Posted on: February 22, 2026, 07:00h.
Last updated on: February 21, 2026, 07:54h.
- The REIT is interested in participating in providing financing for the Bronx casino
- It acknowledges Bally’s may have other financing options
- Gaming & Leisure is Bally’s primary landlord
Gaming and Leisure Properties (NASDAQ: GLPI) is interested in providing financing for Bally’s $4 billion casino project in the Bronx, NY, but the landlord won’t overextend itself to participate in that process and acknowledged the gaming operator has other options.
Executives of the real estate investment trust (REIT) made comments to that effect on the company’s fourth-quarter earnings conference on Friday, Feb. 20. Gaming and Leisure is already Bally’s primary landlord and the REIT has provided the regional casino operator with essential capital, including for its Chicago casino hotel.
I think the ability to raise capital unique to the New York project will result in a very competitive field of suitors for capital, and we won’t do anything dilutive,” said GLPI COO and President Brandon Moore on the call. “So what I think you won’t see us do is compete down to a cap rate that’s not accretive to GLPI. That won’t be of interest to us.”
Bally’s was awarded one of three New York City-area gaming licenses in December.
GLPI Probably Won’t Provide Majority of Financing for Bronx Casino
GLPI Chief Development Officer Stephen Ladany said the REIT is “in constant discussion with” Bally’s and is “monitoring the process,” but he added he’s not sure if the casino operator will need financing from GLPI.
“I guess to put it frank, I think to dispel any notions that may exist, we view it very unlikely that we would end up providing the majority of the capital for a $4 billion project there,” he said on the call. “We’re going to continue to evaluate the process and the project, and we’ll look to try to be as strategic as possible with respect to any involvement.”
Likely due to the allure of the Bronx property becoming one of the first traditional casinos in the five boroughs, other creditors and real estate companies may be eager to help Bally’s out. What’s not up for debate is that company has junk credit ratings, meaning cost of capital for the New York project will be high. Bally’s hasn’t publicly mentioned what financing options its pursuing.
The Rhode Island-based gaming company is also obligated for a $115 million payment to the Trump Organization. That was part of the deal under which Bally’s obtained the lease rights to Trump Golf Links at Ferry Point — the land on which the casino will be built.
GLPI Likely Wants Ownership of Some of Bronx Casino Land
It’s not unusual for REITs, including those in the gaming industry, to provide financing to partners and tenants, but that extension of capital is often tied to properties the landlord already owns or its serves as avenue for the REIT to take ownership of some or all of the real estate. Ladany said GLPI would like to follow that template.
“I would think that any discussions we have with any of the other parties involved would be under the same type of guise that we have to have a path to owning real estate or a piece of ownership of real estate to start with,” he said on the call.
That could be difficult with the Bronx casino land because Bally’s doesn’t own it. The city of New York does.
