Gaming and Leisure Properties shows revenue increase of 12.8% for Q4 2022

GLPI also had a successful FY2022, generating $1.3bn; an 8.2% annual increase.

Gaming and Leisure Properties (GLPI) has released its financial results for Q4 2022 as well as its full financial year highlights. Total revenue increased by 12.8% to generate $336.4m for the final quarter of 2022.

Income from operations stood at $275.5, a 34.8% year-over-year increase, and its net income also improved, jumping from $119.6m in Q4 2021 to $199.6m – a 66.9% rise. Adjusted funds from operations came in at $239.1m, a 16.5% incline from the fourth quarter of 2021.

Adjusted EBITDA results were also encouraging for GLPI, rising by 12.5% to generate $312m. Its net income per diluted share was $0.75, another improvement from its Q4 2021 result of $0.50 per diluted share.

FY2022 results also made for a positive showing. The company reported a revenue of $1.3bn, up by 8.2% from the $1.2bn generated in FY2021. Its adjusted EBITDA also demonstrated improvement year-over-year, increasing by 22% to hit $1.2bn.

GLPI CEO and Chairman Peter Carlino commented: “We ended 2022 with record fourth-quarter results and increased dividends as our deep, long-term knowledge of the gaming sector has allowed us to continually expand and diversify our tenant base, geographic footprint and rental streams.

“During the fourth quarter, we continued to successfully and aggressively execute our long-term strategy to grow rental cash flows while prudently funding our ongoing growth and dividend increases.

“Early in the quarter, we announced an agreement to establish a new master lease for seven Penn Entertainment, including a funding option to allow PENN to pursue attractive growth opportunities in several of its existing markets including Illinois, Ohio and Nevada.”

GLPI’s strong showing for both Q4 and FY2022 can be attributed to several factors. On January 3, 2023, the company finalized its acquisition of the real property assets of Bally’s Tiverton and Bally’s Biloxi for $635m.

Robert Collins

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