Gaming & Leisure Properties Achieves Record Q3 Revenue During Strategic Growth Initiatives

With its smart acquisitions and growing alliances in important gaming regions, Gaming & Leisure Properties (GLPI) has reported remarkable financial results for the third quarter of 2024. Revenue from the real estate investment trust (REIT) was $385.3 million, a significant 7.1% rise over the prior year. Furthermore, GLPI’s revenue came to $190.1 million, which was supported by a healthy $346.4 million cash flow. Adjusted Funds from Operations (AFFO) increased 6.8% for the corporation, which also enabled it to increase its dividend from $0.73 per share in 2023 to $0.76 per share.

Strategic Acquisitions Fuel Growth

This year, GLPI has invested over $2 billion in acquisitions and developments, solidifying its position in regional gaming markets. During Q3, the company acquired Bally’s Kansas City and Bally’s Shreveport while securing land for the highly anticipated Bally’s Chicago casino. This brings GLPI’s total investment to $1.585 billion. The Chicago development is projected to become a prominent destination casino resort, generating an annual rent of $20 million.

Peter Carlino, Chairman and CEO of GLPI, stated, “The completion of the Chicago land purchase is a significant milestone toward the development of Bally’s Chicago, which is expected to be a must-visit destination casino resort in the heart of Chicago.”

Additionally, this year, GLPI has backed a number of initiatives, including as lending the Ione Band of Miwok Indians $110 million for a casino project close to Sacramento, California. Additionally, $111 million was set aside by the business to finance a land-based alternative to the Belle of Baton Rouge riverboat casino. Additional purchases totaling more than $280 million include Tioga Downs, Baldini’s Casino, Deadwood Mountain Grand, and Silverado Franklin.

GLPI’s growth strategy centers on “value-enhancing” partnerships and disciplined investments. The firm reported an average yield of 8.4% on its 2024 investments, demonstrating its commitment to maximizing shareholder value. Carlino emphasized, “Our disciplined capital investment approach and relationships with the industry’s leading operators combined with our focus on stable and resilient regional gaming markets, supports our confidence that the company is well positioned to further grow our cash dividend and drive long-term shareholder value.”

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In partnership with Bally’s, GLPI is also contributing to the redevelopment of the 35-acre Las Vegas Strip site previously occupied by the Tropicana. Plans include constructing a 30,000-seat stadium, integrated with a casino resort facility, further enhancing the company’s portfolio and market presence.

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