GLPI Reports Record Revenue and Profit Growth in 2024
Key Takeaways
Gaming and Leisure Properties (GLPI) has released its financial figures for 2024, achieving record results. Total revenue increased by 6.3% to over USD 1.5 billion, while the company generated USD 389.6 million in the fourth quarter – a 5.6% increase compared to the previous year.
Strong Financial Performance and Growing Partnerships
GLPI increased its net income for 2024 by 6.9% to USD 807.6 million. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) grew by 5.1% to nearly USD 1.4 billion. The company attributes this growth to strategic acquisitions, financing agreements, and long-term lease contracts with leading regional gaming operators.
CEO Peter Carlino emphasized that recent acquisitions and lease agreements will further drive GLPI’s growth. Notably, four sale-leaseback transactions, including the sale and leaseback of Bally’s properties in Kansas City and Shreveport, strengthened the partnership with Bally’s and expanded the portfolio to 68 regional gaming locations.
Main Revenue Source: Rental Income
The majority of revenue comes from rental payments. In the fourth quarter of 2024, rental income amounted to nearly USD 334 million, while for the entire year, it totaled USD 1.33 billion. Despite operating expenses of USD 81.4 million in the fourth quarter and USD 400.9 million for the full year, the company increased its operating income by 4.4% to USD 308.2 million in the fourth quarter and USD 1.13 billion for the entire year.
Outlook for 2025
For 2025, GLPI has raised its forecasts. The company expects adjusted funds from operations (AFFO) between USD 1.105 billion and USD 1.121 billion, equivalent to USD 3.83 to USD 3.88 per share. With a growing real estate portfolio and stable financial performance, GLPI sees itself well-positioned for continued growth in the gaming real estate sector.
Our Assessment
GLPI demonstrates strong financial performance and focuses on long-term partnerships with established gaming operators. The sale-leaseback strategy enables continuous expansion, while stable rental income ensures predictable earnings. The increased forecast for 2025 suggests that GLPI remains on a growth trajectory.
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