GLPI reports $389.6 million in Q4 revenue supported by expansion and new deals

Gaming & Leisure Properties Inc. (GLPI) reported a total revenue of $389.6 million for the fourth quarter of 2024, marking a 5.6% increase from the same period in 2023. The real estate investment trust (REIT), which specializes in gaming-related properties, also saw net income rise to $223.6 million, up from $217.3 million in the previous year.

Peter Carlino, Chairman and CEO of GLPI, stated: “We generated record fourth-quarter and full-year 2024 results, reflecting growth across all key financial metrics for both the quarter and full-year periods.”

GLPI also announced a dividend of $0.76 per share, payable on March 28, 2025, reinforcing its commitment to shareholder returns. The company’s financial performance was driven by strategic acquisitions and lease agreements.

In the fourth quarter, GLPI completed the sale-leaseback transactions for Bally’s Kansas City and Bally’s Shreveport, adding two properties to its portfolio. These acquisitions increased the company’s total property count to 68, and Carlino stated that the transactions would be accretive to the 2025 balance sheet.

Despite what Carlino described as a challenging transaction and financing environment, GLPI successfully expanded its credit facility from $1.75 billion to $2.1 billion, pushing debt maturities out to the end of 2028.

The company also secured long-term financing arrangements with new and existing tenants. Boyd Gaming exercised its lease renewal options for multiple GLPI-owned properties, including Belterra Park in Ohio, extending those agreements through April 2031.

GLPI also finalized a financing agreement with the Ione Band of Miwok Indians, providing a $110 million loan for a new casino development in California. The deal carries an 11% interest rate and includes an option for the tribe to convert the loan into a long-term lease, allowing GLPI to expand its presence in tribal gaming real estate.

“GLPI’s first-hand experience as an operator in the gaming industry, combined with our ability to deliver innovative financing solutions to current and prospective tenants, are significant differentiators that drive our access to and ability to complete transactions,” Carlino said.

GLPI expects to build on its 2024 momentum, with plans for further property acquisitions and lease expansions. The company projects adjusted funds from operations (AFFO) for 2025 to be between $1.105 billion and $1.121 billion.