Deep knowledge of gaming sector continues to drive expansion
Gaming and Leisure Properties has announced record results for the quarter ended September 30, 2025 with revenue rising 3.2 per cent year over year to $397.6m, cash revenue increasing by 5.8 per cent to $375.7m and Adjusted EBITDA increasing by 5.8 per cent.
Peter Carlino, Chairman and Chief Executive Officer of Gaming and Leisure Properties, commented: “Our record third quarter revenue, AFFO, and Adjusted EBITDA reflect GLPI’s diversified base of existing tenants and leases as well as recent acquisitions, financing arrangements, and contractual escalators. The record results again highlight GLPI’s unique ability to structure complex transactions and create funding solutions for tenants, while prudently managing our balance sheet and capital structure to support further growth. Importantly, our lease coverages remain strong, with each of our five major tenants, which account for approximately 97 per cent of our cash rent, exhibiting rent coverage of over 1.8x on a per tenant basis, as long-term tenant stability remains a bedrock of our principles and underwriting approach.”
“Our deep knowledge of the gaming sector continues to drive the expansion and diversification of GLPI’s tenant roster, geographic footprint, and rental streams. At the same time, GLPI’s active support of our tenants through innovative transaction structures has proven to be mutually beneficial and our ongoing dialogue with operators continues to support a deep pipeline of transaction opportunities, as we benefit from our role as the REIT of choice in the gaming sector.
“In August, our long-term relationship with PENN Entertainment resulted in $130m of funding for the relocation of Hollywood Casino Joliet, for which GLPI earns a 7.75 per cent cap rate. The Joliet funding is the first of the original four funding agreements with PENN, each of which are expected to be completed by mid-2026. PENN’s new M Resort hotel tower, scheduled to open December 1, will be the second completed development of PENN’s project pipeline. For the M Resort development, PENN anticipates accessing $150m in funding from GLPI in the fourth quarter of 2025 at a 7.79 per cent capitalization rate. In addition, GLPI will also provide up to $225m, at a 7.75 per cent cap rate, for PENN’s Aurora, Illinois re-location project, and has committed to funding the new hotel in Columbus, Ohio if requested by PENN. Both of these projects are expected to open in the first half of 2026. Lastly, in April, PENN announced its intention to relocate its Ameristar Casino Hotel Council Bluffs riverboat casino, for which GLPI has committed up to $150m or the hard costs associated with the relocation project, whichever is greater, at a 7.1 per cent cap rate, which can be structured, at the discretion of PENN, as rent, or as a 5-year term loan.
“GLPI remains active in identifying additional opportunities in tribal gaming, where tribes can benefit from our unique funding structures, similar to the value our leading regional gaming operator tenants derive from our relationships. Our 2024 funding agreement for the Ione Band of Miwok Indians’ Acorn Ridge Casino development near Sacramento, California, marked a first-of-its-kind financing agreement between a federally recognized tribe and a real estate investment trust. During the third quarter, GLPI announced a $225 million commitment to serve as the lead real estate financing partner for Caesars Republic Sonoma County, a new, integrated resort situated in the heart of Sonoma wine country. Caesars Entertainment, Inc. and the Dry Creek Rancheria Band of Pomo Indians broke ground on the 4+ star resort in August. When completed, the resort will feature a premier gaming experience, with 1,000 slot machines and 28 table games, a 100-room hotel, four restaurants, three bars, a luxury spa, pool, and fitness center. GLPI is initially serving as a lender to the project, with a term loan B commitment of $45 million, with a variable yield (SOFR +900 bps), and a delayed draw term loan of $180 million, priced at a fixed rate of 12.50%. We are delighted to establish this new relationship with Dry Creek Rancheria.
“Subsequent to quarter end, GLPI acquired the real estate assets of Sunland Park Racetrack & Casino, in Sunland Park, New Mexico, in a transaction that is immediately accretive to AFFO per share. The transaction expands GLPI’s relationship with Strategic Gaming Management, LLC, an acquisitive operator of domestic, regional casino assets, and adds a fourth asset to Strategic Gaming’s existing triple-net master lease agreements with GLPI.
“Construction of Bally’s permanent gaming and entertainment destination resort in downtown Chicago has reached several significant milestones. The project will bring an iconic, world-class entertainment destination to the nation’s third-largest metropolitan area. GLPI’s $1.19bn investment, inclusive of the $250m acquisition of the site in 2024, again demonstrates our commitment to supporting our tenants’ growth through innovative projects that deliver long-term shareholder value.
“In addition, earlier this week, Gaming and Leisure Properties furthered its partnership with The Cordish Companies through an agreement with a joint venture of affiliates of The Cordish Companies and Bruce Smith Enterprise. GLPI will acquire land, valued at $27m, and fund $440m of hard costs associated with the development of Live! Casino & Hotel Virginia.”
The post Gaming and Leisure Properties reports record third quarter appeared first on G3 Newswire.
Deep knowledge of gaming sector continues to drive expansion Gaming and Leisure Properties has announced record results for the quarter ended September 30, 2025 with revenue rising 3.2 per cent year over year to $397.6m, cash revenue increasing by 5.8 per cent to $375.7m and Adjusted EBITDA increasing by 5.8 per cent. Peter Carlino, Chairman…
The post Gaming and Leisure Properties reports record third quarter appeared first on G3 Newswire.