GLPI reports revenue rise in Q2 results

Gaming and Leisure Properties has announced positive financial results for the quarter ended June 30, 2023.

Total revenue was $356.6m, up from the $326.5m recorded in the same period last year. Peter Carlino, chairman and CEO, commented: “Our strong tenant relationships with the industry’s top regional gaming operators and the general resiliency of gaming revenue drove another period of record quarterly results.

“On an operating basis, second quarter total revenue rose 9.2 per cent to $356.6m compared to the second quarter in 2022. Our second quarter financial growth reflects GLPI’s long-term expansion and diversification as a landlord with six tenants with 59 properties across 18 states.

“These include eight new properties added in 2022 and in early 2023 with The Cordish Companies and Bally’s Corporation, which are expected to benefit results in the second half of 2023 and beyond.

“Our opportunistic approach to portfolio expansion and concurrent focus on strong capital returns and yields for our shareholders is highlighted by our second quarter 2023 dividend of $0.72 per share, up from $0.705 per share in the year-ago period.

“Our pipeline of opportunities with both prospective and current tenants is robust and we believe there are near and longer-term cases for GLPI to further support tenants with innovative financing, capital and development structures in an accretive, prudent manner.

“This operating strategy has driven stable, visible growth of our rental cash flows and AFFO for !O years, enabling GLPI to consistently increase capital returns to shareholders through increased quarterly and special cash dividends.”