Gaming and Leisure Properties reports $333.8m in Q3 revenue
Gaming and Leisure Properties (GLPI) has recorded an 11% top-line increase for Q3, prompting the company to update its full year guidance.
In total, GLPI produced $333.8m in revenue for the third quarter, up by more than $30m from the prior-year period.
This in turn contributed to a 52% rise in profitability. The company’s net income increased to $226.2m, up from $149.1m year-on-year.
Similarly, GLPI’s adjusted EBITDA experienced an increase, climbing from $276.7m to $308.8m – a 12% rise. GLPI Chairman and CEO Peter Carlino attributed the company’s results to “disciplined expansion and diversification.”
“The third quarter represented another period of disciplined expansion and diversification of our portfolio of top-performing regional gaming assets, which drove another quarter of record operating results along with strong capital returns and yields for our shareholders,” he said.
Consequently, the company has increased its guidance for the full year 2022. GLPI estimates that it will generate between $918m and $923m, or between $3.52 and $3.54 per diluted share and OP units.
This is up from the guidance that was included with the company’s Q2 results, when it expected to generate between $908m and $920m.
Carlino continued: “GLPI’s record quarterly results and our ongoing momentum highlight the value of our strategic approach to aligning our business with regional gaming’s leading operators while managing the expansion and diversification of our portfolio in an accretive, prudent manner.”
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