GLPI grows revenue, but profits decline
The Pennsylvania-based real estate investment trust said Thursday the revenue from properties it leases back to casino operators — primarily Penn National Gaming — increased 4.6 percent. Revenue from casinos GLPI manages through a subsidiary fell 5.9 percent. The company's net income was $45.9 million in the quarter that ended June 30, a decline of 2.3 percent. Earnings per share declined 3.7 percent to 38 cents per share.
GLPI is buying the real estate associated with 14 casinos operated by Pinnacle Entertainment for $4.75 billion and will lease the properties back to the company. The transaction is expected to be completed early next year.
GLPI Chairman and CEO Peter Carlino said closing the Pinnacle transaction is the company's top priority. However, he said nothing prevents the company from finding other gaming industry real estate purchases, "as long as it wouldn't significantly hurt the timing" of closing the Pinnacle merger.
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