Gaming & Leisure Properties, Inc., posted first-quarter revenues of $376 million today, up six percent. Its profit went to $179.5 million, compared to $188.7 million in early 2023.
Cash flow improved from the first quarter of last year, coming in at $333.4 million, compared to 2023’s $323 million. Profit was 64 cents per share.
In a statement accompanying the post-closing earnings release, GLPI CEO Peter Carlino said, “GLPI’s consistent cash-flow generation, based on our work with the industry’s leading operators, led to record first-quarter results across key financial metrics when excluding the non-cash impact of a nearly $29 million year-over-year change in our reserve for credit losses, net.”
Carlino credited GLPI’s casino tenants for financial stability. He also said the positive results were reflected in last month’s $.76-per-share dividend.
The CEO called the recent acquisition of Tioga Downs Casino Resort in New York state, “consistent with our focus on working with the nation’s best gaming operators and strict adherence to risk-management policies.”
Reflecting on Tioga Downs’ 30-year lease with GLPI, he said, “We look forward to a long-term partnership with American Racing and our initiatives to further expand our portfolio remain active in the current environment, as our reputation as the gaming landlord of choice is strengthened, reflecting our deep long-term knowledge of the sector.”
Concluded Carlino, “Our disciplined capital-investment approach, combined with our focus on stable and resilient regional gaming markets, supports our confidence that the company is well positioned to further grow our cash dividend and drive long-term shareholder value.”
Revenue and cash-flow guidance remained unchanged. Adjusted funds from operations projections were revised to $1,042 million to $1,055 million for the year. This is a slight upward adjustment from the $1,041 million to $1,050 million previously modeled.
