GLPI Unlikely to Fully Finance Bally’s Bronx Casino

• Gambling
• 22 February 2026

Gaming and Leisure Properties (NASDAQ: GLPI) is looking to finance Bally's $4 billion casino initiative in the Bronx, NY, but the property owner is not willing to stretch its resources too thin to get involved and recognized that the gaming company has alternative choices.

Leaders of the real estate investment trust (REIT) expressed this sentiment during the earnings call for the fourth quarter held on Friday, February 20. Gaming and Leisure currently serves as Bally's main property owner and has supplied the regional casino operator with vital funding, which includes support 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 received one of the three gaming licenses for the New York City region in December.

GLPI Is Likely Not Going to Supply Most of the Funding for the Bronx Casino

GLPI's Chief Development Officer Stephen Ladany mentioned that the REIT is "regularly communicating with" Bally's and is "keeping an eye on the progress," but he also stated that he is uncertain whether the casino operator will require financial support 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.”

Possibly because the Bronx property is set to be one of the initial conventional casinos within the five boroughs, various creditors and real estate firms might be keen to assist Bally's. What remains undisputed is that the firm possesses low credit ratings, indicating that the expense of funding for the New York venture will be significant. Bally’s has not disclosed any details concerning the financing strategies it is exploring.

The gaming company situated in Rhode Island also has a responsibility to make a $115 million payment to the Trump Organization. This was a component of the arrangement through which Bally's acquired the leasing rights to Trump Golf Links at Ferry Point, where the casino is intended to be established.

 

GLPI Probably Desires Ownership of a Portion of Bronx Casino Property

It is common for Real Estate Investment Trusts, including those in the gaming sector, to offer financial support to their partners and tenants. However, this financial assistance is frequently linked to properties already owned by the landlord or serves as a means for the REIT to gain ownership of part or all of the real estate. Ladany mentioned that GLPI aims to follow this model.

“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 may prove challenging regarding the casino property in the Bronx since Bally’s does not have ownership of it. It is owned by the city of New York.