Notably, the loan can be prepaid without penalty upon the anticipated opening of the Hard Rock Casino in Rockford, which is projected for September 2024. This loan has a flexible draw period lasting up to one year, with a maximum outstanding period of up to six years, including a potential one-year extension. This funding will be facilitated through a senior secured delayed draw term loan with an interest rate of 10%, pending regulatory approval. As a strategic move, GLPI has also committed to providing up to $150 million in development funding.

The lease involves an annual rent of $8 million, subject to a fixed 2% annual escalation that commences from the lease’s first anniversary and extends throughout the entirety of its 99-year term. In tandem with the land purchase, GLPI has entered into a 99-year ground lease agreement with 815 Entertainment. This acquisition is set to bolster the ongoing development efforts in the region. The acquisition comes at a price tag of $100 million and involves the purchase of the property from an affiliate of 815 Entertainment, a company owned by Dan Fischer and a consortium of local investors. (GLPI), a prominent player in the gaming-focused real estate investment sector, has made a significant move by acquiring the land associated with the forthcoming Hard Rock Casino development venture in Rockford, Illinois. ©Erol Ahmed/Unsplash GLPI Has Simultaneously Stepped Into 99-Year Ground Lease Agreement (GLPI), a real estate investment firm, has announced that it has purchased the land connected to the upcoming Hard Rock Casino development in Rockford, Illinois

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