Gaming and Leisure Properties Inc. announced on Monday its plans to acquire the real estate of the under-construction Live! Casino & Hotel Virginia located in Petersburg. This acquisition, combined with financing for the project’s development, totals an estimated $467 million.

As per the agreement, the Pennsylvania-based real estate investment trust (REIT) will buy the property for $27 million and offer $440 million in “hard cost funding”, reflecting a capitalization rate of 8%.

This development, which has an overall estimated cost of $600 million, is being managed by The Cordish Companies in tandem with Bruce Smith Enterprise. According to GLPI, this investment is projected to enhance its operational results.

Located just off Interstate 95, about 25 miles south of Richmond, the Live! Casino & Hotel Virginia will occupy a 98-acre site and serve as a centerpiece for a larger $1.4 billion master development plan that includes additional hotels, retail, dining, entertainment, and residential options.

GLPI stated that the casino resort will consist of an 80,000-square-foot gaming area, with 70,000 square feet designated for conventions and meetings, along with 200 hotel rooms and 10 dining establishments. The facility’s official opening is planned for 2027.

This venture further solidifies the collaborative relationship between GLPI and The Cordish Companies, marking GLPI’s ownership of real estate for the fourth casino managed by Cordish. Their partnership also includes properties located in Baltimore, Philadelphia, and Pittsburgh, and Cordish operates a gaming venue in Bossier City, Louisiana.

GLPI intends to finance the $27 million acquisition in the first quarter of 2026, while the $440 million construction financing is expected to be accessed between the second quarter of 2026 and the first quarter of 2028.

“During the construction phase, Cordish will remit rent on the GLPI funding as it is drawn. Following the inaugural anniversary of the permanent casino’s opening, rent will increase by 1.75% each year,” the company shared in an announcement.

This agreement comes on the heels of several recent actions taken by the REIT. Earlier this month, GLPI revealed a $183.75 million acquisition of the Sunland Park Racetrack & Casino located in southern New Mexico. In September, the company finalized a $735 million sale-leaseback arrangement with Bally’s Corporation regarding the Twin River Lincoln Casino Resort in Rhode Island, although this deal is currently under review by Bally’s creditors.