Gaming and leisure properties net revenue grows 63% over Q1 2017

ng and Leisure Properties (GLP) have announced huge growth in revenue of 63% for the first quarter of 2017.

The real estate investment company revealed yesterday that it had generated $242.7m for Q1 2017, compared to last year’s $148.8m.

Adjusted EBITDA for the period came to $219m, growing 93.5% from Q1 2016, and the company reported $23.4m of unrestricted cash with $4.6bn total debt.

Chief Executive Officer, Peter M. Carlino, said: “Our first quarter results exceeded expectations largely as the result of out-performance at our managed property, Hollywood Casino Baton Rouge, which grew net revenue by 9% over the prior year, and at the PENN operated Hollywood Casino Toledo and Hollywood Casino Columbus properties.”

GLP have also announced new agreements to acquire the real estate assets of Bally’s Casino Tunica and Resorts Casino Tunica for $82.6m, which they expect to be completed on 1 May, 2017.

GLP owns over 4,300 acres of land and approximately 15 million square feet of building space, which was 100% occupied as of 31 March, 2017. At the end of the first quarter of 2017, the company owned the real estate associated with 36 casino facilities.