GLPI announces record Q3 2024 revenue of $385.3m
Early in the third quarter of 2024, GLPI announced a $1.585bn transaction with Bally’s for the development of properties in Kansas City and Shreveport.
Key Points
- Revenue rose by 7.1% year-over-year while net income was reported to be $190.1m for Q3 2024
- Adjusted EBITDA also managed to increase by 5.9% from the prior year period for a total of $346.4m during Q3 2024
Gaming and Leisure Properties (GLPI) has announced the company’s third quarter financial results for 2024, including a record revenue of $385.3m generated throughout the period. The total represents a 7.1% year-over-year increase and highlights GLPI’s property portfolio growth and rent escalations.
“GLPI’s expansion and growth momentum continues unabated with strong third quarter financial results reflecting the consistent performance of our legacy tenant portfolio and the addition of two additional tenants earlier this year,” GLPI Chairman and CEO Peter Carlino said.
“During the quarter we also set the course for continued mid- and long-term growth through the actualization of several significant accretive transactions with Bally’s which we expect will benefit comparisons in the fourth quarter and beyond.”
Net income increased slightly from the third quarter of 2023, reported to be $190.1 during Q3 2024. Adjusted EBITDA managed to increase by 5.9% year-over-year for a total of $346.4m during the third quarter of 2024.
On July 12, Bally’s Corporation signed a binding term sheet with GLPI to secure $2.07bn in funding for its ongoing Bally’s Chicago permanent casino and tower development.
Good to know: GLPI announced the promotion of current COO, Brandon Moore, to the additional role of President on September 30
Carlino spoke on further transactions that impacted Q3 2024 results, having said, “Early in the third quarter we announced a $1.585bn transaction with Bally’s that reflects our proven, value enhancing strategy of working with our tenants to structure transactions that efficiently create and fund growth opportunities.
“Through these transactions, GLPI adds three more assets to our existing portfolio with the addition of Bally’s Kansas City Casino and Bally’s Shreveport Casino & Hotel, and the exciting greenfield development of Bally’s permanent facility in Chicago. Last month, we completed the $250m acquisition of the land on which Bally’s Chicago casino will be constructed.”
Total operating expenses for the third quarter of 2024 were reported to be just under $113.9m, an increase of 24.8% year-over-year.
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