GLPI Q1 revenue up to $376m
Operator sees fall in net income from 2023 comparable but generates revenue growth.
After the first quarter of the 2024 fiscal year completed on March 31, Gaming and Leisure Properties GLPI) has reported its financial results. Through the first three months of this year, the company has generated a revenue figure of $376m, a rise from the $355.2m it reported at the end of Q1 in 2023.
The opeartor’s net income, however, was $188.7m at the end of Q1 in 2023, but dropped to $179.5m for Q1 of this year. In common shares, these figures reflect $0.70 per share and $0.64 per share respectively.
“In 2023 we completed over $1.1bn of transactions, including over $760.0m of traditional real estate acquisitions and $337.5 million of loan funding commitments. The overall 2023 transaction value – despite a still challenged market environment – reflects our creativity in crafting comprehensive financing solutions for our tenant partners,” Chairman and CEO of GLPI Peter Carlino said.
“Our 2023 portfolio additions and recently completed transactions combined with contractual rent escalators and a strong balance sheet, set the stage for continued financial growth in the balance of 2024 and beyond.”
One of these additions included the February acquisition of Tioga Downs Casino Resort’s real estate assets from American Racing & Entertainment for $175m, with more about the purchase being found here.
“Consistent with our focus on working with the nation’s best gaming operators and strict adherence to risk management policies, we further expanded our footprint and portfolio in the first quarter through the acquisition of the real estate assets of Tioga Downs Casino Resort in Nichols, NY from American Racing & Entertainment, LLC,” Carlino said.
GLPI also expects to complete a separate development project based in Rockford, IL by the end of September 2024. The project comes with a $150m commitment, $54m of which has been funded as of Mar. 31.
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