As part of the agreement, Gaming and Leisure Properties provided Casino Queen with a $43 million, five year term loan, which completely refinanced and retired all of Casino Queen's outstanding long-term debt obligations. Gaming and Leisure Properties, Inc (NasdaqGS:GLPI) completed the acquisition of the real estate assets of Casino Queen Inc. acted as legal advisors for Gaming and Leisure Properties. Pozen of Skadden, Arps, Slate, Meagher & Flom, L.L.P. The transaction is expected to close by the end of the first quarter of 2014. The transaction was approved by the Illinois Gaming Board on January 15, 2014. The transaction is subject to and requires approval from the Illinois Gaming Board. As a condition of the transaction, Gaming and Leisure Properties will lease the property back to Casino Queen on a triple net basis for approximately $14 million per year.

The transaction will be funded with the existing revolver. Gaming and Leisure Properties, Inc (NasdaqGS:GLPI) entered into an agreement to acquire the real estate assets of Casino Queen Inc.