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NEWS 13 February 2019

Gaming and Leisure Properties 2018 revenue up; net income falls

By Tim Poole

Gaming and Leisure Properties has announced a 9% year-on-year revenue increase to $1.05bn for 2018.

However, net income for the full year fell 11% to $339.5m, while funds from operations dropped 3% to $465.4m.

Adjusted funds from operations did rise 2% to $683.6m, while adjusted EBITDA also increased 5% to $926.6m.

During Q4, total revenue grew 26% to $303.3m, with adjusted EBITDA going up 17% to $258m.

But net income more than halved to $45.9m and funds from operations dropped 18% to $97.4m, even though adjusted funds from operations increased by 10% to $181.6m.

Gaming and Leisure Properties CEO, Peter M. Carlino, said: "The fourth quarter of 2018 once again demonstrated the strength and consistency of our operating model as we generated record revenues for the fourth quarter and full year. 

"Throughout 2019, we will remain focused on identifying and pursuing portfolio enhancing accretive transactions and prudently managing our balance sheet and capital structure."

RELATED TAGS: Financial
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