Gaming and Leisure Properties, Inc. - GLPI STOCK NEWS

PENN Entertainment plans to relocate riverboat casinos in Aurora and Joliet, Illinois, to land-based facilities as part of an estimated $850 million project. The company will build a new hotel at Hollywood Columbus, Ohio, and a second hotel tower at M Resort, Nevada. An agreement with Gaming and Leisure Properties will facilitate up to $575 million in funding for these projects. The Aurora project alone has a budget of $360 million, aiming to create hundreds of jobs and enhance local entertainment offerings, subject to municipal approvals.

Gaming and Leisure Properties (NASDAQ: GLPI) will release its Q3 2022 financial results on October 27, 2022, following the market close. A conference call will take place on October 28, 2022, at 10:00 a.m. ET. CEO Peter M. Carlino and senior management will discuss the results, recent events, and engage in a Q&A session. The call can be accessed via the company’s investor relations website, with a playback available for 90 days after the event.

Gaming and Leisure Properties (GLPI) has completed the sale of its non-land real estate assets and PENN Entertainment's equity interests in Tropicana Las Vegas to Bally's Corporation for approximately $145 million in cash. GLPI continues to own the land and entered into a 50-year ground lease with Bally's, starting with an annual rent of $10.5 million. This ground lease is guaranteed by Bally's and linked to its Master Lease with GLPI. The Tropicana spans 35 acres and features 1,470 rooms and extensive casino and event space.

Gaming and Leisure Properties (NASDAQ: GLPI) has declared a cash dividend of $0.705 per share for Q3 2022, payable on September 30, 2022, to shareholders on record as of September 16, 2022. This represents an increase from the previous year’s dividend of $0.67 per share. The company aims to maintain regular quarterly dividends in the future, subject to Board review. Key risks affecting future dividends include tenant performance amid ongoing pandemic effects and inflation pressures, alongside regulatory challenges.

PENN Entertainment reported a 5.2% year-over-year revenue increase to $1.6 billion for Q2 2022, with adjusted EBITDAR at $504.5 million, down 14.0% from the prior year. Net income fell to $26.1 million, marking a sharp decline from $198.7 million in Q2 2021. Despite economic challenges, the company remains positive, maintaining full-year revenue guidance of $6.15 billion to $6.55 billion. PENN repurchased $167 million in stock, reinforcing commitment to shareholder value. The mychoice database saw significant growth, adding 1.2 million registrations, indicating strong customer engagement.

Gaming and Leisure Properties (GLPI) reported strong Q2 2022 financial results, with total revenue rising to $326.5 million from $317.8 million year-over-year. Notable metrics include net income of $155.8 million, FFO of $215.3 million, and AFFO of $231.6 million. Significant transactions include the $1 billion acquisition of Bally's Rhode Island casinos, contributing $76.3 million in annual rent. GLPI plans to enhance shareholder returns and maintain a robust capital structure despite rising interest rates. The company estimates AFFO guidance for 2022 between $908 million and $920 million.

Gaming and Leisure Properties (NASDAQ: GLPI) will release its 2022 Q2 financial results on July 28, 2022, after market close. The conference call is scheduled for July 29, 2022, at 10:00 a.m. ET, where CEO Peter M. Carlino and the management team will discuss the results and recent developments. Interested stakeholders can access the call via the Investor Relations section of the company's website. A replay will be available for 90 days. The company specializes in acquiring and leasing real estate properties to gaming operators.

Gaming and Leisure Properties (GLPI) announced the pricing of its public offering to sell 6,900,000 shares of common stock, generating approximately $308.8 million in gross proceeds. The offering is expected to close on July 1, 2022. Proceeds will partially finance the acquisition of Bally’s Twin River Lincoln Casino Resort and Bally’s Tiverton Casino & Hotel. Should third-party approvals not be timely received, GLPI will instead acquire the Hard Rock Hotel & Casino Biloxi. The offering is not contingent upon the Bally's acquisitions and may also fund general corporate purposes.

Gaming and Leisure Properties (GLPI) has initiated an underwritten public offering of 6,900,000 shares of common stock, with a potential additional 1,035,000 shares. The proceeds will partially finance the acquisition of real estate from Bally's Corporation, specifically Bally’s Twin River Lincoln Casino Resort and Bally’s Tiverton Casino & Hotel. Should regulatory approvals for Lincoln not be obtained, GLPI plans to acquire Hard Rock Hotel & Casino Biloxi instead. The offering is not contingent on completing these acquisitions and may also fund working capital and general purposes.