx casino project
- It acknowledges that Bally’s has other financing alternatives
- Gaming & Leisure serves as Bally’s main landlord
Gaming and Leisure Properties (NASDAQ: GLPI) is keen on offering financing for Bally’s ambitious $4 billion casino initiative in the Bronx, NY. However, the landlord emphasizes that it will not overextend itself in this process, recognizing that the gaming operator has multiple financing avenues available.
On February 20, executives from the real estate investment trust (REIT) made these statements during a conference discussing the company’s Q4 earnings. Gaming and Leisure serves as Bally’s principal landlord and has already allocated crucial funds for Bally’s initiatives, including its Chicago casino hotel.
“The capital raising dynamics unique to the New York project will create a competitive landscape for funding, and we won’t engage in any dilutive activities,” remarked GLPI’s COO and President Brandon Moore during the call. “Essentially, we won’t be involved in a cap rate that doesn’t benefit GLPI, and that isn’t something we’re interested in.”
Bally’s secured one of three gaming licenses for the New York City area last December.
GLPI Unlikely to Provide Major Financing for Bronx Casino
GLPI’s Chief Development Officer Stephen Ladany mentioned that the REIT is “in continual conversation with” Bally’s and is “keeping an eye on the process.” However, he expressed uncertainty about whether Bally’s will seek financing from GLPI.
“To be blunt, I want to clarify that it is highly unlikely we would provide the majority of funding for a $4 billion project in that area,” he stated during the call. “We will keep evaluating the project’s progress and aim to be as strategic as possible regarding any potential involvement.”
The appeal of the Bronx site as one of the first traditional casinos in the five boroughs may attract other financial institutions and real estate companies eager to support Bally’s. However, it’s important to note that the company has low credit ratings, suggesting the cost of capital for the New York project will be substantial. Bally’s has yet to reveal which financing options it is considering.
The Rhode Island-based gaming firm is also responsible for a $115 million payment to the Trump Organization, part of the agreement enabling Bally’s to secure lease rights for Trump Golf Links at Ferry Point, where the new casino will be constructed.
GLPI Seeks Ownership Interest in Bronx Casino Land
It’s common for REITs, particularly in the gaming sector, to extend financing to partners or tenants, but such capital provision typically links to properties already owned by the landlord or serves as a pathway for the REIT to acquire some or all of the real estate. Ladany indicated that GLPI aims to pursue this strategy.
“Any discussions with involved parties will likely revolve around the same understanding: we need a path to own real estate or a stake in it,” he clarified during the call.
This could pose a challenge for the Bronx casino land, as Bally’s does not own the property; it belongs to the city of New York.