GLPI records Q1 2025 revenue of $395.2m, adjusted EBITDA of $360.1m

Gaming and Leisure Properties (GLPI) has released the figures behind its financial performance during Q1 2025, including an increase in both total revenue and adjusted EBITDA, having generated over $395.2m of revenue throughout the period. 

While the total revenue figure represents an increase of 5.1% from the prior year period, net income witnessed a decrease of 5.1% year-over-year during the first quarter of 2025 for a total of $170.4m. The company’s adjusted EBITDA throughout the period was reported to be $360.1m for Q1 2025, equating to an increase of 8% year-over-year. 

“Our solid first quarter financial results reflect GLPI’s recent acquisitions and financing arrangements, contractual escalators and growing base of leading regional gaming operator tenants, which together are expected to drive growth throughout 2025,” GLPI Chairman and CEO Peter Carlino said. 

“Importantly, notwithstanding the difficult transaction and financing environment, in 2024 GLPI successfully partnered with both new and existing tenants for four sale-leaseback transactions, as well as several financing commitments. Our activity continued in the first quarter of 2025 including GLPI’s continued funding of the landside conversion of Bally’s Belle of Baton Rouge Casino.”

The Bally’s Baton Rouge project is expected to be completed during the fourth quarter of 2025, while GLPI also extended its Master Lease and Belterra Park Lease with Boyd Gaming for five additional years. GLPI agreed to fund, at Penn Entertainment’s discretion, up to $150m of construction improvements at Ameristar Casino in Council Bluffs, Iowa to open a new Hollywood Casino property, where GLPI will own the entire land-based development should Penn access the financing.

Good to know: On December 17, Bally’s confirmed the previously announced sale lease-back of Bally’s Kansas City and Bally’s Shreveport to GLPI, valued at $395m in the aggregate 

Rental income represented the vast majority of GLPI revenue throughout the first quarter of 2025, generating $340.3m for an increase of 2.9% from the prior year period. Over $87.4m of this revenue was produced from GLPI’s amended Master Lease with Pinnacle Entertainment, while nearly $71.5m stemmed from the company’s Master Lease with Penn. 

Penn Entertainment holds an additional Master Lease with GLPI formed during 2023 which generated $59.7m of the rental income reported throughout the first quarter of 2025. 

GLPI’s operating expenses also witnessed a slight increase from the prior year period to $258.8m during Q1 2025, rising by just over $1.2m from the total reported for the first quarter of 2024. The fall in net income may be attributed to a near $11m rise in interest expense, having costed GLPI almost $97.3m throughout the first quarter of 2025. 

As of March 31, 2025, GLPI’s portfolio consisted of interests in 68 gaming and related facilities, including those overseen by Penn Entertainment, Boyd Gaming, Caesars Entertainment and Bally’s Corporation, among others.

Kirk Geller

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