Gaming and Leisure Properties, Inc. - GLPI STOCK NEWS

Bally’s announced a $2.07 billion construction and financing arrangement with Gaming and Leisure Properties (GLPI) for a permanent casino development in Chicago. This includes a 15-year master lease agreement (MLA) and up to $940 million in construction financing. Additionally, GLPI will acquire and lease back properties in Kansas City and Shreveport for $395 million, with proceeds used to repay debts and for general purposes. The Chicago casino, featuring a 500-room hotel tower, is scheduled to open in September 2026. Bally's plans an initial public offering for Bally's Chicago, Inc., offering a 25% equity stake to minority-owned and women-owned businesses as per a community agreement with the City of Chicago.

Gaming and Leisure Properties (NASDAQ: GLPI) announced it will release its Q2 2024 financial results on July 25, 2024, after market close.

A conference call to discuss the results is scheduled for July 26, 2024, at 10:00 a.m. ET. The call will be led by Chairman and CEO Peter M. Carlino along with senior management.

Investors can access the call via the company’s website or by dialing in. A replay of the call will be available for 90 days on the company's website. Playback will also be accessible until August 2, 2024, using a specified passcode.

Gaming and Leisure Properties, symbol GLPI, announced a $111 million funding commitment for the landside move and hotel renovation of the Belle of Baton Rouge, managed by Queen Casino & Entertainment. The total project cost is projected to exceed $141 million and is expected to complete by September 2025. The casino will remain operational during construction, except when gaming equipment is relocated. GLPI will own the new facility, and Queen Casino & Entertainment will pay a 9% incremental rental yield starting a year from May 30, 2024. This project builds on GLPI's portfolio expansion strategy and aims to leverage Queen Casino & Entertainment's proven ability to enhance gaming market growth.

Gaming and Leisure Properties (NASDAQ: GLPI) has announced a second quarter 2024 cash dividend of $0.76 per share, an increase from the $0.72 per share paid in the second quarter of 2023.

The dividend is payable on June 21, 2024, to shareholders of record on June 7, 2024. While the company plans to continue regular quarterly dividends, each is subject to quarterly review and Board approval.

Gaming and Leisure Properties (GLPI) announced the acquisition of three casino resorts: Silverado Franklin Hotel & Gaming Complex, Deadwood Mountain Grand casino, and Baldini’s Casino for $105 million. The deal includes $5 million for capital improvements, totaling a $110 million investment. GLPI and Strategic Gaming Management entered into two 25-year triple-net leases with initial annual cash rent of $9.2 million, representing an 8.4% capitalization rate. The transaction is expected to be immediately accretive, diversifying GLPI's portfolio to 65 properties across 20 states. GLPI secured a right of first refusal on future acquisitions until Strategic’s adjusted EBITDAR from GLPI assets reaches $40 million. The properties in South Dakota and Nevada add significant gaming and hospitality assets to GLPI's portfolio, with notable amenities and recent capital investments.

PENN Entertainment, Inc. reported resilient property level performance and record online sports betting revenue for Q1 2024. The company hired Aaron LaBerge as CTO to drive technology strategy. Revenues totaled $1.6 billion, with a net loss of $114.9 million. The Northeast segment led in revenues, while the Interactive segment saw a loss. Total liquidity stood at $1.9 billion, with $903.6 million in cash.

Gaming and Leisure Properties, Inc. (GLPI) reported strong financial results for the first quarter of 2024, showcasing growth in total revenue, income from operations, and adjusted EBITDA. The company achieved record first-quarter results across key financial metrics, demonstrating stable cash flow generation. GLPI's strategic portfolio expansion and disciplined capital investment approach position it well for continued growth and dividend increases. The acquisition of Tioga Downs Casino Resort further diversifies GLPI's portfolio, highlighting the company's commitment to long-term partnerships and growth. GLPI's updated 2024 guidance forecasts solid AFFO, reflecting confidence in its operational resilience and financial strength.

Gaming and Leisure Properties, Inc. appoints Debra Martin Chase as a new independent director to fill a vacancy on the Board of Directors. Ms. Chase, a highly accomplished entertainment industry professional, brings over 30 years of experience in motion picture and television production, along with a strong legal background. She is known for her trailblazing achievements as the first female African American producer with a deal at a major motion picture studio. With a track record of successful films grossing over $500 million at the box office, Ms. Chase's appointment is expected to enhance the diverse perspectives within the board and contribute to driving growth in shareholder value.

Gaming and Leisure Properties, Inc. (GLPI) will release its 2024 first quarter financial results on April 25, 2024, followed by a conference call on April 26, 2024, led by Peter M. Carlino, Chairman, and CEO. The call will cover the quarter's performance, recent events, and a Q&A session.