Gaming and Leisure Properties, Inc. - GLPI STOCK NEWS

Bally's (NYSE: BALY) has completed the sale lease-back of real property interests for Bally's Kansas City and Bally's Shreveport to Gaming and Leisure Properties (GLPI) in a transaction valued at $395 million. The deal includes $7 million in LP units and $388 million in cash, with $56 million reimbursement for prior capital expenditures.

The proceeds will be used to reduce the company's $620 million revolving credit facility (of which $350 million was drawn as of September 30, 2024) and fund capital expenditures. The properties have been added to a new Master Lease with an initial annual cash rent of $32.2 million, including customary escalators.

Gaming and Leisure Properties (NASDAQ: GLPI) has announced a quarterly cash dividend of $0.76 per share for the fourth quarter of 2024, representing an increase from the $0.73 per share paid in Q4 2023. The dividend will be paid on December 20, 2024, to shareholders of record as of December 6, 2024. The company has expressed its intention to continue paying regular quarterly dividends, subject to quarterly review and Board approval.

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.