Welcome to our dedicated page for Gaming and Leisure Properties news (Ticker: GLPI), a resource for investors and traders seeking the latest updates and insights on Gaming and Leisure Properties stock.
Gaming and Leisure Properties, Inc. (GLPI), established in 2013 as a spin-off from Penn National Gaming, Inc., is a self-managed and self-administered Pennsylvania Real Estate Investment Trust (REIT). Specializing in acquiring, financing, and owning real estate properties to be leased to gaming operators, GLPI primarily operates under triple-net lease arrangements. This means tenants are responsible for property maintenance, insurance, taxes, and all utilities. As of now, GLPI boasts a diverse portfolio, including assets and liabilities from Louisiana Casino Cruises, Inc. (‘Hollywood Casino Baton Rouge’) and Penn Cecil Maryland, Inc. (‘Hollywood Casino Perryville’).
GLPI’s primary tenants include Penn Tenant, LLC, a subsidiary of Penn, which leases 18 properties related to Penn’s operations, and the Casino Queen in East St. Louis, Illinois. The company's portfolio spans over sixty-one gaming and related facilities, including properties leased to Caesars Entertainment Corporation.
GLPI aims to deliver consistent growth and shareholder value through strategic acquisitions and effective property management. The company recently celebrated record results for the fourth quarter and year ending December 31, 2023. With a robust financial structure and a clear focus on expanding its relationships within the gaming industry, GLPI is well-positioned for future growth and stability.
Among recent achievements, GLPI has maintained its status as a REIT, ensuring favorable tax conditions and allowing it to continue providing lucrative dividends to its shareholders. The company also focuses on maintaining a balanced debt structure, enabling it to navigate through economic fluctuations effectively.
For investors, GLPI presents a stable investment opportunity backed by a solid portfolio and strong financial performance. The company's ability to generate consistent rental income from its tenants, coupled with its strategic growth initiatives, makes it a noteworthy player in the real estate and gaming sectors.
PENN Entertainment reported Q3 2024 financial results with revenues of $1.64 billion and a net loss of $37.5 million. The company's retail business showed stable consumer demand, though affected by unfavorable hold in Northeast and weather disruptions in South segment. Interactive segment posted revenues of $244.6 million with an Adjusted EBITDA loss of $90.9 million, benefiting from better-than-expected hold and lower promotional expenses. Total liquidity stood at $1.8 billion with $834.0 million in cash. The company launched account linking between ESPN BET and ESPN on October 30th, expanding its online sports betting footprint to 19 U.S. states.
Gaming and Leisure Properties (GLPI) reported strong Q3 2024 results with total revenue increasing 7.1% year-over-year to $385.3 million. The company's AFFO grew 6.8% to $268.2 million, reflecting portfolio expansion and rent escalations. Key developments include a $1.585 billion transaction with Bally's involving Kansas City Casino, Shreveport Casino & Hotel, and Chicago facility development, expected to deliver an 8.3% blended initial cash yield. The company completed a $250 million acquisition of Chicago casino land and raised its quarterly dividend to $0.76 per share from $0.73 year-over-year.
Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) has announced the schedule for its 2024 third quarter earnings release and conference call. The company will release its financial results after the market close on Thursday, October 24, 2024. A conference call will be held at 10:00 a.m. ET on Friday, October 25, 2024, where Chairman and CEO Peter M. Carlino and senior management will review the quarter's results and performance, discuss recent events, and conduct a Q&A session.
The conference call will be accessible via webcast in the Investor Relations section of the company's website at www.glpropinc.com. A replay of the call will be available on the website for 90 days. For telephone participation, interested parties can dial in at 1-877/407-0784 (domestic) or 1-201/689-8560 (international). A playback option will be available until Friday, November 1, 2024, using the passcode 13749226.
Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) has promoted Brandon Moore to the additional role of President, effective immediately. Moore, who will continue as Chief Operating Officer, will report to Chairman and CEO Peter Carlino. Carlino praised Moore's instrumental role in GLPI's growth since its establishment as North America's first gaming-focused real estate investment trust over ten years ago.
Moore's background includes 14 years of experience in the gaming industry, involvement in GLPI's tax-free spin-off, and over a decade of leadership in the REIT industry. He joined GLPI in 2014 as Senior Vice President and General Counsel, following his tenure at Penn National Gaming (now PENN Entertainment) from 2010 to 2014. Moore holds a B.S. in Finance from Pennsylvania State University and a J.D. from the University of Pennsylvania Law School.
Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) has completed its $250 million acquisition of the land for Bally's future Chicago flagship casino from Blue Owl Capital. This purchase is part of a larger agreement with Bally's (NYSE: BALY) announced in July. GLPI will own substantially all of the real estate and improvements related to the Chicago casino and hotel for a total investment of $1.19 billion, resulting in a blended initial cash investment yield of 8.4%. The current lease will be assumed by a GLPI affiliate with an annual rent of $20 million, representing an initial cash yield of 8.0%. Stabilized rent coverage for the lease is expected to be in the range of 2.0x – 2.4x. GLPI's Chairman and CEO, Peter Carlino, highlighted the significance of this acquisition for the development of Bally's Chicago, which aims to be a premier destination in the nation's third-largest metropolitan area.
Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) has announced its third quarter 2024 cash dividend of $0.76 per share of common stock. This represents a 4.1% increase from the third quarter 2023 dividend of $0.73 per share. The dividend will be payable on September 27, 2024, to shareholders of record on September 13, 2024. The company's Board of Directors has declared this dividend, demonstrating GLPI's commitment to returning value to shareholders. While GLPI intends to continue paying regular quarterly cash dividends, future dividends will be subject to quarterly review and declaration by the Board of Directors.
PENN Entertainment (Nasdaq: PENN) reported Q2 2024 results. Retail properties showed solid performance with revenues of $1.4 billion and Adjusted EBITDAR of $496.6 million, achieving a 34.8% margin. The Interactive segment saw revenues of $232.6 million but posted an Adjusted EBITDA loss of $102.8 million. Overall revenues stood at $1.663 billion, slightly down from $1.674 billion YoY. The company reported a net loss of $27.1 million and a diluted loss per share of $0.18. Total liquidity was $1.9 billion with $877.6 million in cash. Traditional net debt was $1.7 billion.
CEO Jay Snowden highlighted the company's stable retail business and growth in the digital segment, notably a significant increase in their PENN Play™ database to 31 million members. Despite challenges, PENN remains focused on customer engagement, technology investment, and upcoming ESPN BET launch in New York. The company's development projects are on budget and on schedule.
Gaming and Leisure Properties, Inc. (GLPI) has announced the pricing of a $1.2 billion public offering of senior notes through its operating partnership. The offering consists of two tranches:
1. $800 million of 5.625% senior notes due 2034, priced at 99.094% of par value
2. $400 million of 6.250% senior notes due 2054, priced at 99.183% of par value
The notes will be senior unsecured obligations guaranteed by GLPI. The company plans to use the net proceeds for working capital, general corporate purposes, funding announced transactions, property development, debt repayment, and capital expenditures. The offering is expected to close on August 6, 2024, subject to closing conditions.
Gaming and Leisure Properties (NASDAQ: GLPI) reported record second quarter 2024 results and increased full-year guidance. Key highlights include:
- Total revenue rose 6.7% year-over-year to $380.6 million
- Net income increased to $214.4 million, up from $160.1 million in Q2 2023
- AFFO grew 5.6% to $264.4 million
- AFFO per diluted share and OP unit increased to $0.94 from $0.92
GLPI announced a $1.585 billion transaction with Bally's, acquiring real property assets in Kansas City, Shreveport, and Chicago. The company also agreed to fund a $111 million development project for Casino Queen in Baton Rouge. GLPI increased its 2024 AFFO guidance to $3.74-$3.76 per diluted share and OP unit.
Bally's announced a revised site plan for Bally's Chicago Casino. They will now combine the 500-room, 34-story hotel tower into a single-phase construction project, set to open in September 2026. The project, pending approval by the Chicago Department of Planning & Development, includes a large pool, spa, fitness center, sun deck, and rooftop restaurant bar. Bally’s secured a $940 million construction funding facility from Gaming and Leisure Properties (GLPI) for the project, with GLPI expected to fund a total of $2.07 billion to Bally's.
The site, formerly Tribune Publishing, will soon commence demolition by Brandenburg Industrial Service Company. The development will feature a 3,000-seat theater, six restaurants, cafes, a food hall, and a 2-acre public park, with approximately 3,300 slots and 173 table games. The project is expected to create 3,000 construction jobs and 3,000 casino jobs. Renderings were prepared by HKS, the global design firm.
FAQ
What is the current stock price of Gaming and Leisure Properties (GLPI)?
What is the market cap of Gaming and Leisure Properties (GLPI)?
What is Gaming and Leisure Properties, Inc. (GLPI)?
When was GLPI established?
What types of properties does GLPI own?
Who are GLPI’s primary tenants?
What is a triple-net lease arrangement?
How does GLPI generate income?
What is GLPI’s financial performance for 2023?
What are GLPI’s growth initiatives?
What is GLPI’s approach to debt management?
Why is GLPI a good investment?
