Gaming and Leisure Properties posts $355.2m in revenue for Q1 2023
The company CEO said recently quarterly results reinforce strategy growth plans for the year.
Gaming and Leisure Properties (GLPI) has published its first quarter 2023 financial results, along with updates for the company’s 2023 full year guidance. The Q1 period ended March 31.
Total Q1 revenue reached $355.2m, up nearly $40m when compared to last year’s corresponding quarter. GLPI’s income from operations and net income for the first quarter totaled $266.8m and $188.7m respectively.
During Q1, the company’s adjusted EBITDA climbed to $323.1m when compared to Q1 2022’s $293.3m total.
GLPI Chairman and CEO Peter Carlino discussed the company’s quarterly results in more detail and noted that the report reflects the group’s continuing growth strategy.
He commented: “Our record first quarter financial results further highlight and reinforce the value of our long-term strategy to expand and diversify our portfolio of regional gaming assets, align with the industry’s top regional gaming operators, and support our tenants with innovative structures in an accretive, prudent manner.”
He went on to add that recent results have led to significant growth and larger capital returns to the group’s shareholders.
Carlino concluded by saying: “This approach has driven predictable growth of our rental cash flows and AFFO (Adjusted Funds From Operators), enabling GLPI to increase its capital returns to shareholders through increased cash dividends.”
In a breakdown of its annual projections for 2023, GPLI has estimated that its AFFO for the year will range between $984m and $997m, the equivalent of between $3.63 and $3.67 per diluted share and OP units.
GLPI recently completed a real estate deal with Bally’s Corporation that included a sale leaseback transaction for Rhode Island’s Bally’s Tiverton Casino & Hotel and for Missouri’s Bally’s Hard Rock Hotel & Casino Biloxi for a total of $635m.
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