The company funded the transaction by assuming approximately $363 million in debt and issuing approximately $200 million of operating partnership units, with the balance paid out of cash on hand, which was in part generated by its recent issuance of senior unsecured notes and common stock.Ĭordish will continue its uninterrupted ownership, control and management of the operations of Live! Maryland, which is located near Baltimore.
The transaction includes not only the land and real estate assets of Live! Maryland, but also a partnership for future Cordish casino developments, as well as potential financing partnerships between Wyomissing-based GLPI and Baltimore-based Cordish in other areas of Cordish’s portfolio of real estate and operating businesses. recently announced the completion of its previously announced transaction to acquire the land and real estate assets of Live! Casino & Hotel Maryland from The Cordish Companies for $1.14 billion.
