Gaming And Leisu Stock Price, News & Analysis

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.

Gaming and Leisure Properties (GLPI) has entered into a $1.585 billion transaction with Bally's , acquiring properties and funding the construction of a flagship casino in Chicago. The deal includes the acquisition of Bally's Kansas City Casino and Bally's Shreveport Casino & Hotel, and the land for Bally's Chicago Casino Resort. GLPI will fund up to $940 million of construction costs at an 8.5% yield, with total investments reaching $1.19 billion. The transaction also includes a $395 million sale-leaseback of Kansas City and Shreveport properties, with an 8.2% yield. Additionally, GLPI's purchase option for Bally's Lincoln Casino Resort has been adjusted for a favorable yield. These transactions will expand GLPI's portfolio and deliver an 8.3% blended initial cash yield.

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.