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Gaming and Leisure Properties reports $326.5m in revenue for Q2

Gaming and Leisure Properties (GLPI) has reported $326.5m in revenue for Q2, up from $317.8m for Q2 2021.

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Income from operations rose, too, increasing 12% to $237.1m, while net income was up 13% at $155.8m for Q2.  

Furthermore, the operator posted a year-on-year rise in adjusted EBITDA, reporting $307.6m for the three months ended 30 June, up from $276.2m announced for Q2 2021. 

Although the rise was modest, GLPI’s financial figures are some of the highest the company has achieved.  

Its marginal year-on-year growth follows its recent agreement to acquire two Bally’s properties in Rhode Island – Bally's Twin River Lincoln Casino Resort and Bally’s Tiverton Casino & Hotel – for $1bn. 

GLPI hopes these two pending acquisitions will help it achieve even higher operating results, given both locations are the only two gaming destinations in Rhode Island.  

This acquisition agreement follows GLPI’s purchase of three casinos in Black Hawk, formerly owned by Bally's.  

Chairman and CEO of GLPI, Peter Carlino, said: “GLPI’s record second quarter results and our ongoing momentum highlight the value of our strategic, accretive approach to the expansion and diversification of our portfolio of regional gaming assets managed by leading operators, while carefully commanding our capital structure and cost of capital.  

“We continue to benefit from new and innovative growth opportunities with existing and new tenants, while driving increased capital returns to shareholders in the form of expanding dividends. Given the predictability of our rental revenue streams, we believe the resiliency of our portfolio will [shine through] in the current economic environment.”


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