GLPI Reports Mixed Quarter with Revenue Up and Profit Down

Gaming and Leisure Properties just rolled out its latest earnings update, and the numbers tell an interesting story. While the company pulled in more revenue this past quarter, profits took a hit. The drop in income did not stop GLPI from staying active, though—from new stock sales to casino funding and even joining the pushback against online gambling.

Good to know

• GLPI’s revenue increased to $394.9 million, but net income dropped 27.1% compared to last year.
• The company joined the National Association Against iGaming to oppose the growth of online gambling.
• It also continued supporting casino projects like Bally’s Belle of Baton Rouge, which is expected to wrap up later this year.

In the second quarter of 2025, Gaming and Leisure Properties (GLPI) reported net income of $156.2 million, which was down over 27% from the same time last year. At the same time, total revenue saw a slight rise, hitting nearly $395 million—up 3.8% year-over-year.

The company’s CEO Peter Carlino remained optimistic, saying, “Our solid second quarter results reflect GLPI’s recent acquisitions and financing arrangements, contractual escalators and percentage rent adjustments, and our growing base of leading regional gaming operator tenants.” He added that these elements are expected to support growth through the rest of 2025.

GLPI runs as a real estate investment trust (REIT), which means it owns the land and buildings used by casinos but does not operate the casinos directly. It currently holds 68 gaming properties in 20 different states. The company’s earnings depend heavily on how well physical casinos perform—and by extension, how the surrounding communities support those businesses.

Looking ahead, Carlino pointed to several moves that should bring value later in the year. That includes earlier funding efforts for Bally’s Belle of Baton Rouge Casino, which is undergoing a transformation. The hotel portion is already open, and the full project is expected to finish by the fourth quarter.

On the investment side, GLPI reported just under $48 million in income from leases and financing during Q2, which is up slightly from the previous year. Real estate loans brought in $3.7 million—almost double what they brought in last year. There was also $3.8 million in sales-type income, which was not on the books in the same quarter of 2024.

Still, not everything went smoothly. Operating expenses climbed by more than $65 million, reaching a total of $152.8 million. The company also reported a $53.7 million provision for credit losses, a major shift from the nearly $3.8 million benefit it had in the same quarter last year. These higher costs played a role in the overall dip in profits.

GLPI also made a move in the stock market. On May 2, it launched a new continuous equity offering program, allowing it to sell up to $1.25 billion in stock through at-the-market offerings.

On the policy front, GLPI recently joined the National Association Against iGaming (NAAiG), a group aiming to slow the spread of online gambling. The coalition includes business groups, unions, policymakers, and local governments. According to GLPI, while it does not run the casinos directly, it believes online gambling could weaken the land-based casino model, which supports jobs and infrastructure in many communities.

Finally, GLPI announced that Carlo Santarelli will become its new Senior Vice President of Corporate Strategy and Investor Relations starting August 18. He will work alongside Carlino and other senior leaders to focus on growth planning and handle relationships with investors.

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