The growth spurt got underway a couple of years ago with the purchase of Dover Downs. When those deals are done, the company will own and manage 16 casinos in 11 states. With casinos like Dover Downs weathering the pandemic, the real estate deals are expected to continue.īally’s is building a nationwide footprint with pending deals that include the Jumer’s Casino & Hotel (Rock Island, IL) and the Tropicana Las Vegas and the construction of a casino near the Nittany Mall in State College, PA. However, the danger for real estate investors comes if a casino defaults on its payments.
Leasebacks have been popular with real estate investors since the deals provide a reliable source of income. Penn National leased the Perryville site to Gaming and Leisure Properties but later bought back the casino to get into the online gaming business in Maryland. Penn National operates several Hollywood Casinos, including Perryville, MD, west of the Delaware line. Pennsylvania-based Gaming and Leisure Properties pioneered the concept when spun out of Dover Downs’s rival Penn National Gaming.
The Evansville site comes with sports gaming, a couple of hotels, and meeting and convention space in the southern Indiana city.
