08:02 AM EST, 12/17/2024 (MT Newswires) -- Gaming and Leisure Properties ( GLPI ) has completed the acquisition of the land and real estate assets of Bally's (BALY) Kansas City casino and Shreveport Casino & Hotel for $395 million, the companies said Tuesday.

The two properties have been put into a new Bally's master lease agreement that is cross-defaulted with Gaming and Leisure's current master lease, with the first annual cash rent of $32.2 million, the parties added.

Bally's said it will use the proceeds to pay amounts withdrawn under its $620 million revolving credit facility.