05:27 PM EDT, 09/11/2024 (MT Newswires) -- Gaming and Leisure Properties ( GLPI ) completed the $250 million property acquisition from Blue Owl Capital for the land to build Bally's permanent Chicago casino.

An affiliate will assume the current lease with Blue Owl Capital, which will be amended to reflect the negotiated annual rent of $20 million, Gaming and Leisure Properties ( GLPI ) said Wednesday in a statement.

The property company will own the real estate and improvements related to the Chicago casino and hotel with a total investment of $1.19 billion.

The land purchase was part of a broader agreement with Bally's announced in July, the property company said.

Shares of Gaming and Leisure Properties ( GLPI ) rose 1.5% in recent after-hours trading. Bally's fell 0.2% in the regular session.

Price: 53.00, Change: +0.77, Percent Change: +1.47