The third quarter of 2024 financial results for Gaming and Leisure Properties, Inc. (GLPI) showed strong revenue numbers. During this time, the company made a record $385.3 million, a strong 7.1% rise over the prior year. This expansion demonstrates how well GLPI has managed its real estate holdings and raised rents.
Strong Performance and Strategic Growth
Peter Carlino, Chairman and CEO of GLPI, expressed satisfaction with the company’s performance. He stated, “GLPI’s expansion and growth momentum continues unabated with strong third quarter financial results reflecting the consistent performance of our legacy tenant portfolio and the addition of two additional tenants earlier this year.” He highlighted the company’s focus on mid- and long-term growth strategies, particularly through significant transactions with Bally’s Corporation, which are expected to enhance performance in the fourth quarter and beyond.
The financial highlights for the quarter also included a slight increase in net income, which reached $190.1 million. Additionally, adjusted EBITDA rose by 5.9% year-over-year, totaling $346.4 million for Q3 2024. These figures reflect GLPI’s solid operational performance and strategic initiatives that aim to boost financial outcomes.
A pivotal event for GLPI was the signing of a binding term sheet with Bally’s Corporation on July 12. This agreement secured $2.07 billion in funding for Bally’s ongoing Chicago casino and tower development project. Carlino elaborated on the impact of early third-quarter transactions, noting, “Early in the third quarter we announced a $1.585 billion transaction with Bally’s that reflects our proven, value enhancing strategy of working with our tenants to structure transactions that efficiently create and fund growth opportunities.”
Through these strategic partnerships, GLPI has successfully added three new assets to its portfolio: Bally’s Kansas City Casino, Bally’s Shreveport Casino & Hotel, and the upcoming Bally’s permanent facility in Chicago. Notably, the company also finalized a $250 million acquisition of land designated for the Chicago casino’s construction.
Total operating expenses for Q3 2024 amounted to nearly $113.9 million, showing a significant year-over-year increase of 24.8%. Despite the rise in expenses, GLPI’s strategic moves and revenue growth position the company favorably for future success.
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