Gaming & Leisure Properties posts record Q3 revenue as expansion drives growth

Gaming & Leisure Properties announced record-breaking revenue for the third quarter of 2024, fueled by strategic acquisitions and expanding partnerships in key gaming markets.

The real estate investment trust reported revenue of $385.3 million, marking a 7.1% increase from the same period last year. Meanwhile, income reached $190.1 million, with a cash flow of $346.4 million; and Adjusted Funds from Operations (AFFO) rose by 6.8%, further supporting the company’s dividend increase to $0.76 per share, up from $0.73 in 2023.

GLPI has invested over $2 billion in acquisitions and developments this year, strengthening its position in regional gaming markets and adding significant properties to its portfolio. Notably, in Q3 the company acquired Bally's Kansas City, Bally's Shreveport, and secured land for the highly anticipated Bally’s Chicago casino, bringing the total investment to $1.585 billion. The Chicago development, expected to become a major destination casino resort, will produce annual rent of $20 million.

“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,” said Peter Carlino, Chairman and CEO of GLPI.

GLPI has also supported other developments this year, including a $110 million loan to the Ione Band of Miwok Indians for a casino project near Sacramento, California, and $111 million to fund a land-based replacement for the Belle of Baton Rouge riverboat casino. Further investments include the acquisitions of Silverado Franklin, Deadwood Mountain Grand, Baldini’s Casino, and Tioga Downs, totaling over $280 million.

GLPI’s growth strategy remains focused on “value-enhancing” partnerships and expanding its portfolio through disciplined, opportunistic investments. The firm reported an average yield of 8.4% on its 2024 investments, underscoring its commitment to maximizing shareholder value and providing long-term returns.

“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,” said Carlino. 

As part of its ongoing partnership with Bally’s, GLPI is also contributing to the redevelopment of the 35-acre Las Vegas Strip site left vacant following Tropicana's demolition, which includes plans for a 30,000-seat stadium surrounded by an integrated casino resort facility.