Gaming & Leisure Properties Inc., which was spun off from Penn National Gaming Inc. last month, has announced its first acquisition as a standalone company. The Wyomissing firm said it has agreed to buy the real estate of Casino Queen in East St. Louis, Ill., for $140 million.

The 38,000-square-foot casino sits on a 78-acre property that also includes a 157-room hotel and a full-service recreational-vehicle park, Gaming & Leisure said. It will rent the Casino Queen property back to its operators for $14 million a year and provide a $40 million, five-year term loan.

Gaming & Leisure assumed ownership of most of Penn National's real estate and has the goal of consolidating real estate holdings in the casino industry.