{"id":453,"date":"2026-02-22T12:00:50","date_gmt":"2026-02-22T13:00:50","guid":{"rendered":"https:\/\/cerulepillar.com\/?p=453"},"modified":"2026-03-25T13:23:51","modified_gmt":"2026-03-25T13:23:51","slug":"glpi-unlikely-to-fully-finance-ballys-bronx-casino","status":"publish","type":"post","link":"https:\/\/cerulepillar.com\/index.php\/2026\/02\/22\/glpi-unlikely-to-fully-finance-ballys-bronx-casino\/","title":{"rendered":"GLPI Unlikely to Fully Finance Bally\u2019s Bronx Casino"},"content":{"rendered":"<ul>\n<li><strong>The REIT is interested in participating in providing financing for the Bronx casino<\/strong><\/li>\n<li><strong>It acknowledges Bally\u2019s may have other financing options<\/strong><\/li>\n<li><strong>Gaming &amp; Leisure is Bally\u2019s primary landlord<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>Gaming and Leisure Properties (NASDAQ: GLPI) is interested in providing financing for Bally\u2019s $4 billion casino project in the Bronx, NY, but the landlord won\u2019t overextend itself to participate in that process and acknowledged the gaming operator has other options.<\/p>\n<figure id=\"attachment_370767\" aria-describedby=\"caption-attachment-370767\" data-style=\"width: 858px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" class=\"wp-image-370767 size-post-thumbnail-858xAUTO lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" alt=\"New York casinos Bally&#039;s Bronx\" width=\"858\" height=\"572\" data-src=\"https:\/\/cerulepillar.com\/wp-content\/uploads\/2026\/02\/23161213_ImageLargeWidth-858x572-1.jpg\"><figcaption>Bally&#8217;s Golf Links at Ferry Point Park in the Bronx, NY. Gaming and Leisure Properties probably won&#8217;t provide a majority of the financing for a casino project there. (Image: Bally&#8217;s Golf Links at Ferry Point Park)<\/figcaption><\/figure>\n<p>Executives of the real estate investment trust (REIT) made comments to that effect on the company\u2019s fourth-quarter earnings conference on Friday, Feb. 20. Gaming and Leisure is already Bally\u2019s primary landlord and the REIT has provided the regional casino operator with essential capital, including for its <a href=\"https:\/\/www.casino.org\/news\/ballys-drags-on-gaming-and-leisure-properties-stock-says-analyst\/\">Chicago casino hotel<\/a>.<\/p>\n<blockquote class=\"main-blockquote\">\n<p>I think the ability to raise capital unique to the New York project will result in a very competitive field of suitors for capital, and we won&#8217;t do anything dilutive,\u201d said GLPI COO and President Brandon Moore on the call. \u201cSo what I think you won&#8217;t see us do is compete down to a cap rate that&#8217;s not accretive to GLPI. That won&#8217;t be of interest to us.\u201d<\/p>\n<\/blockquote>\n<p>Bally\u2019s was <a href=\"https:\/\/www.casino.org\/news\/ballys-bronx-metropolitan-park-resorts-world-granted-licenses\/\">awarded one of three<\/a> New York City-area gaming licenses in December.<\/p>\n<h2>GLPI Probably Won\u2019t Provide Majority of Financing for Bronx Casino<\/h2>\n<p>GLPI Chief Development Officer Stephen Ladany said the REIT is \u201cin constant discussion with\u201d Bally\u2019s and is \u201cmonitoring the process,\u201d but he added he\u2019s not sure if the casino operator will need financing from GLPI.<\/p>\n<p><strong>\u201cI guess to put it frank, I think to dispel any notions that may exist, we view it very unlikely that we would end up providing the majority of the capital for a $4 billion project there,\u201d he said on the call. \u201cWe&#8217;re going to continue to evaluate the process and the project, and we&#8217;ll look to try to be as strategic as possible with respect to any involvement.\u201d<\/strong><\/p>\n<div class=\"callout\">\n<p>Likely due to the allure of the Bronx property becoming one of the first traditional casinos in the five boroughs, other creditors and real estate companies may be eager to help Bally\u2019s out. What\u2019s not up for debate is that company has <a href=\"https:\/\/www.casino.org\/news\/ballys-suffers-third-credit-downgrade-this-time-from-fitch\/\">junk credit ratings<\/a>, meaning cost of capital for the New York project will be high. Bally\u2019s hasn\u2019t publicly mentioned what financing options its pursuing.<\/p>\n<\/div>\n<p>The Rhode Island-based gaming company is also obligated for <a href=\"https:\/\/www.casino.org\/news\/ballys-nyc-casino-win-a-115m-victory-for-trump-company-could-sell-tropicana-rights\/\">a $115 million payment<\/a> to the Trump Organization. That was part of the deal under which Bally\u2019s obtained the lease rights to Trump Golf Links at Ferry Point &#8212; the land on which the casino will be built.<\/p>\n<h2>GLPI Likely Wants Ownership of Some of Bronx Casino Land<\/h2>\n<p>It\u2019s not unusual for REITs, including those in the gaming industry, <a href=\"https:\/\/www.casino.org\/news\/century-casinos-lands-financing-from-vici-for-missouri-renovations\/\">to provide financing<\/a> to partners and tenants, but that extension of capital is often tied to properties the landlord already owns or its serves as avenue for the REIT to take ownership of some or all of the real estate. Ladany said GLPI would like to follow that template.<\/p>\n<p>\u201cI would think that any discussions we have with any of the other parties involved would be under the same type of guise that we have to have a path to owning real estate or a piece of ownership of real estate to start with,\u201d he said on the call.<\/p>\n<p><strong>That could be difficult with the Bronx casino land because Bally\u2019s doesn\u2019t own it. The city of New York does.<\/strong><\/p>\n<p>The post <a href=\"https:\/\/www.casino.org\/news\/glpi-unlikely-to-fully-finance-ballys-bronx-casino\/\">GLPI Unlikely to Fully Finance Bally\u2019s Bronx Casino<\/a> appeared first on <a href=\"https:\/\/www.casino.org\/news\">Casino.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The REIT is interested in participating in providing financing for the Bronx casino It acknowledges Bally\u2019s may have other financing options Gaming &amp; Leisure is Bally\u2019s primary landlord Gaming and Leisure Properties (NASDAQ: GLPI) is interested in providing financing for Bally\u2019s $4 billion casino project in the Bronx, NY, but the landlord won\u2019t overextend itself&#8230;<\/p>\n","protected":false},"author":1,"featured_media":455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[12],"tags":[],"_links":{"self":[{"href":"https:\/\/cerulepillar.com\/index.php\/wp-json\/wp\/v2\/posts\/453"}],"collection":[{"href":"https:\/\/cerulepillar.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cerulepillar.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cerulepillar.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cerulepillar.com\/index.php\/wp-json\/wp\/v2\/comments?post=453"}],"version-history":[{"count":2,"href":"https:\/\/cerulepillar.com\/index.php\/wp-json\/wp\/v2\/posts\/453\/revisions"}],"predecessor-version":[{"id":456,"href":"https:\/\/cerulepillar.com\/index.php\/wp-json\/wp\/v2\/posts\/453\/revisions\/456"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cerulepillar.com\/index.php\/wp-json\/wp\/v2\/media\/455"}],"wp:attachment":[{"href":"https:\/\/cerulepillar.com\/index.php\/wp-json\/wp\/v2\/media?parent=453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cerulepillar.com\/index.php\/wp-json\/wp\/v2\/categories?post=453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cerulepillar.com\/index.php\/wp-json\/wp\/v2\/tags?post=453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}