GLPI announces $380.6m in total revenue for Q2 2024
The company entered into a $1.585bn transaction with Bally’s on July 12 to acquire the property assets of Bally’s Kansas City Casino and Bally’s Shreveport Casino and Hotel.
Gaming and Leisure Properties (GLPI) has reported the company’s financial results for the second quarter of 2024, seeing record results and increases during the period.
Total revenue for Q2 2024 was $380.6m, an increase from the $356.6m amount generated during the second quarter of 2023. Net income for the company was reported at $214.4m, a 33.9% increase year-over-year.
Adjusted EBITDA also increased, seeing a slight raise from the $325.5m amount reported during the second quarter or 2023 to $340.4m for Q2 2024.
On July 12, the company announced that it entered into a binding term sheet with Bally’s to acquire the real property assets of Bally’s Kansas City Casino and Bally’s Shreveport Casino and Hotel as well as the land under Bally’s planned permanent Chicago casino site.
GLPI will also fund the construction of certain real property improvements of the Bally’s Chicago Casino Resort, with the transaction reported to cost a total of approximately $1.585bn.
The company committed to provide up to $111m of funding for a renovation project to The Belle in Baton Rouge, Louisiana for its tenant Queen Casino and Entertainment.
“GLPI again delivered record financial results in the 2024 second quarter as we continued to leverage our consistent cash flow generation and benefit from our unmatched roster of the gaming industry’s leading operators,” GLPI Chairman and CEO Peter Carlino said.
“Our 2024 announced transactions bring GLPI’s total year-to-date investment activity up to $1.98bn at an attractive blended yield of 8.4%. GLPI’s disciplined capital investment approach, combined with our focus on stable and resilient regional gaming markets, supports our confidence that the company is well positioned to further grow our cash dividend and drive long-term shareholder value.”
The company estimates Adjusted Funds From Operations (AFFO) for the year ending December 31, 2024 will be between $1.054bn and $1.059bn.
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