During Q3, GLPI posted $359.6m in total revenue, reflecting a more than $25m increase when compared to results from last year’s third quarter.
Net income from operations reached $268.3m during the third quarter. The company posted a third-quarter net income of $189.3m.
GLPI adjusted EBITDA grew by nearly $20m during Q3 to reach $327.1m.
Company Chairman and CEO Peter Carlino took a moment to discuss the latest quarterly report and said that real estate expansion last year was a contributing factor to the growth GLPI experienced during this year’s third quarter.
He commented, "The merits of our strategy to work with the industry’s leading operators and support their current and future initiatives, while expanding and diversifying our tenant roster in an accretive manner, was evident again in our record third quarter results.
“Our third quarter and year-to-date financial growth reflects GLPI’s stable base of gaming operator tenants and benefited from ten properties added in 2022 and in the nine-month period ended September 30, 2023, which we expect will continue to benefit comparisons in the balance of 2023 and beyond.”
He went on to add that the company is confident it can maintain this trend moving forward.
Carlino said in closing, “With our opportunistic approach to portfolio expansion, the proven long-term resiliency of our tenants’ revenue streams, and comfortable rent coverage ratios across our portfolio, we expect to continue to deliver strong capital returns and yields for our shareholders.”
