Late on February 19, Gaming & Leisure Properties Inc. (GLPI) declared a fourth-quarter profit of $275.4 million for the fourth quarter and of $850.4 million for the entire year.
Both figures represented substantial increases on their 2024 equivalents. In 2024, GLPI made $223.6 million in its fourth quarter and $807.6 million for the year.
GLPI’s fourth-quarter revenue was $407.8 million and its full-year revenue was just shy of $1.6 billion. Again, both figures were increases from 2024.
Cash flow also widened, reaching $379 million, up from $354 million for the fourth quarter. Yearlong cash flow for 2025 was $1.4 billion, an increase from the prior-year amount.
A dividend of $0.78 per share was declared by the GLPI board on February 18. It will be paid on March 27 to shareholders who are with the company as of March 13. This echoes another $0.78 per share dividend paid last December.
The real estate investment trust (REIT) ended the quarter with a debt-to-cash flow ratio of 4.6 times. CEO Peter Carlino, in a prepared statement, said “this balance sheet positioning allows us to fulfill our financial commitments, without equity, and remain at the low end of our target range.
“We further believe that our tenants’ strength, combined with our balance sheet and liquidity, positions the company to grow cash flows, support dividend growth, and build value for shareholders in 2026 and beyond,” Carlino continued.
Earlier, Carlino had said that the fourth-quarter and annual results for the REIT were its best. “Long-term tenant stability remains the bedrock of our approach to underwriting. To this end, lease coverage across each of our five largest tenants remains strong.”
GLPI’s fourth-quarter transactions included $2.6 billion in new and ongoing development. This included continued funding of Bally’s Chicago, presently under construction. This was followed in early 2026 by the $27 million purchase of the land underneath Cordish Gaming’s Live! Virginia casino in Petersburg, part of a larger, $467 million commitment to the project.
More recently, GLPI bought the physical assets of Bally’s Lincoln, in Rhode Island, for $700 million.
Carlino reiterated a 2027 opening for Bally’s Chicago, to which GLPI is obligated for another $738.4 million. The fourth quarter also saw the opening of Bally’s Baton Rouge, a $111 million project that supplanted the venerable Belle of Baton Rouge riverboat.
