February 18, 2021 Sports Betting, Casino, Land-Based

Gaming and Leisure Properties Inc. revenue grows 4% in Q4 2020

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Gaming and Leisure Properties Inc. reported fourth quarter 2020 revenue of $300m, a 4% year-on-year improvement.

The Wyomissing, PA. based real estate investment trust received full rental payments for the quarter. GLPI collected all rent that was due in 2020. Its tenants include Penn National, Boyd Gaming and Caesars Entertainment.

Peter Carlino, Chairman and Chief Executive Officer of GLPI, said, “We ended 2020 with strong fourth quarter results and 2021 started with growing momentum, highlighting our proactive measures to creatively collaborate with our tenants throughout the year while further positioning GLPI as the REIT of choice for leading U.S. gaming operators.”

Adjusted EBITDA for Q4 was $265m, up from $261m over the same quarter a year ago. Quarterly net income was $169m, up 48%, while rental income was $268m, an increase of 7%.

For the entire year of 2020, GLPI recorded total revenue of $1.15bn, on par with 2019 earnings.

GLPI reported 47 of its 48 properties are currently open with safety protocols and capacity constraints.

Carlino said the company made a series of transactions during Q4 including the acquisition from Penn National of land underlying an under-construction gaming facility in Morgantown, PA.; an agreement with Bally’s Corporation to acquire the real estate underlying Dover Downs Hotel & Casino; and completion of an exchange agreement with Caesars to transfer real estate assets of Isle Casino Hotel, Waterloo and Isle Casino Bettendorf in exchange for the real estate of Tropicana Evansville along with cash payment of $5.7m and an annual rent increase of approximately $520,000.

“Our tenants' strength, combined with the sector's only investment-grade balance sheet, position GLPI to consistently grow its cash flows and build value for shareholders in 2021 and beyond. Finally, we intend to resume to all cash dividends this year,” Carlino said.

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