Gaming and Leisure Properties to Acquire Land and Fund Hard Costs of Live! Casino & Hotel Virginia
Gaming and Leisure Properties Inc. announced that it agreed to acquire the real estate in Petersburg, Virginia, the future site for Live! Casino and Hotel Virginia (Live! Virginia), a joint venture of affiliates of The Cordish Companies and Bruce Smith Enterprise (Live! Virginia Group). In addition, GLPI committed to fund the hard costs associated with the development of the destination casino and hotel project. The cap rate on both the $27 million land purchase and the $440 million hard cost funding is 8.0% and will be accretive to GLPI’s operating results. Closing of the transaction is subject to usual and customary closing conditions, including receipt of licenses and any approvals by the Virginia Lottery Commission.
The transaction represents an expansion of GLPI’s relationship with The Cordish Companies (Cordish), as the development will mark the fourth Cordish property for which GLPI will own the real estate assets. GLPI intends to fund the $27 million land purchase in the first quarter of 2026, with the remaining $440 million of committed financing anticipated to be drawn beginning in the second half of 2026 and continuing through the first quarter of 2028, post the Live! Virginia Group’s equity funding. During the construction phase, Cordish will pay rent on the GLPI funding, as drawn. After the first anniversary of the opening of the permanent casino project, rent will escalate at a rate of 1.75% per annum.
Live! Virginia is located just off I-95, less than 25 miles south of Richmond, VA. The approximately $600 million project will sit within a large 98-acre site and serve as the centerpiece of a broader $1.4 billion planned development, expected to include additional hotels, retail, dining, entertainment, and residential features.
The permanent facility is expected to open in late 2027 and will feature an 80,000 sq. ft. casino with 1440 slots and 84 tables, over 10 food and beverage outlets, 200 hotel rooms, a 70,000 sq. ft. conference and event center, a 3200-seat concert venue, and an array of other amenities. A temporary casino facility at the site is scheduled for a late January 2026 opening, subject to receipt of regulatory approvals.
Peter Carlino, GLPI’s Chairman and CEO, commented: “Our partnership with The Cordish Companies continues to expand, with this unique opportunity to further diversify our portfolio, both on a geographic basis and through an expansion with an existing tenant. This accretive transaction plants a Gaming and Leisure Properties flag in Virginia, which will represent the 21st state for our portfolio, and allows us to partner again with a strong, proven tenant on this exciting development project in Petersburg, Virginia. Additionally, this announcement marks our third transaction in the last two months, as the pipeline continues to build, setting the stage for accelerating growth in the coming years.”
David Cordish, Cordish’s Chairman, added: “As a multi-generational, family-owned and operated business, GLPI is an ideal partner for us to continue growing our Gaming Division. GLPI supports what we have done successfully for decades and will continue to do: develop, own, and operate best-in-class entertainment destinations under our Live! brand. We look forward to opening this best-in-class gaming facility.”
Greenhill, a Mizuho Affiliate, acted as financial advisor to Gaming and Leisure Properties.
