WYOMISSING, PA — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) has announced record-breaking financial results for the fourth quarter and full year of 2024, reflecting significant growth fueled by strategic acquisitions, innovative financing structures, and a growing portfolio of leading regional gaming assets.
For the fourth quarter, GLPI posted total revenue of $389.6 million, a 5.6% increase year-over-year, with Adjusted Funds from Operations (AFFO) rising 5.1% to $269.7 million. Full-year revenue reached an all-time high of $1.55 billion, driven by a range of acquisition and financing initiatives completed during the year.
“We generated record fourth quarter and full year 2024 results reflecting growth across all key financial metrics,” said Peter Carlino, Chairman and CEO of GLPI. “Our record results highlight the strength of our tenant partnerships, the success of our recent acquisitions, and the impact of contractual rent escalators, which collectively position us for continued growth in 2025 and beyond.”
Among the company’s 2024 achievements, GLPI completed four major sale-leaseback transactions, including deals for Bally’s Kansas City and Shreveport properties, adding $395 million in real estate assets to its portfolio. These agreements added $32.2 million in annual cash rent under a new “Bally’s Master Lease II” and expanded GLPI’s tenant portfolio to 68 gaming properties across 20 states.
Additionally, GLPI acquired the land for Bally’s upcoming Chicago Casino and finalized a $110 million term loan to support a new casino project near Sacramento, California. The company also increased its revolving credit facility from $1.75 billion to $2.09 billion, extended its maturity to 2028, and issued $1.2 billion in senior unsecured notes to strengthen its balance sheet further.
Reflecting on GLPI’s operational strategy, Carlino emphasized its ability to foster innovation through partnership. “Our first-hand experience as an operator in the gaming industry combined with our ability to deliver innovative financing solutions are significant differentiators,” he said. “Together with a strong balance sheet and disciplined operating strategy, these efforts have created a healthy pipeline of growth opportunities for 2025 and beyond.”
Looking ahead, GLPI reaffirmed its 2025 guidance for AFFO between $1.105 billion and $1.121 billion, or $3.83 to $3.88 per diluted share. The company expects further growth driven by its existing asset base, anticipated project completions, and ongoing transaction opportunities, including its pending acquisition of select assets from Bally’s.
With a robust asset portfolio, strategic vision, and a proven ability to execute deals that drive long-term value, GLPI is well-positioned to achieve sustained financial growth and deliver value to shareholders in 2025 and beyond.
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