Cordish Cos. has sold its Live Casino & Hotel Maryland as well as its Live casinos in Philadelphia and Pittsburgh to a real estate investment trust for $1.81 billion.
The deal to sell the properties to Gaming and Leisure Properties Inc. (NASDAQ: GLPI) was disclosed Monday afternoon. It sets up a unique leasing and operating agreement between Baltimore-based Cordish and GLPI where Cordish will lease back all the properties and continue to own, control and manage the gaming operations.
The Maryland Live acquisition is expected to close by the end of the year, and the Pennsylvania transactions in early-2022. All must receive state regulatory approvals and clear other financing and closing hurdles.
David Cordish, 81, CEO and chairman of the multi-generational family-owned company headquartered at the Power Plant off the Inner Harbor, said the deal ranked “as one of the most exciting milestones in our company’s over century of history.”
