Gaming and Leisure Properties posted revenue of $394.4 million in the second quarter, compared to $380.6 million in the same quarter of 2024, a 3.8% increase.
Adjusted funds from operations were $276.1 million, a 4.4% increase compared to the same period in 2024, and Adjusted EBITA was up 6.2% to $361.5 million.
“Our solid second quarter results reflect GLPI’s recent acquisitions and financing arrangements, contractual escalators and percentage rent adjustments, and our growing base of leading regional gaming operator tenants,” GLPI Chairman and CEO Peter Carlino said in a statement. “These factors contribute to the ongoing predictability of our rental cash flows and dividends, and are expected to drive continued financial growth in the second half of 2025.”
Income from operations for second quarter dropped to $242.1 million from $293.4 million in 2024. Net income also decreased, from $214.4 million in 2024 to $156.2 million in this quarter,
Carlino noted that GLPI also funded the landside conversion of Bally’s Belle of Baton Rouge Casino in Louisiana, with the hotel now open and the project anticipated to be completed in the fourth quarter. The landside conversion provides the asset with “an attractive runway for growth on par with similar recent conversions across the industry,” Carlino noted.
In July, the DraftKings at Casino Queen and the Queen Baton Rouge properties were transferred to Bally’s Master Lease II and the $28.9 million in annual rental income will be reallocated to the new lease, which includes a guarantee from several Bally’s entities to replace the corporate guarantee for this lease.
“The Bally’s assets in our portfolio are performing very well resulting in strong four-wall coverage from these properties,” Carlino said.
Carlino added that GLPI will benefit from a five-year extension with Boyd Gaming of their Master Lease and the Belterra Park Lease completed earlier in 2025.
GLPI also funded $25.8 million, as of June 30, for the Ione Band of Miwok Indians’ Acorn Ridge Casino development near Sacramento, California.
“GLPI has committed to Ione a $110 million delayed draw term loan facility, which has a 5-year term and an 11% interest rate,” Carlino said. “GLPI remains active in identifying additional opportunities in tribal gaming where partnerships can benefit from our unique funding structures, similar to the value our leading regional gaming operator tenants derive from our relationships.”
GLPI also agreed to fund, at Penn Entertainment’s discretion, construction improvements at Ameristar Casino Council Bluffs in Iowa. GLPI will continue to own the Ameristar Casino Council Bluffs land and, in the event that GLPI funds the construction of the improvements rather than providing a loan, the entire land-based development.
The company submitted applications for three available downstate casinos to the New York Gaming Facility Location Board. GLPI is providing financial support for two projects, one located at Brooklyn’s Coney Island, and the second in the Bronx at Bally’s Links golf course project in Ferry Point. If either project is awarded a license, according to Carlino, GLPI agreed to provide funding for certain hard costs.
In Las Vegas, GLPI controls 35-acre parcel of land, 26 acres of which will remain for development after the dedication of nine acres for the site of Major League Baseball’s new Athletics’ stadium.
“Bally’s is continuing to work with its design professionals to finalize plans for an integrated casino adjacent to the new stadium,” Carlino said. “We intend to remain disciplined as the integrated resort planning process unfolds and we will then determine how much, if any, additional funding we may provide to support the construction of the integrated resort.”
Bally’s closed Thursday at $47.15 on the Nasdaq, up $0.02, or 0.04%.
