03:58 AM EDT, 10/28/2025 (MT Newswires) -- Gaming and Leisure Properties ( GLPI ) said late Monday it will acquire real estate in Petersburg, Virginia that is the future site of Live! Casino and Hotel Virginia, a joint venture between affiliates of The Cordish Companies and Bruce Smith Enterprise.

The company said it will also fund up to $440 million in construction costs for the casino and hotel project. The cap rate on both the $27 million land purchase and the hard cost funding is 8% and will be accretive to Gaming and Leisure's operating results, the company said.

The permanent facility is slated to open in late 2027, with a temporary casino facility expected to open in January 2026, pending regulatory approval.