With record-breaking revenue, Gaming and Leisure Properties (GLPI) has released its financial results for the fourth quarter and the entire year 2024. The company’s total revenue for FY2024 exceeded $1.5 billion, a 6.3% rise from the year before, and it made $389.6 million in Q4 2024, a 5.6% increase year over year.
Strong Financial Growth and Expanding Partnerships
Net income for FY2024 rose by 6.9% to $807.6 million, while adjusted EBITDA increased by 5.1% to nearly $1.4 billion. The company attributes this success to recent acquisitions, financing agreements, and long-term leases with top regional gaming operators.
GLPI Chairman and CEO Peter Carlino highlighted the company’s momentum, stating, “Our record fourth quarter and full year financial results reflect GLPI’s recent acquisitions and financing arrangements, contractual escalators and growing base of leading regional gaming operator tenants, which together are expected to drive further growth in 2025 and beyond.”
In 2024, GLPI completed four sale-leaseback transactions, including the sale-leaseback of Bally’s properties in Kansas City and Shreveport. These deals, structured at favorable cap rates, strengthened GLPI’s relationship with Bally’s and expanded its tenant portfolio to 68 regional gaming assets.
GLPI’s primary revenue source remains rental income, which accounted for nearly $334 million of Q4’s total revenue and $1.33 billion for FY2024. Despite operating expenses of $81.4 million in Q4 and $400.9 million for the full year, operating income grew 4.4% year-over-year to $308.2 million in Q4 and $1.13 billion for FY2024.
Looking ahead, GLPI has raised its 2025 guidance, projecting adjusted funds from operations (AFFO) between $1.105 billion and $1.121 billion, or $3.83 to $3.88 per diluted share. With its expanding asset portfolio and strong financial performance, GLPI is well-positioned for continued growth in the gaming real estate sector.
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