GLPI Acquires Bally's Lincoln for $700 Million
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 11 2026
0mins
Should l Buy BALY?
Source: Globenewswire
- Transaction Value and Returns: Gaming and Leisure Properties, Inc. (GLPI) has acquired the real estate assets of Bally's Lincoln for $700 million, with an initial cash rent of $56 million representing an 8% capitalization rate, indicating strong investment return potential.
- Lease Agreement Expansion: This acquisition adds Bally's Lincoln to GLPI's Bally's Master Lease II agreement, increasing the total number of assets to five, with a pro forma rent coverage ratio expected to exceed 2.2x, further enhancing GLPI's revenue stability.
- Market Performance and Strategic Significance: Bally's Lincoln generated over $490 million in gross gaming revenue in 2025, making it one of the top-performing regional casinos in the U.S., indicating GLPI's strong position in the healthy Rhode Island gaming market.
- Financial Impact and Future Outlook: The transaction is primarily funded through debt and is expected to be immediately accretive to GLPI's adjusted funds from operations (AFFO) per share, while maintaining the net debt to adjusted EBITDA ratio within the target range of 5.0x to 5.5x, reflecting a solid financial health.
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Analyst Views on BALY
Wall Street analysts forecast BALY stock price to rise
3 Analyst Rating
0 Buy
2 Hold
1 Sell
Moderate Sell
Current: 13.890
Low
11.00
Averages
16.33
High
20.00
Current: 13.890
Low
11.00
Averages
16.33
High
20.00
About BALY
Bally's Corporation is a global casino-entertainment company with an omnichannel presence. The Company’s segment includes Casinos & Resorts and North America Interactive. It owns and operates approximately 20 casinos internationally, including one retail casino in Newcastle, the United Kingdom, 11 states across the United States, along with a golf course in New York and a horse racetrack in Colorado and holds OSB licenses in 13 jurisdictions in North America. Its Casinos & Resorts include Bally's Atlantic City, Bally’s Dover, Bally's Lincoln, and others. The North America Interactive segment includes a portfolio of sports betting, iGaming, and free-to-play gaming brands. It also owns Bally Bet, a sports betting platform; Bally Casino, an iCasino platform, and a significant economic stake in Intralot S.A., a global lottery management and services business. The Company’s casino operations include approximately 17,700 slot machines, 630 table games, and 3,950 hotel rooms.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Boyd Gaming Sells Sam's Town Casino in Louisiana to Bally's Corporation
- Transaction Details: Boyd Gaming Corporation announced the sale of Sam's Town Hotel & Casino in Shreveport, Louisiana, to Bally's Corporation for an undisclosed amount, with the casino featuring 29,000 square feet of gaming space, 750 slot machines, and 14 table games, indicating its market value.
- Market Confidence: Bally's Executive Chairman Soo Kim stated that the acquisition reflects the company's confidence in the Shreveport community and plans to reinvest to enhance the area's status as a premier gaming and entertainment destination, showcasing a long-term commitment.
- Strategic Adjustment: Boyd Gaming CEO Keith Smith noted that the sale aligns with the company's strategy to refine its operating model and nationwide property portfolio, indicating ongoing efforts to optimize asset allocation.
- Future Outlook: Bally's, as an existing operator, expects to close the transaction in Q3, subject to customary closing conditions and regulatory approvals, demonstrating confidence in the market's growth potential and the company's deep understanding of the local landscape.
See More
Boyd Gaming Sells Sam's Town Hotel in Louisiana to Bally's Corporation
- Transaction Details: Boyd Gaming Corporation announced the sale of Sam's Town Hotel and Casino in Louisiana to Bally's Corporation, with the transaction expected to close in Q3 2026; while terms were not disclosed, this move indicates Boyd's ongoing focus on refining its operational model.
- Market Confidence: Bally's Executive Chairman Soo Kim stated that the acquisition reflects their confidence in the Shreveport market, with plans to reinvest and strengthen the region's position as a premier gaming and entertainment destination, showcasing a commitment to future growth.
- Historical Context: Sam's Town has been part of Boyd Gaming since 2004, and CEO Keith Smith emphasized the importance of team members' contributions over the past two decades in providing excellent service to guests, highlighting the company's appreciation for its workforce.
- Strategic Adjustment: This sale aligns with Boyd Gaming's strategy of refining its nationwide property portfolio, indicating the company's commitment to adapting its assets to market changes while continuing to deliver outstanding customer experiences.
See More
GLPI Reports Record Financial Results for 2025
- Significant Revenue Growth: GLPI reported total revenue of $407 million for Q4 2025, a 4.5% year-over-year increase, with annual revenue reaching $1.594 billion, showcasing strong performance in the regional gaming market and expected to drive future growth.
- Steady AFFO Increase: The Adjusted Funds from Operations (AFFO) for Q4 2025 was $290 million, up 7.5% year-over-year, reflecting ongoing improvements in lease stability and operational efficiency, enhancing potential shareholder returns.
