First quarter results for Gaming and Leisure Properties, Inc. revealed
A conference call discussing the financial results will be held on April 29
Revealed on April 29, the first quarter results for Gaming and Leisure Properties (GLPI) showed an increase in total revenue from $301.5m in 2021 to $315.0m in 2022. However, there was a decrease in income from operations, only by a small margin.
Net income was also down in 2022 with the company posting $121.7m this year compared to $127.2m the year before. Adjusted Funds From Operations or AFFO, was up to $218.6m versus $195.7m in 2021.
AFFO is funds from operations but excludes stock-based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts.
Peter Carlino, Chairman and Chief Executive Officer of GLPI, said: “Our solid first quarter financial results reflect our ongoing initiatives to expand the Company’s high-quality, top-performing regional gaming portfolio managed by the industry’s leading operators.”
He continued: “In this regard, during Q1 we completed the acquisition of the land and real estate assets of Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh from The Cordish Companies (“Cordish”), one of the nation’s most capable developers of large-scale experiential real estate projects, casinos, hospitality and entertainment districts.”
The company began the second quarter with the completion of the announced acquisition from Bally’s Corporation. GLPI will acquire the land and real estate assets of Bally’s three casinos in Black Hawk, CO along with Bally’s Quad Cities Casino & Hotel in Rock Island, IL, for total consideration of $150m.
Bally’s will acquire both GLPI’s non-land real estate assets and Penn National Gaming, Inc.’s equity interests in Tropicana Las Vegas Hotel and Casino, Inc.
On February 24, 2022, Gaming and Leisure Properties Board of Directors declared the first quarter dividend of $0.69 per common share, which was paid on March 25, 2022 to shareholders of record on March 11, 2022.
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
