Gaming & Leisure Properties Inc. (GLPI) posted released fourth-quarter results late on February 20. The real estate investment trust, or REIT, generated revenue of $389.6 million, up $20.6 million from the fourth quarter of 2023.
Cash flow at the REIT grew from $331.4 million in the comparable period of 2023 to $354 million. Profits grew slightly, from $217.3 million to $223.6 million. The company announced it would issue a dividend of 76 cents per share, payable March 28.
GLPI also disclosed that Boyd Gaming had exercised its options to renew for multiple GLPI-owned properties and for Belterra Park, in Ohio, in particular. The leases now run through April 29, 2031.
Of the fourth-quarter results, GLPI CEO Peter Carlino said, “We generated record fourth-quarter and full-year 2024 results, reflecting growth across all key financial metrics for both the quarter and full year periods … [Our] financial results reflect GLPI’s recent acquisitions and financing arrangements, contractual escalators and growing base of leading regional gaming operator tenants, which together are expected to drive further growth in 2025 and beyond.”
Describing the transaction and financing climate as “still difficult,” Carlino said that GLPI had nevertheless pulled off a number of sale-leaseback deals. These included the purchases of Bally’s Kansas City and Bally’s Shreveport, both of which will be rented out to former owner Bally’s Corp.
Carlino said those transactions would be accretive to the 2025 balance sheet. He added that they brought GLPI’s fleet of properties to 68 in total. The REIT also enlarged its credit facility from $1.75 billion to $2.1 billion, pushing its debt maturities out to the end of 2028.
“GLPI’s first-hand experience as an operator in the gaming industry, combined with our ability to deliver innovative financing solutions to current and prospective tenants, are significant differentiators that drive our access to and ability to complete transactions,” Carlino concluded.
“GLPI is well positioned,” the CEO said, “to deliver long-term growth based on our gaming-operator relationships, our rights and options to participate in select tenants’ future growth and expansion initiatives, an environment conducive to supporting a healthy pipeline of new agreements, and our ability to structure and fund innovative transactions at competitive rates.”
