Gaming and Leisure Properties Inc. (GLPI) has achieved extraordinary milestones in its 2023 financial year, bolstering its full-year guidance after an unparalleled third quarter. Q3 revenue surged by 7.7% year-on-year, reaching a remarkable $359.6m (£296.2m/€339.7m), a feat attributed to the recent expansion of GLPI’s portfolio.
In January, GLPI finalized pivotal acquisitions, including Bally’s Tiverton in Rhode Island and the Hard Rock Hotel & Casino Biloxi in Mississippi. This strategic approach continued with the establishment of a new master lease with Penn Entertainment and key agreements such as the 99-year ground lease with 815 Entertainment concerning the Hard Rock Casino development project in Illinois.
Q3 highlights encompassed securing land at Casino Queen Marquette in Iowa, the reopening of The Queen Baton Rouge in Louisiana, and a groundbreaking deal with the Oakland Athletics for an integrated casino within a new Las Vegas stadium. According to GLPI’s Chairman and CEO, Peter Carlino, these ventures position the company for substantial future growth.
Despite robust revenue growth, net profit dipped by 16.4% to $184.0m due to increased spending, primarily driven by portfolio expansion. Nonetheless, GLPI demonstrated resilience, with adjusted EBITDA rising by 5.9% to $327.1m.
Year-to-date performance showcased GLPI’s financial prowess, with revenues exceeding $1.07bn, marking a 9.8% increase from the previous year. These achievements prompted GLPI to adjust its full-year guidance, with AFFO expected to surpass $1.00bn in the 12 months to 31 December 2023, emphasizing the company’s strong position for sustained growth.
GLPI’s remarkable success in Q3 and its strategic acquisitions underscore its commitment to driving shareholder value and securing its position as an industry leader.