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.
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.
Penn National Gaming reported strong Q4 2021 results, with revenues of $1.6 billion, up $545.1 million YoY. Net income reached $44.8 million, a significant increase from $12.7 million in the previous year. The company authorized a $750 million share repurchase program to enhance shareholder value. Looking ahead, Penn National set 2022 revenue guidance between $6.07 billion and $6.39 billion, alongside an Adjusted EBITDAR forecast of $1.85 billion to $1.95 billion. Strategic acquisitions and technology upgrades are expected to drive growth.
Gaming and Leisure Properties (NASDAQ: GLPI) announced an income tax allocation for its 2021 distributions, totaling $2.90 per share. The company's tax return for 2021 has yet to be filed, prompting the allocation calculations to rely on the best available information as of the announcement date. Notably, shareholders are advised to consult their tax advisors as the tax implications for REIT distributions can differ by jurisdiction.
GLPI specializes in acquiring and financing properties to lease to gaming operators under triple-net lease agreements.
Gaming and Leisure Properties (NASDAQ: GLPI) has completed the acquisition of Live! Casino & Hotel Maryland for $1.14 billion, including a partnership for future developments with The Cordish Companies. The deal involves assuming $363 million in debt and issuing $200 million in operating partnership units, funded from cash reserves. Additionally, GLPI sold Hollywood Casino Baton Rouge for $28.2 million and established a new master lease with Casino Queen for combined rent of approximately $21.4 million. The Live! Maryland lease includes an initial annual rent of $75 million.
Gaming and Leisure Properties (GLPI) declared a special cash dividend of $0.24 per share, payable on January 7, 2022 to shareholders on record by December 27, 2021. The company continues its commitment to regular quarterly dividends, with future payments subject to Board review. GLPI specializes in acquiring and leasing real estate to gaming operators under triple-net lease agreements, wherein tenants cover all property-related expenses. This strategic approach positions GLPI favorably within the gaming industry.
Gaming and Leisure Properties (GLPI) has priced a public offering of $800 million in aggregate principal amount of 3.250% Senior Notes Due 2032. The Notes will be issued by its operating partnership and components are expected to close by December 13, 2021. Proceeds will primarily fund the acquisition of properties from The Cordish Companies, with plans to repay existing credit facilities if acquisitions do not close. The offering is made under an effective shelf registration statement filed with the SEC.
Gaming and Leisure Properties (GLPI) announced an underwritten public offering of 7,700,000 shares of common stock, expected to generate approximately $344.6 million in gross proceeds. The offering is set to close on December 9, 2021. Proceeds will partially finance the acquisition of real property assets from The Cordish Companies and may also repay borrowings or fund general corporate purposes. Underwriters have a 30-day option to purchase an additional 1,155,000 shares.
Gaming and Leisure Properties (GLPI) has announced a public offering of 7,700,000 shares of common stock, with an additional 1,155,000 shares underwriter option. Proceeds will partially fund acquisitions of real properties from The Cordish Companies, including Live! Casino & Hotel locations. If acquisitions do not close, funds will be used for working capital and general corporate purposes. The offering is under the effective shelf registration statement filed with the SEC.
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