WYOMISSING, PA — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI), a leader in gaming property investment and management, has reported a strong performance for the third quarter of 2024, underscoring the company’s strategic expansion and financial robustness. The quarter saw a remarkable 7.1% increase in total revenue, reaching $385.3 million, along with a 6.8% growth in Adjusted Funds From Operations (AFFO), a testament to the company’s disciplined approach to growth and capital management.
Peter Carlino, Chairman and CEO of GLPI, highlighted the company’s strategic initiatives, stating, “GLPI’s expansion and growth momentum continues unabated with strong third quarter financial results reflecting the consistent performance of our legacy tenant portfolio and the addition of two additional tenants earlier this year.” He further emphasized the significance of recent transactions with Bally’s, which are poised to enhance future financial comparisons.
In a noteworthy move, GLPI completed a $1.585 billion transaction with Bally’s Corporation, which includes the acquisition of Bally’s Kansas City Casino, Bally’s Shreveport Casino & Hotel, and the development of Bally’s permanent Chicago facility. The acquisition of the Chicago land was finalized with a $250 million purchase, setting the stage for a transformative casino resort expected to become a central entertainment hub in Chicago.
GLPI also announced several strategic transactions aimed at long-term growth, including a $110 million delayed draw term loan for a new casino development near Sacramento, California, and the completion of a development project in Rockford, Illinois. These ventures align with GLPI’s strategy to work closely with major operators, leveraging its expertise in gaming real estate to drive shareholder value.
The company’s strategic focus on stable regional gaming markets and the resilience of its tenants’ revenue streams continue to support its impressive dividend growth, with a Q3 2024 dividend of $0.76 per share, up from $0.73 per share in the previous year.
With nearly $2 billion in investment activity at a blended yield of 8.4% in 2024, GLPI remains a preferred partner for gaming operators, showcasing its unparalleled industry expertise and strong financial standing. As the company advances its growth strategy, it is well-positioned to continue delivering strong capital returns and enhancing shareholder value in the years to come.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.