“It’s a continued shift in the casino model and for Cordish, a change in direction from a family-run business to the asset-light model that other major companies have embraced thoroughly (including MGM Resorts International and Caesars Entertainment),” said Brendan Bussmann, a partner with Global Market Advisors, told CDC Gaming Reports December 6. The initial news was greeted positively by Wall Street analysts and viewed as an ongoing trend by industry observers. The Cordish Companies is world renowned for creating large-scale experiential real estate projects, casinos, hospitality and entertainment districts and we believe their Live! brand and their Live! Maryland together exemplify their track record of development and operating success,” said Peter Carlino, Chairman and CEO of GLPI. “We are delighted to add Live! Maryland to our portfolio, further diversify our roster of leading operators, and gain additional access to the rapidly growing Baltimore-Washington corridor via a truly world-class property. Beginning in the third year of the lease, the rent will increase a fixed 1.75% per year. Cordish will now lease the land and real estate assets of Live Casino & Hotel Maryland from GLPI for an initial term of 39 years (maximum term of 60 years) with an initial annual cash rent of $75.0 million.
