Gaming and Leisure Properties, Inc. - GLPI STOCK NEWS

Gaming and Leisure Properties (GLPI) has priced its public offering of 8,000,000 shares of common stock at $36.25 per share. The offering, anticipated to close on November 3, 2020, includes a 30-day underwriter option for an additional 1,200,000 shares. The estimated net proceeds of approximately $278.9 million (or $320.8 million if the option is exercised) will support the acquisition of real property from Twin River Worldwide Holdings and Caesars Entertainment, alongside general corporate purposes and working capital needs.

Gaming and Leisure Properties (GLPI) has initiated an underwritten public offering of 8,000,000 shares of common stock, with an option for underwriters to buy an additional 1,200,000 shares. The net proceeds will partially fund the acquisitions from Twin River Worldwide Holdings and Caesars Entertainment, as well as for general corporate purposes. The offering is not contingent on the completion of these acquisitions. Notably, proceeds may also be used to reduce debt or invest in interest-bearing securities.

Gaming and Leisure Properties (GLPI) announced plans to acquire Dover Downs Hotel and Casino and Tropicana Evansville, with a combined purchase price of approximately $484 million. The transactions include a 15-year lease with Twin River for both properties, generating an initial annual cash rent of $40 million and an 8.3% capitalization rate. This acquisition aims to diversify GLPI's tenant roster and expand its footprint into Delaware and Indiana, enhancing its position in the gaming sector. The deal is anticipated to close in mid-2021, pending regulatory approvals.

Gaming and Leisure Properties (GLPI) reported record third-quarter financial results for 2020, demonstrating strong management of its gaming asset portfolio amid the pandemic. The company has collected over 99% of its contractual rents year-to-date. Third-quarter total revenue increased to $307.6 million, with a net income of $127.1 million, up from $90.5 million in 2019. GLPI strengthened financial flexibility by issuing $200 million in senior unsecured notes. Additionally, GLPI entered into a significant exchange agreement with Caesars and expanded its relationship with Twin River Worldwide Holdings.

Gaming and Leisure Properties (NASDAQ: GLPI) announced it will release its 2020 Q3 financial results post-market on October 27, 2020. A conference call will follow on October 28, 2020, at 9:00 a.m. ET, hosted by CEO Peter M. Carlino and senior management. The call will cover the quarterly performance and recent events, along with a Q&A session. Investors can access the call via the Investor Relations section of GLPI's website. A playback will be available for 90 days after the call, ensuring stakeholders remain informed about key developments.

Gaming and Leisure Properties (GLPI) announced a dividend of $0.60 per share for Q3 2020, comprising cash and stock, to be paid on September 25, 2020. Shareholders of record as of August 17, 2020 can choose to receive their dividend in cash, stock, or a combination. The total payout will be approximately $26 million in cash and 2.8 million shares. Shareholders electing all cash will receive around $0.13 in cash and $0.47 in stock per share, while those not making an election will get $0.12 cash and $0.48 stock.

Gaming and Leisure Properties (NASDAQ: GLPI) will release its Q3 2020 financial results on October 29, 2020, after market close. A conference call is scheduled for 9:00 a.m. ET on October 30, 2020, where CEO Peter M. Carlino and senior management will discuss the results and field questions. Investors can access the call in the Investor Relations section of the company's website. A playback of the call will be available for 90 days post-conference.

Gaming and Leisure Properties (NASDAQ: GLPI) announced the approval for its Hollywood Casino Baton Rouge to relocate to a new landside facility, expecting to invest between $21-$25 million. The project aims to create around 166 construction jobs and generate a $500 million economic impact over six years. Expected features of the new facility include indoor and outdoor gaming, a Shaquille O’Neal’s Big Chicken restaurant, and a sports bar. The move is also anticipated to enhance visitation from Mississippi river cruises by freeing up dock space.

Gaming and Leisure Properties (NASDAQ: GLPI) declared its Q3 2020 dividend of $0.60 per share, payable on September 25, 2020. This consists of $0.12 cash and $0.48 in stock. The dividend reflects COVID-19's impact on operations and anticipates tenants' continued rent payments. Shareholders can choose to receive the dividend as cash or shares, with cash limited to 20% overall. The Board intends to review future dividends quarterly. The cash component of the dividend is taxable, regardless of the form of payment.