Gaming and Leisure Properties generates record fourth quarter and full year results

Gaming and Leisure Properties generated record fourth quarter and full year 2024 results reflecting growth across all key financial metrics for both the quarter and full year periods. On an operating basis, fourth quarter total revenue rose 5.6 per cent year over year to $389.6m while AFFO grew 5.1 per cent to $269.7m.

Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented: “Our record fourth quarter and full year financial results reflect GLPI’s recent acquisitions and financing arrangements, contractual escalators and growing base of leading regional gaming operator tenants, which together are expected to drive further growth in 2025 and beyond.

“Importantly, notwithstanding the still difficult transaction and financing environment, in 2024 GLPI successfully partnered with both new and existing tenants for four sale-leaseback transactions, as well as several financing commitments.   During the fourth quarter, GLPI completed the sale-leaseback transactions for Bally’s properties in Kansas City and Shreveport, which will be accretive to our 2025 financial results. This transaction was structured at an attractive cap rate, expands our partnership with Bally’s and grew our tenant portfolio which now includes 68 high-quality regional gaming assets.  

“GLPI’s near- and long-term success and growth highlights our focus on maintaining balance sheet strength, our access to equity capital, our ability to manage leverage and a commitment to partnering with and supporting our tenants through innovative financing structures that benefit both parties.   During the fourth quarter, the Company amended its credit agreement which increased the revolver capacity to $2.09 billion from $1.75 billion and extended its maturity to December 2028. Reflecting our disciplined operating strategy, a hallmark of the Company since our formation eleven years ago, and excluding the original transaction with PENN Entertainment, we have executed over $12 billion of gaming real estate related transactions, adding over $900 million of annual rent or financing revenue to our portfolio, at attractive and accretive average multiples.   Notably, our work in 2024 also resulted a healthy pipeline of growth opportunities for 2025 and beyond based on our ability to serve as a growth financing source for current and potential new tenants.

“GLPI’s first-hand experience as an operator in the gaming industry combined with our ability to deliver innovative financing solutions to current and prospective tenants are significant differentiators that drive our access to and ability to complete transactions. Our 2024 portfolio additions and recently completed transactions combined with contractual rent escalators and a strong balance sheet, set the stage for continued financial growth in 2025. GLPI is well positioned to deliver long-term growth based on our gaming operator relationships, our rights and options to participate in select tenants’ future growth and expansion initiatives, an environment conducive to supporting a healthy pipeline of new agreements, and our ability to structure and fund innovative transactions at competitive rates. Our tenants’ strength, combined with our balance sheet and liquidity, position the Company to grow cash flows, raise dividends and build value for shareholders in 2025 and beyond.”

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​Gaming and Leisure Properties generated record fourth quarter and full year 2024 results reflecting growth across all key financial metrics for both the quarter and full year periods. On an operating basis, fourth quarter total revenue rose 5.6 per cent year over year to $389.6m while AFFO grew 5.1 per cent to $269.7m. Peter Carlino,…
The post Gaming and Leisure Properties generates record fourth quarter and full year results appeared first on G3 Newswire.