GLPI Q1 2020 Earnings Report
Key Takeaways
Gaming and Leisure Properties, Inc. reported financial results for the quarter ended March 31, 2020. The company has taken measures to bolster its balance sheet and enhance liquidity due to the COVID-19 outbreak, which has impacted tenants' operations and the national economy. All of GLPI's tenant's properties were closed in mid-March and their re-openings are subject to factors outside of the Company's control.
Collected cash rent in full for the month of April from all tenants other than Casino Queen, with whom a deferred rent agreement is being negotiated.
Acquired the real property associated with the Tropicana Las Vegas from Penn National Gaming, Inc. in exchange for rent credits of $307.5 million.
Granted PENN the exclusive right until December 31, 2020 to purchase the operations of the Company's Hollywood Casino Perryville for $31.1 million.
Fully drew down revolving credit facility, including borrowing just over $530.0 million to provide additional near-term liquidity.
GLPI
GLPI
GLPI Revenue by Segment
Forward Guidance
Given the unprecedented impact of COVID-19 on the current operating environment, the need to have a clearer understanding of the interruption to property operations and the undetermined re-opening timeline, the Company withdrew its 2020 guidance on March 23, 2020.
Revenue & Expenses
Visualization of income flow from segment revenue to net income