“The overall estimated budget for these new growth projects is approximately $850 million,” Snowden said. 1, 2023, are included in the company’s 8-K filing.

Additional details on the new master lease, which will be effective on Jan. With respect to the Columbus, Joliet and M Resort projects, Penn may elect to receive up to $350 million of funding in the aggregate from GLPI for real property improvements at then-current market rates, which will incorporate a spread to GLPI’s cost of capital. Pursuant to this agreement, GLPI will provide up to $225 million at a 7.75 percent cap rate for the Aurora project. In connection with these projects, Penn has entered into an agreement with Gaming and Leisure Properties to create a new master lease that would include the two new facilities in Aurora and Joliet, in addition to Hollywood Columbus (Ohio), Hollywood Toledo (Ohio), the M Resort (Henderson, Nev.), the Meadows (Washington, Pa.) and Hollywood Perryville (Md.). At the M Resort, the addition of a second tower will benefit from the strong demand in the Henderson locals market while providing additional capacity for the group business that is drawn to our market-leading resort and amenities, including our highly successful partnership with the Las Vegas Raiders.' “Since opening in 2012, our Columbus property has experienced tremendous growth, and the addition of a hotel at the property will create a true regional destination. 'Our casino properties remain at the core of our omnichannel approach to entertainment, which combines best-in-class retail operations and a database of more than 26 million m圜hoice members with a rapidly growing interactive and media footprint. “We are delighted to announce these exciting new growth projects, which we expect will generate strong free cash flow returns and create long-term value for our shareholders,' Penn Entertainment President and CEO Jay Snowden said in a statement. The company also plans to relocate its riverboat casinos in Aurora and Joliet, Ill., to new land-based facilities. Casino and racetrack operator Penn Entertainment has announced plans to build a new hotel at the Hollywood Casino in Columbus, Ohio, and a second hotel tower at the M Resort in Henderson, Nev., subject to municipal approvals.

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