Gaming and Leisure Properties (GLPI) has revealed its financial report for Q4 and the year ending 31 December 2021.
Overall, GLPI's total revenue reached $298.3m for Q4, which is fractionally down from $300.2m for the previous year. It achieved $1.22bn for the whole year, which is an improvement from $1.15bn in 2020.
Peter Carlino, GLPI’s Chairman and CEO, commented: “The fourth quarter of 2021 was an active and productive period for GLPI, marked by strong operating results and increased dividends; as we continue to leverage our deep knowledge of the gaming sector to drive long-term growth while actively managing our tenant relationships, financing activities and capital structure.”
Some recent achievements in 2021 have seen the sale of the operations for Hollywood Casino Baton Rouge to Casino Queen for $28.2m, meaning a pre-tax gain of $6.8m.
GLPI will continue to own the property and have entered into an amended lease with Casino Queen, which also includes DraftKings at the Casino Queen property in East St. Louis as well as the HCBR facility for an annual rent of $21.4m. In addition, GLPI received a one-off cash payment of $4m to cover the outstanding loan to Casino Queen.
In December 2021, GLPI agreed on the acquisition of the property assets of Maryland Live!, Live! Casino and Hotel Philadelphia, and Live! Casino Pittsburgh. This included the long-term ground leases from affiliates of Cordish for $1.81bn; creating a long-term partnership on future Cordish casino developments as well as possible financing partnerships between GLPI and Cordish in other areas of Cordish’s real estate and operating businesses.
Earlier in April 2021, GLPI formally acquired the real estate assets of Bally’s casino properties in Rock Island, Illinois and Black Hawk, Colorado for a total of $150m. Through this agreement, Bally’s has given GLPI first refusal rights to fund the property acquisition or development project costs connected with all possible future transactions in Michigan, Maryland, Virginia and New York.
Carlino continued: “Looking forward, we believe GLPI is well-positioned to deliver long-term growth based on our relationships with the nation’s most esteemed regional gaming operators, our rights and options to participate in select tenants’ future growth and expansion initiatives, and our ability to structure and fund transactions at attractive rates.
"Taken together, these factors support our confidence that the company is well-positioned to extend its long-term record of shareholder value creation.”