April 28, 2023 2 min read


GLPI Q1 Results Highlight the Success of Its Diversification Strategy

The company’s long-term strategy to expand and diversify its portfolio is proving to be a resounding success

Gaming and Leisure Properties (GLPI) has published its financial results for the first quarter of the year. The company recorded favorable results with metrics increasing across the board.

As reported by GLPI, the total company revenue increased by 12.7% year-on-year to $355 million. Its income from operations, meanwhile, skyrocketed from $199.8 million in Q1 2022 to $266.8 million in Q1 2023.

The company’s total net income for the period was $188.7 million, representing a stellar 55% increase. The company also recorded adjusted EBITDA of $323.1 million, which translates into a 10% YOY rise.

Adjusted Funds from Operations (AFFO) for the period sat at $248.6 million. The company updated its guidance, saying that it expects AFFO of between $984 million and $997 million for the year ending December 31.

The company also said that it paid its first quarter dividend of $0.72 per share to shareholders as well as a profit dividend of $0.25 per share related to the sale of its Tropicana Las Vegas property.

The first quarter of the year was a time of busy activity for the company. In January, the company called for redemption of its $500 million, 5.375% Senior Notes – a move it completed by February 12.

In January, GLPI also completed the $635 million sale-leaseback of Bally’s Tiverton and Hard Rock Hotel & Casino Biloxi from Bally’s Corporation. The two properties were added to the existing master lease with Bally’s. That same month, GLPI completed a new master lease with PENN Entertainment.

CEO Carlino Praised the Results

Peter Carlino, GLPI’s chair and CEO, commented on the Q1 results, praising the value of his team’s long-term strategy to expand and diversify the company portfolio. He also said that the Q1 growth reflects GLPI’s expansion and diversification into a landlord with 6 tenants with 59 properties across 18 states. Eight of these properties, Carlino noted, were added in 2022 and early 2023.

The CEO said that his team hopes to generate record results in 2023 and continue the ongoing expansion and diversification of its portfolio.

Our disciplined capital investment approach, combined with our focus on stable regional gaming markets, supports our confidence that the Company is well positioned to further grow our cash dividend and drive long-term shareholder value.

Peter Carlino, CEO, GLPI

In February, the company published its Q4 2022 results, once again highlighting the durability of its robust rental streams.


Although Fiona doesn't have a long-spanning background within the gambling industry, she is an incredibly skilled journalist who has built a strong interest in the constantly growing iGaming network. The team at GamblingNews.com is glad to have her on our roster to help deliver the best stories as soon as they hit. Aside from writing, she loves to dabble in online casino games such as slots and roulette, both for her own enjoyment and also as research to better improve her understanding of the industry.

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