Gaming and Leisure Properties reports 5.6% revenue growth in Q4 2024
Gaming and Leisure Properties (GLPI) has recorded growth in its latest quarterly and full-year financial results, driven by property acquisitions and lease expansions.
Key points:
– Q4 2024 revenue rose 5.6% year-on-year to $389.6m, while full-year revenue increased by 6.3% to $1.53bn
– Adjusted Funds From Operations (AFFO) climbed 5.1% to $269.7m in Q4 2024, with full-year AFFO up 5.4% at $1.06bn
– The operator finalised multiple sale-leaseback transactions, including properties from Bally’s and a $110m loan agreement for a new casino development
Gaming and Leisure Properties (GLPI) has reported a 5.6% year-on-year increase in total revenue for the fourth quarter of 2024, reaching $389.6m.
Net income for the period rose by 2.9% to $223.6m, reflecting higher lease revenues from new property acquisitions. Adjusted EBITDA for the quarter climbed 7% to $354m.
For the full year, GLPI’s total revenue reached $1.53bn, a 6.3% increase. Net income also rose by 6.9% to $807.6m, with adjusted EBITDA increasing by 5.1% to $1.37bn.
Key business developments
GLPI’s financial growth in 2024 was largely driven by strategic acquisitions and financing arrangements. In December, the company completed the $395m purchase of Bally’s Kansas City and Bally’s Shreveport properties, securing a new lease agreement with an initial annual rent of $32.2m.
Additionally, the company expanded its credit agreement, increasing revolver capacity to $2.09bn from $1.75bn and extended its maturity to December 2028. This adjustment provides further liquidity to support growth initiatives.
GLPI also entered a $110m loan agreement with the Ione Band of Miwok Indians to fund a new casino development in California. This loan carries an 11% interest rate, with an option for the tribe to convert it into a long-term lease.
Looking ahead and past developments
For 2025, GLPI projects Adjusted Funds From Operations (AFFO) to range between $1.105bn and $1.121bn, reflecting continued growth from recent transactions. The company also announced a first-quarter dividend of $0.76 per share, payable on March 28, 2025.
In Q3 2024, GLPI reported a 7.1% revenue increase to $385.3m, driven by rental escalations and property acquisitions. The company also finalised a $250m acquisition of land for Bally’s planned Chicago casino, securing an annual rent of $20m with an 8.0% initial cash yield.
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