$298m in quarterly revenue: Gaming and Leisure Properties releases earnings report
Slow but steady growth for the real estate acquisition company.
Gaming and Leisure Properties, Inc. has announced its quarterly and annual results in what has been an active year for the Pennsylvania-based real estate investment company, which specializes in acquiring and disposing of casino properties.
For the three months ending December 31, total revenue was $298.3m, just $2m shy of what it had been for the same period the year before. Adjusted EBITDA was $277m, which exceeded the $264.6m from the same period in 2020.
Annual totals for 2021 exceeded those seen in 2020, though not in a hugely dramatic fashion. While the operation grew, it was of a slow and steady sort: total revenue came to $1.2bn, up from the $1.1bn of 2020. Adjusted EBITDA was $1.09bn as compared to the $1.03bn of the year before.
Peter Calino, Group Chairman and CEO, articulated some of the year’s achievements: “During the fourth quarter, we added a new marquee tenant to our roster of the nation’s leading regional gaming operators; through the completion of new lease and partnership agreements with The Cordish Companies, a preeminent developer of large-scale real estate projects, casinos, hospitality and entertainment districts.”
Calino went on: “We closed the acquisition of the real property assets of Live! Casino & Hotel Maryland (“Maryland Live!”) in a creative manner, by assuming approximately $363m in debt (which has since been repaid) and issuing approximately $200m of operating partnership units.”
Finally, there was the sale of a property in Louisiana: “During the quarter, we also completed the sale of the operations of Hollywood Casino Baton Rouge to Casino Queen and entered into an amended and restated master lease with Casino Queen, which added the Baton Rouge facility to their existing lease for the DraftKings at Casino Queen property in East St. Louis.”
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