GLPI reports net income decrease of 27.1% for Q2 2025, total revenue hits $394.9m

Gaming and Leisure Properties (GLPI) has officially released the figures behind its financial performance for the second quarter of 2025, having witnessed a decrease in net income of 27.1% for a total of nearly $156.2m. 

“Our solid second quarter results reflect GLPI’s recent acquisitions and financing arrangements, contractual escalators and percentage rent adjustments, and our growing base of leading regional gaming operator tenants. These factors contribute to the ongoing predictability of our rental cash flows and dividends, and are expected to drive continued financial growth in the second half of 2025,” GLPI Chairman and CEO Peter Carlino said. 

“In the second half of 2025, GLPI will benefit from sale-leaseback transactions and financing commitments completed in 2024 as well as our activity in the first quarter of 2025. For example, earlier this year GLPI continued its funding of the landside conversion of Bally’s Belle of Baton Rouge Casino with the hotel now open and the project anticipated to be completed in the fourth quarter.”

Despite the fall in net income, total revenue for the second quarter of 2025 increased nearly 3.8% year-over-year for a total of $394.9m, while adjusted EBITDA grew 6.2% from the prior year period to $361.5m. Income from operations also reported a decrease throughout Q2 2025, however, falling 17.5% year-over-year to $242.1m. 

On May 2, 2025, GLPI entered into a new continuous equity offering program under which the company may sell up to an aggregate of $1.25bn of its common stock “from time to time” through a sales agent in “at the market” offerings.

Good to know: GLPI announced the promotion of COO Brandon Moore to the additional role of President on September 30, 2024, having originally joined the company in 2014 as SVP and General Counsel

Income from investment in leases and financing receivables was reported to be just over $47.9m throughout the second quarter of 2025, equating to an increase of 4.2% from the prior year period. Sales type income from GLPI investments accounted for $3.8m of revenue for Q2 2025 – with no record of income for the second quarter of 2024 – while real estate loans generated an additional $3.7m and increased 99.3% year-over-year. 

The loss in net income for Q2 2025 may be attributed to an increase of over $65m in operating expenses reported by GLPI compared to the second quarter of 2024, totaling $152.8m throughout the period. Having received a provision benefit of nearly $3.8m from credit losses in Q2 2024, the operator paid over $53.7m in provisions for Q2 2025. 

Just days prior to reporting its Q2 2025 financial performance, GLPI officially joined the National Association Against iGaming (NAAiG) in hopes of slowing the expansion of online gambling and “protect the foundational infrastructure of the gaming industry.”

The NAAiG is composed of business leaders, labor unions, policymakers and municipalities uniting to “push back” against iGaming expansion. GLPI serves as a real estate investment trust (REIT) and currently owns 68 gaming properties across 20 states in the US. As a REIT, GLPI stated while it does not operate the casinos directly, its success is directly tied to the performance of land-based facilities and the communities surrounding each property.

On July 22, the operator also appointed Carlo Santarelli to SVP of Corporate Strategy and Investor Relations, with the new position going into effect on August 18. Santarelli will work directly with Carlino and GLPI’s senior management to develop and evaluate growth opportunities and strategic relationships as well as oversee investor relations interactions.

Kirk Geller

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