EL PASO, Texas (KTSM) — A Pennsylvania company announced Friday, Oct. 3 that is is going to buy Sunland Park Racetrack and Casino.
Gaming and Leisure Properties Inc. said it will acquire the real-estate assets of the racetrack and casino for $183.75 million.
With the closing of the transaction, which is expected to take place on Oct. 15, Sunland Park will represent GLPI’s second property in New Mexico. They also own Zia Park Casino Hotel and Racetrack in Hobbs.
The company also said that the Sunland Park property is being underutilized and provides “significant expansion and performance uplift opportunities,” the company said in the news release.
Sunland Park Racetrack and Casino serves the “under-penetrated El Paso-Las Cruces gaming market, a high population and income growth geography,” the company said.
Given state regulatory protections, Sunland Park Racetrack and Casino is uniquely positioned to operate in a stable gaming environment, the company added.
The deal will also represent an expansion of GLPI’s relationship with Strategic Gaming Management which will operate the Sunland Park facility.
“Through our acquisition of Sunland Park, we are again diversifying our property portfolio, while again supporting the growth strategy of an existing tenant, as we deepen our relationship with Strategic Gaming, a dynamic and growing gaming operator. This accretive transaction further strengthens GLPI’s reputation as the gaming landlord of choice,” said Peter Carlino, GLPI’s chairman and chief executive officer, said.
Opened in 1959, Sunland Park Racetrack and Casino sits on 157 acres and offers 738 slots and 12 electronic gaming tables across a 25,000-square foot gaming floor. The property includes a 1-mile thoroughbred and quarterhorse racetrack with a 733-seat stadium. It hosts a 600-person ballroom, a simulcast wagering area, and a 78-room third-party hotel.
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