Gaming and Leisure Properties reports record revenue in Q3
Revenue increased by 3.2 per cent year-over-year.
US.- Gaming and Leisure Properties (GLPI) has announced financial results for the quarter ended September 30. Revenue was a record $397.6m, up 3.2 per cent year-over-year.
According to the company, income from operations was $337.2m compared to $271.4m in the same period in 2024. Net income totalled $248.5m compared to $190.1m. Adjusted EBITDA was $366.4m, up 5.8 per cent.
Peter Carlino, chairman and chief executive officer of GLPI, commented, “Our record third quarter revenue, AFFO, and adjusted EBITDA reflect GLPI’s diversified base of existing tenants and leases as well as recent acquisitions, financing arrangements, and contractual escalators.
“The record results again highlight GLPI’s unique ability to structure complex transactions and create funding solutions for tenants, while prudently managing our balance sheet and capital structure to support further growth. Importantly, our lease coverages remain strong, with each of our five major tenants, which account for approximately 97% of our cash rent, exhibiting rent coverage of over 1.8x on a per tenant basis, as long term tenant stability remains a bedrock of our principles and underwriting approach.
“Our deep knowledge of the gaming sector continues to drive the expansion and diversification of GLPI’s tenant roster, geographic footprint, and rental streams. At the same time, GLPI’s active support of our tenants through innovative transaction structures has proven to be mutually beneficial and our ongoing dialogue with operators continues to support a deep pipeline of transaction opportunities, as we benefit from our role as the REIT of choice in the gaming sector.”
GLPI has acquired the real estate assets of Sunland Park Racetrack & Casino, in Sunland Park, New Mexico. Carlino also noted that construction of Bally’s Chicago has reached significant milestones.
He concluded: “With our pipeline of announced growth opportunities, disciplined approach to portfolio expansion, proven long-term resiliency of our tenants’ revenue streams, and healthy rent coverage ratios, we expect to continue to deliver strong capital returns and yields for our shareholders. Reflecting these factors, our third quarter 2025 dividend per share was $0.78, compared to $0.76 per share in the year-ago period.”
