Despite concerns about its financial condition, the Massachusetts Gaming Commission unanimously voted to find Foxwoods suitable for licensing as it pursues a Boston area casino.
And Foxwoods has apparently resolved financing issues by teaming up with Gaming and Leisure Properties, Penn National’s soon-to-be REIT spin-off.
This is GLPI’s first casino deal following its spin-off from Penn, which itself is pursuing the Massachsetts slots casino licence. While Foxwoods didn’t say how much GLPI would invest, GLPI has $500m available, which would match the 55 per cent equity gap for the $1bn project.
GLPI’s move could be considered a surprise. Its stated strategy has been to buy small casino properties and its first move appears to be a major investment in a single major casino.
