Gaming and Leisure Properties has agreed to purchase the land and buildings of the Lincoln casino from Bally’s Corporation for $700 million. The sale-leaseback structure stipulates that Bally’s will remain as the operator under a long-term net lease upon closing.

Bally’s Corporation simultaneously secured a new credit facility to fund the transaction and maintain operational liquidity. The lease is structured as a triple-net agreement, shifting property tax, insurance and maintenance obligations to the tenant in exchange for a stable rental stream.

The acquisition expands Gaming and Leisure Properties’ portfolio into Rhode Island and adds a high-quality gaming asset with predictable cash flows. Management anticipates that the new lease will enhance annual rental revenue and support long-term funds from operations growth.