October 28, 2022 3 min read

GLPI Posts Strong Q3 Results, Boosts Guidance

Gaming and Leisure Properties (GLPI), a real estate investment trust focused on real property assets for gaming operators, has published its Q3 2022 results. The company recorded slightly higher revenues and a significant profitability increase.

A Profitable Quarter for GLPI

In Q3 2022, GLPI’s revenues increased to $333.8 million, which represents an 11% year-on-year increase. As a result, the company’s net income significantly increased. Profitability skyrocketed by a whopping 52% on the prior-year period, with Q3 net income sitting at $226.2 million.

Meanwhile, the real estate firm also recorded a noticeable EBITDA rise. In Q3 2021, the company posted an EBITDA of $276.6 million, which has now been surpassed by an EBITDA of $308.8 million for Q3 2022.

The Q3 results immediately affected the company’s guidance, with GLPI now expecting between $918 million and $923 million by the end of the year. Furthermore, the firm expects a price share of between $3.52 and $3.54 per diluted share.

The guidance shows that GLPI is more optimistic about its performance than it was during the earlier quarter. In Q2 2022, the company forecasted annual revenue of between $908 million and $920 million.

The Better Metrics Are a Result of GLPI’s Strategy

Peter Carlino, chairman and chief executive of Gaming and Leisure Properties praised the results and the improved guidance, saying that they are the result of the company’s disciplined expansion efforts. He noted that the diversification of the company’s portfolio of top-performing regional gaming assets was the key to driving another quarter of record-breaking operating results.

Carlino is happy that the company’s efforts have yielded strong capital returns and have benefited GLPI’s shareholders. He concluded that the company’s satisfactory quarterly results continue its ongoing momentum and highlight the value of its strategic approach.

Since our formation almost nine years ago, GLPI has grown from being a landlord with one tenant and 19 properties to a landlord with six tenants with 57 properties across 17 states as we have significantly diversified our tenant base with the industry’s premier operators.

Peter Carlino, CEO and chair, GLPI

According to Carlino, GLPI’s ongoing goal is to align its business with leading regional operators while managing the expansion and diversification of its own portfolio. Earlier this month, for example, GLPI announced a new master lease for seven of Penn Entertainment’s properties. During Q3, GLPI also completed a transaction where Bally’s Corporation acquired GLPI’s non-land real estate assets and PENN Entertainment’s equity interests in Tropicana Las Vegas Hotel and Casino. Following this transaction, Bally’s entered into a 50-year ground lease with GLPI.

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