Gaming and Leisure Properties (GLPI) reported solid operational growth in the first quarter of 2025, with revenue reaching $395.2 million, up 5.1% year-over-year. Adjusted EBITDA climbed 8% to $360.1 million, backed by recent acquisitions and new financing deals. Still, net income slid 5.1%, landing at $170.4 million, due in part to higher interest expenses.
Good to know
- GLPI’s adjusted EBITDA rose 8% in Q1 2025, while revenue reached $395.2 million.
- Rental income made up most of GLPI’s revenue, totaling over $340 million.
- Interest expenses rose nearly $11 million, weighing on net income despite solid growth in operations.
Chairman and CEO Peter Carlino said the company remains on track for growth through its partnerships and lease agreements. “Our solid first quarter 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 growth throughout 2025,” he said.
Rental Income and New Projects Anchor Q1 Results
GLPI continued expanding its portfolio of deals during the quarter. The company moved forward with funding for Bally’s land-based casino project in Baton Rouge, expected to finish in Q4 2025. Additionally, GLPI renewed two key leases with Boyd Gaming for five more years.
A separate agreement with Penn Entertainment may see GLPI provide up to $150 million for construction at Ameristar Casino in Council Bluffs, Iowa. If Penn uses the funding, GLPI will fully own the new Hollywood Casino development on the property.
Rental income accounted for $340.3 million of total revenue, a 2.9% increase from last year. The bulk came from GLPI’s leases with Pinnacle Entertainment and Penn Entertainment, which together brought in over $218 million. Another Master Lease signed with Penn in 2023 added $59.7 million more.
GLPI’s total operating expenses for Q1 2025 came in at $258.8 million, slightly higher than the $257.6 million reported in the first quarter of 2024. Interest costs climbed to $97.3 million, up by nearly $11 million from the prior year, and played a role in the drop in net income.
As of March 31, 2025, GLPI’s portfolio included interests in 68 gaming and related facilities, with tenants such as Boyd Gaming, Caesars Entertainment, Penn Entertainment, and Bally’s Corporation.
The post GLPI Reports Q1 Revenue of $395 Million and 8 Percent EBITDA Growth appeared first on iGaming.org.