- Expanded Capital Deployment: Despite challenges in the financing environment, GLPI executed approximately $876 million in new transactions in 2025, with a blended cap rate exceeding 9%, laying the groundwork for future investment opportunities.
- Strong Financial Leverage: As of year-end 2025, the company's net debt to adjusted EBITDA ratio stood at 4.6, below the lower end of its target range, indicating the company's capacity to meet financial commitments while enabling further expansion.
See More
GLPI Acquires Bally's Lincoln for $700 Million
- Transaction Value and Returns: Gaming and Leisure Properties, Inc. (GLPI) has acquired the real estate assets of Bally's Lincoln for $700 million, with an initial cash rent of $56 million representing an 8% capitalization rate, indicating strong investment return potential.
- Lease Agreement Expansion: This acquisition adds Bally's Lincoln to GLPI's Bally's Master Lease II agreement, increasing the total number of assets to five, with a pro forma rent coverage ratio expected to exceed 2.2x, further enhancing GLPI's revenue stability.
- Market Performance and Strategic Significance: Bally's Lincoln generated over $490 million in gross gaming revenue in 2025, making it one of the top-performing regional casinos in the U.S., indicating GLPI's strong position in the healthy Rhode Island gaming market.
- Financial Impact and Future Outlook: The transaction is primarily funded through debt and is expected to be immediately accretive to GLPI's adjusted funds from operations (AFFO) per share, while maintaining the net debt to adjusted EBITDA ratio within the target range of 5.0x to 5.5x, reflecting a solid financial health.
See More
TBL Team Boxing League Hosts First-Ever Open Tryouts in Atlantic City with Over 100 Fighters Registered
- Fighter Registration: Over 100 fighters have registered for the open tryouts scheduled from January 16-18 at Bally's Traymore Ballroom in Atlantic City, highlighting the event's appeal and market demand for emerging talent.
- Innovative Event Structure: The tryouts combine athletic testing, live entertainment, and fan engagement, with athletes progressing through multiple evaluation stations in a 13,000-square-foot venue, enhancing both the event's entertainment value and participant involvement.
- Media Coverage and Exposure: All activities during the tryouts will be filmed for national broadcast, including a Spanish-language simulcast, aimed at attracting more viewers and athletes, thereby increasing TBL's brand visibility and market recognition.
- Strategic Partnership Outlook: The collaboration between TBL and Bally's marks the beginning of a broader partnership, indicating potential expansion to multiple locations in the future, aimed at providing unique team-based boxing experiences for athletes and fans while driving long-term strategic growth for both parties.
See More
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Market Performance: The S&P 500, Dow Jones, and Nasdaq 100 all closed lower, with the S&P 500 and Nasdaq hitting three-week lows due to declines in AI-infrastructure and chip stocks, alongside a drop in Bitcoin.
Energy Sector Gains: Energy producers saw gains as WTI crude oil rose over 1% following President Trump's announcement of an oil blockade on Venezuela, while mining stocks benefited from increased demand for precious metals amid rising tensions.
Federal Reserve Insights: Dovish comments from Fed Governor Waller indicated a soft labor market and stable inflation, suggesting potential for interest rate cuts, while Atlanta Fed President Bostic expressed concerns about inflation despite solid GDP growth.
Economic Indicators: Upcoming US economic reports are anticipated to show a decrease in initial unemployment claims and a slight increase in CPI, while overseas markets displayed mixed results, with the Euro Stoxx 50 declining and China's Shanghai Composite rising.
See More
Boyd Gaming Sells Sam's Town Casino in Louisiana to Bally's Corporation
- Transaction Details: Boyd Gaming Corporation announced the sale of Sam's Town Hotel & Casino in Shreveport, Louisiana, to Bally's Corporation for an undisclosed amount, with the casino featuring 29,000 square feet of gaming space, 750 slot machines, and 14 table games, indicating its market value.
- Market Confidence: Bally's Executive Chairman Soo Kim stated that the acquisition reflects the company's confidence in the Shreveport community and plans to reinvest to enhance the area's status as a premier gaming and entertainment destination, showcasing a long-term commitment.
- Strategic Adjustment: Boyd Gaming CEO Keith Smith noted that the sale aligns with the company's strategy to refine its operating model and nationwide property portfolio, indicating ongoing efforts to optimize asset allocation.
- Future Outlook: Bally's, as an existing operator, expects to close the transaction in Q3, subject to customary closing conditions and regulatory approvals, demonstrating confidence in the market's growth potential and the company's deep understanding of the local landscape.
See More
Boyd Gaming Sells Sam's Town Hotel in Louisiana to Bally's Corporation
- Transaction Details: Boyd Gaming Corporation announced the sale of Sam's Town Hotel and Casino in Louisiana to Bally's Corporation, with the transaction expected to close in Q3 2026; while terms were not disclosed, this move indicates Boyd's ongoing focus on refining its operational model.
