Casino REIT is acquiring the real estate of Sunland Park Racetrack & Casino Gaming and Leisure is paying $183.75 million at a cap rate of 8.2% Gaming and Leisure Properties (NASDAQ: GLPI) announced Wednesday that it’s buying the real estate assets of Sunland Park Racetrack & Casino in southern New Mexico. Sunland Park Racetrack & Casino in southern New Mexico. Gaming and Leisure Properties is paying $183.75 million for the real estate of the gaming venue. (Image: Wikipedia) The gaming real estate investment trust (REIT) is paying $183.75 million at an initial cap rate of 8.2% for the property assets of the racino, which is located near the New Mexico/Texas border. GLPI said the deal, which includes a 2% annual rent escalator, will be “immediately accretive” to adjusted funds from operations (AFFO). AFFO is the metric investors use to gauge a REIT’s financial health, including its ability to sustain dividend obligations. Opened in 1959, Sunland Park sits on approximately 157…Read MoreCategory: Financial, Real Estate, Regional News, Southwest, real estate, regional newsSource: Casino.org