Gaming and Leisure Properties revenue increases 63% during Q1 2017

According to the official report, the company's positive result was impacted by three key aspects:

1. Income from rental activities had a favorable variance of USD 0.6M, primarily due to performance at PENN's Hollywood Casino Columbus and Hollywood Casino Toledo.
2. Results from the TRS properties were favorable to guidance by USD 1.0M primarily due to revenue improvements post-flooding at Hollywood Casino Baton Rouge.
3. Corporate expenses were approximately USD 0.9M less than guidance primarily due to lower than anticipated legal expenses.

Chief Executive Officer, Peter M. Carlino, commented, "During the first quarter, we announced that we reached an agreement to acquire the real estate assets of Bally's Casino Tunica and Resorts Casino Tunica for $82.6 million, which we expect to be completed on May 1, 2017.  We are excited to partner with Penn National Gaming on this transaction as these assets will be added to the existing PENN master lease and will produce $9.0 million of incremental annual rent.  We appreciate the expedient review completed by the Mississippi Gaming Commission, which approved the transaction on April 20, 2017.

This acquisition demonstrates our steadfast focus on accretive growth for our shareholders.  Since the beginning of 2016, we have acquired the real estate assets of 17 casinos across 8 states, which generate annual cash rental income of $411.4 million.  We also recently announced an expansion of our Board of Directors with the addition of Earl Shanks and Jim Perry, who bring a wealth of relevant financial and operational experience."

Mr. Carlino continued, "Our first quarter results exceeded expectations largely as the result of out-performance at our managed property, Hollywood Casino Baton Rouge, which grew net revenue by 9% over the prior year, and at the PENN operated Hollywood Casino Toledo and Hollywood Casino Columbus properties."