Gaming and Leisure Properties reports record revenue for Q2
The firm has reported revenue of $326.5m for the quarter.
US.- Gaming and Leisure Properties (GLPI) has reported record second quarter revenues of $326.5m, up from $317.8m in Q2 2021. As of June 30, the company’s portfolio consisted of interests in 57 gaming and related facilities.
Peter Carlino, chairman and chief executive officer of GLPI, said: “GLPI’s record second quarter results and our ongoing momentum highlight the value of our strategic, accretive approach to the expansion and diversification of our portfolio of top-performing regional gaming assets managed by leading operators, while carefully managing our capital structure and cost of capital.
“We continue to benefit from new and innovative growth opportunities with existing and new tenants, while driving increased capital returns to shareholders in the form of growing dividends. Given the predictability of our rental revenue streams, we believe the resiliency of our portfolio will be highlighted in the current economic environment.
He explained that the second quarter growth initiatives include the completion of the acquisition of the land and real estate assets of Bally’s Corporation’s three casinos in Black Hawk, CO and Bally’s Quad Cities Casino & Hotel in Rock Island, Illinois, for $150m.
In June, the firm agreed to acquire the real estate of Bally’s two Rhode Island casino properties – Bally’s Twin River Lincoln Casino Resort and Bally’s Tiverton Casino & Hotel – for $1bn.
Gaming and Leisure Properties completes Live! Casino Maryland acquisition
In March, Gaming and Leisure Properties completed the purchase of the Live! Casino and Hotel Maryland from The Cordish Companies for $1.14bn.
In addition to the acquisition of the land and real estate assets of Live! Maryland, GLPI entered into a future-oriented partnership deal with The Cordish Companies that would facilitate casino developments and financing in other areas of operation from the portfolio of the real estate and entertainment group.
