Gaming and Leisure Properties reports $356.6m in Q2 2023 revenue

July 28, 2023
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The company CEO said its results reflect a strong position for continued expansion.

Gaming and Leisure Properties (GLPI) has published its second quarter 2023 financial results, along with updates for the company’s 2023 full year guidance. Total revenue for the quarter increased by 9.2%.

During the second quarter, revenue reached $356.6m, up nearly $30m when compared to last year’s corresponding quarter. GLPI’s income from operations and net income in Q2 totaled $238.3m and $160.1m respectively.

During Q2, GLPI’s adjusted EBITDA reached $325.5m when compared to last year's $307.6m total.

GLPI Chairman and CEO Peter Carlino discussed the company’s quarterly results in more detail and how the report reflects GLPI’s continuing growth strategy.

He commented: “Our strong tenant relationships with the industry’s top regional gaming operators and the general resiliency of gaming revenue drove another period of record quarterly results. 

“Our second quarter financial growth reflects GLPI’s long-term expansion and diversification as a landlord with six tenants with 59 properties across 18 states, including eight new properties added in 2022 and in early 2023 with The Cordish Companies and Bally's Corporation, which are expected to benefit results in the second half of 2023 and beyond.”

He went on to discuss the company’s plans for the rest of the year and said the group is positioned well for future growth.

Carlino said in conclusion, “We expect to deliver continued record results over the balance of 2023 reflecting our recent portfolio expansions, recently completed transactions and contractual rent escalators.

“Our disciplined capital investment approach, combined with our focus on stable and resilient regional gaming markets, supports our confidence that the company is well positioned to further grow our cash dividend and drive long-term shareholder value.”


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