Gaming and Leisure Properties reports record full-year revenue
Q4 revenue increased 4.5 per cent year-over-year.
US.- Gaming and Leisure Properties (GLPI) has announced record results for the fourth quarter and year-ended December 31, 2025. Q4 revenue totalled $407m, up 4.5 per cent year-over-year and up from Q3’s $397.6m. Net income was $275.4m, up from $223.6m in the same period in 2024. Adjusted EBITDA was $379m, up from $354m.
For the full year, revenue was $1.59bn, up from $1.53bn in 2024. Net income totalled $850.4m, up from $807.6m. Adjusted EBITDA was $1.46bn, up from $1.37bn. Growth was aided by recent acquisitions and an expanded base of regional gaming operator tenants and tribal relationships.
Peter Carlino, chairman and chief executive officer of GLPI, commented: “Long-term tenant stability remains the bedrock of our approach to underwriting. To this end, lease coverage across each of our five largest tenants remains strong.”
He added: “We kicked off 2026 with the $27m land acquisition for the Live! Virginia Casino & Hotel development, the first stage of the $467m total commitment to The Cordish Companies, and completed the acquisition of the real property assets of Bally’s Twin River Lincoln Casino Resort for $700m, at an 8 per cent cap rate. Post these transactions, our net debt to adjusted EBITDA ratio remains below the low end of our target range.”
He also noted that in Q4, the company provided $201.6m in funding for Bally’s Chicago, leaving $738.4m of investment remaining on its $940m commitment. The project continues to advance towards a 2027 opening. “In addition, the land-based conversion of Bally’s Baton Rouge concluded with a successful grand opening in early December, as we capped off our $111m investment in the period,” Carlino added.
The company has recently acquired the real estate assets of Bally’s Lincoln in Rhode Island from Bally’s Corporation for $700m.
