Gaming and Leisure Properties Inc. (GLPI), the Pennsylvania-based real estate investment trust that specializes in casino properties, has released its Q3 2021 earnings report showing that, while total revenue has gone down year-over-year, by most other metrics, income for the group has gone up.
Total third quarter revenue was at $298.7m, slightly lower than the $307.6m that GLPI saw in the same quarter of 2020. Despite that dip, by other metrics things were up for GLPI: income from operations was up year-over-year to $225.1m from $200.7m; net income was up to $149.1m from $127.1m; adjusted funds from operations were up to $207.2m from $194.6m; and adjusted EBITDA was up $276.7m from $265.2m.
GLPI chairman and CEO, Peter Carlino, struck an upbeat tone when discussing the report: “The strong earnings growth GLPI achieved in the first half of 2021 continued with another period of consistent earnings in the third quarter. Our third quarter net income and AFFO exceeded the comparable period in 2020 by 17.3% and 6.4%, respectively, demonstrating our ability to consistently build value by working creatively and collaboratively with existing tenants through the pandemic, while establishing new relationships with leading regional gaming operators.”
The report also highlighted other developments that affected the company through the quarter. On July 1, it sold its Hollywood Casino Perryville to Penn National Gaming for a cool $31.1m in cash.
GPLI was also able to announce the expansion of its partnership with Bally’s Corporation to acquire real estate assets at a number of Bally’s properties in Illinois and Colorado for $150m.
GLPI is looking forward to continued growth into the final quarter of the year. The report happily noted that, as of October 28, all 50 of GLPI’s properties were open to the public.
