GLPI purchases Live! Virginia land, will provide $440m in hard cost funding

Gaming and Leisure Properties (GLPI) has purchased the real estate of Live! Casino and Hotel Virginia, a new property expected to debut its permanent facility in late 2027, for $27m and has committed $440m in hard cost funding which will be accretive to GLPI's operating results.

The purchase also represents expansion to the existing relationship between GLPI and The Cordish Companies, as Live! Virginia represents the fourth Cordish property for which GLPI owns the real estate of.

"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," GLPI Chairman and CEO Peter Carlino said.

"This accretive transaction plants a (GLPI) 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."

GLPI stated it intends to fund the land acquisition in the first quarter of 2026, while the remaining $440m of committed financing is expected to be drawn between the second half of 2026 and Q1 2028. Closing of the transaction is still subject to customary conditions, including the receipt of licenses and any approvals from the Virginia Lottery Commission.

"As a multi-generational, family-owned and operated business, GLPI is an ideal partner for us to continue growing our Gaming Division," Cordish Chairman David Cordish said.

"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."

Live! Virginia will serve as the "centerpiece" of a $1.4bn planned development in Petersburg, featuring a construction cost of $600m and planning to open a temporary casino facility in January 2026. The 80,000 sq ft casino will include 1,440 slots, 84 tables, 200 hotel rooms and a 3,200-seat concert venue.