GLPI posts $395.2 million in revenue for Q1 2025 as it widens gaming property portfolio

Gaming and Leisure Properties posted record financial results for the first quarter of 2025, reporting total revenue of $395.2 million, a 5.1% increase from the same period last year. The company also saw Adjusted Funds from Operations (AFFO) rise to $272 million, up 5.2%, while Adjusted EBITDA climbed 8% year-on-year to $360.1 million.

Income from operations reached $258.8 million, slightly ahead of the $257.6 million recorded in Q1 2024. Net income for the quarter was $170.4 million, down from $179.5 million a year earlier. Despite the dip in net income, GLPI reported growth across key operational and financial metrics, including a rise in AFFO per share to $0.96, compared to $0.92 in the prior year.

Chairman and CEO Peter Carlino highlighted the company's strategic focus on partnering with leading regional gaming operators and expanding its portfolio of gaming properties.

"Our record first quarter revenue, AFFO and Adjusted EBITDA highlight our long-term focus on aligning with the industry’s top regional gaming operators, expanding and diversifying our portfolio of gaming assets, and supporting tenants with creative, comprehensive financing solutions, resulting in consistent predictability and growth of our rental cash flows and dividends," Carlino said.

During the quarter, GLPI continued its funding of Bally’s Belle of Baton Rouge Casino’s landside conversion project, which remains on track for completion later this year. The company also finalized a five-year extension of both the Master Lease and the Belterra Park Lease with Boyd Gaming.

Further expansion efforts included an agreement with Penn Entertainment to fund up to $150 million in construction improvements at Ameristar Casino Council Bluffs.

Additionally, GLPI reported progress on a partnership with the Ione Band of Miwok Indians, providing $18.4 million toward the development of the Acorn Ridge Casino near Sacramento. Under the agreement, GLPI has committed to a $110 million delayed draw term loan facility over five years.

Construction is also underway on Bally’s permanent casino and entertainment destination in Chicago, supported by GLPI’s financing and development expertise. The new resort will feature approximately 3,300 slot machines, more than 170 table games, a 500-room hotel tower, a theater seating 3,000, multiple dining venues, and a two-acre public park along the riverfront.

During the quarter, GLPI redeemed its $850 million 5.250% senior unsecured notes ahead of their June 2025 maturity. As of March 31, 2025, GLPI’s portfolio consisted of interests in 68 gaming and related facilities across 20 U.S. states.

The company raised its AFFO guidance for the full year, now projecting between $1.109 billion and $1.118 billion. GLPI stated that its updated outlook does not account for any future acquisitions, market activity, or other transactions beyond its current commitments.

Carlino expressed confidence in GLPI’s growth trajectory, citing resilient tenant revenue streams, expanding relationships with major gaming operators, and a pipeline of new projects.