- Market Confidence: Bally's Executive Chairman Soo Kim stated that the acquisition reflects their confidence in the Shreveport market, with plans to reinvest and strengthen the region's position as a premier gaming and entertainment destination, showcasing a commitment to future growth.
- Historical Context: Sam's Town has been part of Boyd Gaming since 2004, and CEO Keith Smith emphasized the importance of team members' contributions over the past two decades in providing excellent service to guests, highlighting the company's appreciation for its workforce.
- Strategic Adjustment: This sale aligns with Boyd Gaming's strategy of refining its nationwide property portfolio, indicating the company's commitment to adapting its assets to market changes while continuing to deliver outstanding customer experiences.
See More
GLPI Reports Record Financial Results for 2025
- Significant Revenue Growth: GLPI reported total revenue of $407 million for Q4 2025, a 4.5% year-over-year increase, with annual revenue reaching $1.594 billion, showcasing strong performance in the regional gaming market and expected to drive future growth.
- Steady AFFO Increase: The Adjusted Funds from Operations (AFFO) for Q4 2025 was $290 million, up 7.5% year-over-year, reflecting ongoing improvements in lease stability and operational efficiency, enhancing potential shareholder returns.
- Expanded Capital Deployment: Despite challenges in the financing environment, GLPI executed approximately $876 million in new transactions in 2025, with a blended cap rate exceeding 9%, laying the groundwork for future investment opportunities.
- Strong Financial Leverage: As of year-end 2025, the company's net debt to adjusted EBITDA ratio stood at 4.6, below the lower end of its target range, indicating the company's capacity to meet financial commitments while enabling further expansion.
See More
GLPI Acquires Bally's Lincoln for $700 Million
- Transaction Value and Returns: Gaming and Leisure Properties, Inc. (GLPI) has acquired the real estate assets of Bally's Lincoln for $700 million, with an initial cash rent of $56 million representing an 8% capitalization rate, indicating strong investment return potential.
- Lease Agreement Expansion: This acquisition adds Bally's Lincoln to GLPI's Bally's Master Lease II agreement, increasing the total number of assets to five, with a pro forma rent coverage ratio expected to exceed 2.2x, further enhancing GLPI's revenue stability.
- Market Performance and Strategic Significance: Bally's Lincoln generated over $490 million in gross gaming revenue in 2025, making it one of the top-performing regional casinos in the U.S., indicating GLPI's strong position in the healthy Rhode Island gaming market.
- Financial Impact and Future Outlook: The transaction is primarily funded through debt and is expected to be immediately accretive to GLPI's adjusted funds from operations (AFFO) per share, while maintaining the net debt to adjusted EBITDA ratio within the target range of 5.0x to 5.5x, reflecting a solid financial health.
See More
TBL Team Boxing League Hosts First-Ever Open Tryouts in Atlantic City with Over 100 Fighters Registered
- Fighter Registration: Over 100 fighters have registered for the open tryouts scheduled from January 16-18 at Bally's Traymore Ballroom in Atlantic City, highlighting the event's appeal and market demand for emerging talent.
- Innovative Event Structure: The tryouts combine athletic testing, live entertainment, and fan engagement, with athletes progressing through multiple evaluation stations in a 13,000-square-foot venue, enhancing both the event's entertainment value and participant involvement.
- Media Coverage and Exposure: All activities during the tryouts will be filmed for national broadcast, including a Spanish-language simulcast, aimed at attracting more viewers and athletes, thereby increasing TBL's brand visibility and market recognition.
- Strategic Partnership Outlook: The collaboration between TBL and Bally's marks the beginning of a broader partnership, indicating potential expansion to multiple locations in the future, aimed at providing unique team-based boxing experiences for athletes and fans while driving long-term strategic growth for both parties.
See More
Stocks Close Significantly Down as Technology Shares Plummet
Market Performance: The S&P 500, Dow Jones, and Nasdaq 100 all closed lower, with the S&P 500 and Nasdaq hitting three-week lows due to declines in AI-infrastructure and chip stocks, alongside a drop in Bitcoin.
Energy Sector Gains: Energy producers saw gains as WTI crude oil rose over 1% following President Trump's announcement of an oil blockade on Venezuela, while mining stocks benefited from increased demand for precious metals amid rising tensions.
Federal Reserve Insights: Dovish comments from Fed Governor Waller indicated a soft labor market and stable inflation, suggesting potential for interest rate cuts, while Atlanta Fed President Bostic expressed concerns about inflation despite solid GDP growth.
Economic Indicators: Upcoming US economic reports are anticipated to show a decrease in initial unemployment claims and a slight increase in CPI, while overseas markets displayed mixed results, with the Euro Stoxx 50 declining and China's Shanghai Composite rising.
See More
