GLPI sets quarterly and yearly records in revenue with $389.6m during Q4 2024, $1.5bn for FY2024
The company also managed to see increases in net income and adjusted EBITDA throughout the periods, reflecting recent acquisitions and financing arrangements.
Key Points
- GLPI Chairman and CEO Peter Carlino spoke on the record-breaking results, stating that the figures reflect growth across “all key financial metrics”
- GLPI reported over $81.4m in operating expenses throughout Q4 2024, but operating income still increased by nearly 4.4% year-over-year to be $308.2m
Gaming and Leisure Properties has reported its financial results for the fourth quarter of 2024, as well as the full year (FY), having set new records in revenue with $389.6m having been generated during Q4 2024, and over $1.5bn for FY2024.
The figure generated during the fourth quarter of 2024 represents an increase of 5.6% year-over-year, while total revenue during FY2024 grew by 6.3% from the prior year period. Net income and adjusted EBITDA increased by 6.9% and 5.1% year-over-year, respectively, for reported totals of $807.6m and nearly $1.4bn during FY2024.
“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,” GLPI Chairman and CEO Peter Carlino said.
Amended Penn Lease
Penn Master Lease 2023
Amended Pinnacle Master Lease
Bally’s Master Lease
Boyd Master Lease
“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.”
Good to know: Bally’s confirmed the previously announced sale lease-back of Bally’s Kansas City and Bally’s Shreveport to Gaming and Leisure Properties on December 17, 2024
Net income during the fourth quarter of 2024 was reported to be $223.6m, representing an increase of 2.9% from the prior year period. Income from operations increased by 4.4% year-over-year for a total of $308.2m, while adjusted EBITDA grew by 6.8% to be $354m during Q4 2024.
The vast majority of revenue for GLPI was generated from rental income, which represented nearly $334m of the total revenue reported during Q4 2024 and $1.33bn of the revenue produced during FY2024.
Despite reporting over $81.4m in operating expenses throughout Q4 2024, GLPI still managed to increase its operating income by 4.4% year-over-year for a total of $308.2m. Operating expenses during FY2024 was reported to be $400.9m, while operating income grew by over $60m from the prior year period to be $1.13bn throughout the period.
As a result of the positive results throughout 2024, GLPI raised its 2025 guidance to estimate between $1.105bn and $1.121bn in adjusted funds from operations (AFFO), or between $3.83 and $3.88 per diluted share.
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