Gaming and Leisure Properties, Inc. has acquired the real estate assets of Tioga Downs Casino Resort in Nichols, NY for $175 million, establishing a long-term lease agreement aimed at enhancing GLPI's portfolio and financial stability.

Information on the Target

Tioga Downs Casino Resort, located in Nichols, NY, spans approximately 162 acres and features a 32,600 square foot gaming floor that includes 895 slot machines and 29 table games. Additionally, the resort boasts a 2,500 square foot FanDuel sports book, a 160-room hotel, a harness horse track, seven food and beverage venues, and an 18-hole championship golf course. This property underwent significant development, including a $130 million expansion initiated in 2016 following its receipt of a Class III casino license from the State of New York.

Industry Overview in New York

The gaming industry in New York has experienced substantial growth and development in recent years, fostered by the legalization and expansion of various gaming operations. The state has strategically positioned itself to compete with casinos from neighboring states, enhancing its appeal as a gaming destination. With an increasing number of licensed gaming facilities, revenue generation has significantly increased, benefiting local economies and creating jobs.

In recent years, New York's gaming market, particularly in upstate regions, has shown resilience and potential for further growth. Despite the availability of gaming options in downs