Dramatic increases in revenue and profits were posted April 23 by Gaming & Leisure Properties Inc. (GLPI). The real estate investment trust (REIT) also widened its cash flow in the first quarter of 2026.
Revenue leapt from $395.2 million in the first quarter to $420 million, a 6.3 percent increase, while profits jumped from $170.4 million to $239.4 million over that same period. Cash flow went from $360.1 million to $393 million.
Although GLPI leadership previously expected a 2028 opening of $2 billion Bally’s Chicago, CEO Peter Carlino changed that outlook in a prepared statement. He said the megaresort was “remaining on schedule for a 2027 opening. So far, GLPI has financed $299.6 million of a $940 million commitment to Bally’s.
“Looking ahead, the pipeline remains robust, with nearly $1.8 billion of commitments left to fund, and we expect to remain at or near the low end of the target leverage range, as we execute on our pipeline,” Carlino continued.
GLPI ended the quarter with debt equivalent to five times cash flow. Carlino stated that this was at the lower end of the range with which the REIT was comfortable.
