GLPI reports 7.1% revenue growth for Q3 2024
GLPI completed a $250m acquisition of land for Bally’s planned Chicago casino in September, securing an annual rent of $20m with an 8.0% initial cash yield.
Key points:
– Total revenue reached $385.3m, up 7.1% from Q3 2023
– Adjusted Funds From Operations (AFFO) rose by 6.8% to $268.2m
– Net income for the quarter was $190.1m
Gaming and Leisure Properties (GLPI) reported a 7.1% increase year-on-year in revenue for the third quarter of 2024, with total revenue rising to $385.3m.
This growth was largely driven by property acquisitions and consistent rent escalations across the company’s portfolio.
The company’s Adjusted Funds From Operations (AFFO) for the quarter totalled $268.2m, a 6.8% increase. Meanwhile, net income stood at $190.1m.
In September 2024, GLPI completed a $250m acquisition of the land for Bally’s planned Chicago casino, securing a new annual rent of $20m with an 8.0% initial cash yield.
Earlier in the year, the company entered into a $1.585bn transaction with Bally’s Corporation to acquire the property assets of Bally’s Kansas City Casino and Bally’s Shreveport Casino and Hotel, along with the land under Bally’s Chicago casino site. These deals are expected to generate a blended yield of 8.3%.
GLPI also saw further developments in Rockford, Illinois, finalising a $150m project to expand its portfolio, which accrued a 10% interest rate on the loan.
In the second quarter of 2024, GLPI announced record revenue of $380.6m. This quarter also saw the company enter major property acquisitions with Bally’s, securing favourable long-term lease agreements.
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