Gaming and Leisure Properties Inc. (GLPI), which leases real estate to casino operators, raised its offer for Pinnacle Entertainment Inc.’s real estate assets to $5 billion.

Under the terms of the new offer, which it called its final effort, GLPI values all of Pinnacle at $47.50 per share, a 54% increase from previous offers valued at $36 per share.

Pinnacle shareholders would also hold a 28% stake in GLPI, and control all of the operating business that would be spun off.

“GLPI has committed financing in place and is ready to finalize this transaction immediately, and we would expect to close our transaction within approximately six months of signing. Nevertheless, Pinnacle continues to make new demands, delaying the signing of a definitive agreement and denying its shareholders a value-creating transaction that is clearly superior to Pinnacle’s previously announced standalone separation plan,” said GLPI in a letter sent to Pinnacle’s board of directors.