GLPI posts 7.1% revenue rise in Q3, boosts dividend
The Essentials at a Glance
- Gaming & Leisure Properties (GLPI) reported revenue of USD 385.3 million in the third quarter of 2024 – an increase of 7.1% compared to the previous year.
- The company invested over USD 2 billion in strategic acquisitions and developments, including Bally’s Kansas City, Bally’s Shreveport, and land for Bally’s Chicago.
- The dividend was increased from USD 0.73 to USD 0.76 per share.
- GLPI focuses on value-enhancing partnerships and disciplined investments to create long-term shareholder value.
Strategic Acquisitions Drive Growth
Gaming & Leisure Properties (GLPI) achieved remarkable financial results in the third quarter of 2024. The company, which operates as a Real Estate Investment Trust (REIT), saw its revenue increase to USD 385.3 million, representing a 7.1% rise compared to the previous year. This positive development is primarily attributed to strategic acquisitions and investments in regional gaming markets.
Key acquisitions in 2024 include Bally’s Kansas City and Bally’s Shreveport. Additionally, GLPI secured land for the construction of the highly anticipated Bally’s Chicago, a planned casino resort that is expected to generate USD 20 million in annual rental income. In total, the company’s investments this year amount to USD 1.585 billion.
Focus on Value-Enhancing Partnerships
GLPI pursues a clear growth strategy centered around value-enhancing partnerships and disciplined investments. The company achieved an average return of 8.4% on its investments this year. This strategy aims to maximize long-term shareholder value and ensure a stable dividend.
Peter Carlino, Chairman and CEO of GLPI, emphasized, “Our disciplined capital investment strategy and close relationships with leading operators in the industry strengthen our confidence that the company is well-positioned to enhance shareholder value over the long term and continue increasing our dividend.”
Further Investments and Projects
In addition to acquisitions, GLPI has supported several significant projects. This includes a USD 110 million loan to the Ione Band of Miwok Indians for the construction of a casino near Sacramento, California. The company also provided USD 111 million for the construction of a land-based alternative to the Belle of Baton Rouge riverboat casino.
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Further investments totaling over USD 280 million include the acquisition of Tioga Downs, Baldini’s Casino, Deadwood Mountain Grand, and Silverado Franklin. With these actions, GLPI strengthens its presence in key regional gaming markets.
Expansion in Las Vegas
In collaboration with Bally’s, GLPI also plans to redevelop a 35-acre site on the Las Vegas Strip, previously occupied by the Tropicana. The plan includes building a 30,000-seat stadium integrated into a casino resort. This project will further expand GLPI’s market presence and significantly strengthen the company’s portfolio.
Our Assessment
With its strategic acquisitions and investments, GLPI is focusing on sustainable growth in regional gaming markets. The dividend increase and strong financial performance in the third quarter of 2024 demonstrate that the company is well-positioned to create long-term value for its shareholders. Notably, the planned developments in Chicago and Las Vegas could provide GLPI with additional revenue streams in the coming years. For investors seeking stable returns and long-term growth, GLPI remains an attractive option.
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