Gaming and Leisure Properties (GLPI) is close to becoming the first casino industry real estate investment trust to be a landlord for a Major League Baseball stadium — but it will be at least five years before company officials are invited to throw out one of the first pitches.
GLPI, which owns the real estate associated with nearly 60 gaming properties in 18 states, isn’t in a rush.
JMP Securities gaming analyst Mitch Germain said last week’s agreement by the Nevada Legislature and Gov. Joe Lombardo to provide up to $380 million in public financing toward a $1.5 billion, 30,000-seat retractable roof ballpark on a portion of 35 acres owned by GLPI, gives the REIT “a significant future development pipeline while positioning the company to enhance its presence on the world-renowned Las Vegas Strip.”
