Welcome to our dedicated page for Gaming and Leisure Properties news (Ticker: GLPI), a resource for investors and traders seeking the latest updates and insights on Gaming and Leisure Properties stock.
Gaming and Leisure Properties, Inc. (GLPI), established in 2013 as a spin-off from Penn National Gaming, Inc., is a self-managed and self-administered Pennsylvania Real Estate Investment Trust (REIT). Specializing in acquiring, financing, and owning real estate properties to be leased to gaming operators, GLPI primarily operates under triple-net lease arrangements. This means tenants are responsible for property maintenance, insurance, taxes, and all utilities. As of now, GLPI boasts a diverse portfolio, including assets and liabilities from Louisiana Casino Cruises, Inc. (‘Hollywood Casino Baton Rouge’) and Penn Cecil Maryland, Inc. (‘Hollywood Casino Perryville’).
GLPI’s primary tenants include Penn Tenant, LLC, a subsidiary of Penn, which leases 18 properties related to Penn’s operations, and the Casino Queen in East St. Louis, Illinois. The company's portfolio spans over sixty-one gaming and related facilities, including properties leased to Caesars Entertainment Corporation.
GLPI aims to deliver consistent growth and shareholder value through strategic acquisitions and effective property management. The company recently celebrated record results for the fourth quarter and year ending December 31, 2023. With a robust financial structure and a clear focus on expanding its relationships within the gaming industry, GLPI is well-positioned for future growth and stability.
Among recent achievements, GLPI has maintained its status as a REIT, ensuring favorable tax conditions and allowing it to continue providing lucrative dividends to its shareholders. The company also focuses on maintaining a balanced debt structure, enabling it to navigate through economic fluctuations effectively.
For investors, GLPI presents a stable investment opportunity backed by a solid portfolio and strong financial performance. The company's ability to generate consistent rental income from its tenants, coupled with its strategic growth initiatives, makes it a noteworthy player in the real estate and gaming sectors.
Bally's Corporation has entered a binding term sheet with GLP Capital to sell its Rhode Island casino properties for $1 billion. The transaction includes a leaseback agreement allowing Bally's to manage operations uninterrupted. The new properties will be added to Bally's existing Master Lease with an incremental rent of $76.3 million. Additionally, GLP will provide up to $200 million for deposit pre-funding. If necessary approvals for Lincoln are delayed, GLP may acquire the Hard Rock Hotel & Casino Biloxi for $635 million instead.
Gaming and Leisure Properties (GLPI) announced a $1 billion acquisition of Bally’s Rhode Island casino properties, including Twin River Lincoln Casino Resort and Tiverton Casino & Hotel. The transaction, subject to regulatory approvals, aims to diversify GLPI's portfolio, marking its expansion into the 18th U.S. jurisdiction. It is expected to be immediately accretive at a 7.6% capitalization rate, with incremental rent of $76.3 million. GLPI plans to fund the deal through debt, equity, and OP units, while maintaining a conservative Master Lease structure for downside protection.
Gaming and Leisure Properties (NASDAQ: GLPI) has declared a cash dividend of $0.705 per share for Q2 2022, increasing from $0.69 in Q1. This dividend is payable on June 24, 2022 to shareholders on record by June 10, 2022. The Board of Directors indicated that while they aim to maintain regular dividends, future payments will be reviewed quarterly. GLPI focuses on acquiring and leasing real estate to gaming operators under triple-net leases.
Penn National Gaming reported Q1 2022 revenues of $1.56 billion, up 22.7% year-over-year. Net income fell to $51.6 million, with a net income margin of 3.3%
Adjusted EBITDAR was $494.7 million, reflecting a 10.7% increase but a margin decline of 344 bps. The company raised its 2022 revenue guidance to $6.15-$6.55 billion. Share repurchases totaled $175.1 million. Total liquidity stands at $2.48 billion, with net debt increasing to $923.5 million.
Gaming and Leisure Properties (GLPI) reported its Q1 2022 financial results with total revenue of $315.0 million, up from $301.5 million in Q1 2021. Net income decreased to $121.7 million from $127.2 million, while funds from operations (FFO) dropped to $180.3 million from $183.6 million. The company expanded its portfolio with significant acquisitions, including Live! Casino properties from Cordish and Bally's casinos, worth approximately $839 million. GLPI announced a dividend of $0.69 per share, reinforcing its commitment to shareholder value.
Gaming and Leisure Properties (NASDAQ: GLPI) will release its Q1 2022 financial results on April 28, 2022, after market close. A conference call is scheduled for April 29 at 10:00 a.m. ET, hosted by CEO Peter M. Carlino and senior management, to discuss the results and answer questions. Investors can access the live call through the company's Investor Relations website. A replay will be available for 90 days. GLPI specializes in acquiring and leasing real estate to gaming operators under triple-net lease arrangements.
Gaming and Leisure Properties (NASDAQ: GLPI) announced the acquisition of land and real estate assets from Bally's Corporation for $150 million. This includes three casinos in Black Hawk, CO, and the Quad Cities Casino & Hotel in Rock Island, IL, now under an existing master lease. The initial rent has increased by $12 million annually, with adjustments based on the Consumer Price Index (CPI) parameters including a 1% floor and 2% ceiling.
Gaming and Leisure Properties (GLPI) recently announced the acquisition of land and real estate assets for Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh from The Cordish Companies for approximately $674 million. This transaction was funded through the assumption of $423 million in debt and issuance of $137 million in operating partnership units. A master lease with Cordish was established, providing an initial annual cash rent of $50 million over a 39-year term, with a 1.75% rent escalation starting in year three. The acquisition enhances GLPI's presence in the Pennsylvania market.
Gaming and Leisure Properties (NASDAQ: GLPI) reported its financial results for Q4 and the year ending December 31, 2021. Total revenue reached $298.3 million, slightly down from $300.2 million in 2020. Net income decreased to $119.6 million compared to $169.3 million the previous year. Despite this, Funds from Operations (FFO) remained robust at $178 million. The company declared a first-quarter 2022 dividend of $0.69 per share. GLPI has diversified its tenant base through partnerships with major gaming operators and completed acquisitions, positioning itself for future growth in the gaming sector.
Gaming and Leisure Properties (NASDAQ: GLPI) will release its 2021 fourth quarter financial results after market close on February 24, 2022. A conference call is scheduled for February 25, 2022, at 10:00 a.m. ET, where management will discuss the quarterly results and engage in a Q&A session. The call will be accessible through the Company’s website. Additionally, a playback option will be available for 90 days following the call.
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