Gaming and Leisure Properties has announced total revenue of $315m for the quarter ended 31 March 2022, an increase of 4% year-on-year.
The real estate investment trust has also posted a 10% increase in adjusted EBITDA, rising from $266.6m for Q1 of last year to $293.3m for the first quarter of 2022.
However, the company’s net income is lower this time around ($121.7m) compared to Q1 2021, where the figure stood at $127.2m.
Gaming and Leisure Properties attributes this lower figure to several acquisitions of land and real estate assets, including two properties from the Cordish Companies; Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh.
This is made clearer given Q1 2022 total income from operations was relatively stable at $199.8m, down just $300,000 year-on-year.
On these results, Peter Carlino, Chairman and CEO of Gaming and Leisure Properties, said: “Our solid first-quarter financial results reflect our ongoing initiatives to expand the company’s high-quality, top-performing regional gaming portfolio managed by the industry’s leading operators.
“In this regard, during Q1 we completed the acquisition of the land and real estate assets of Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh from The Cordish Companies, one of the nation’s most capable developers of large-scale experiential real estate projects, casinos, hospitality and entertainment districts.
He added: “We began the second quarter with the completion of the previously announced acquisition from Bally’s Corporation of the land and real estate assets of their three casinos in Black Hawk, Colorado as well as Bally’s Quad Cities Casino & Hotel in Rock Island, Illinois, and added these properties to the existing Bally’s master lease.
“We are pleased to broaden our relationship with Bally’s and expand our presence in Black Hawk, one of the nation’s fastest-growing regional gaming markets.”