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Jun 30, 2021
GLPI Q2 2021 Earnings Report
Announced record financial results for the second quarter of 2021.
Key Takeaways
Gaming and Leisure Properties, Inc. reported record second quarter results, highlighting the resilience of regional gaming markets and the company's high-quality tenant roster. The company capitalized on growth opportunities and returned capital to shareholders through stock and cash dividends.
All of GLPI's 50 properties are open to the public.
Expanded relationship with Bally's Corporation to acquire real estate assets of Bally's casino properties in Rock Island, Illinois and Black Hawk, Colorado for $150 million.
Bally's agreed to acquire both GLPI’s non-land real estate assets and Penn National Gaming, Inc.’s outstanding equity interests in Tropicana Las Vegas Hotel and Casino, Inc. for $150 million.
Penn exercised its option to acquire the operations of Hollywood Casino Perryville for $31.1 million in cash.
Forward Guidance
GLPI expects to continue to invest in existing and new tenant relationships by sourcing portfolio enhancing, accretive growth opportunities, which will extend its long track record of value creation for shareholders.
Positive Outlook
- GLPI remains well positioned to deliver record results.
- Further expand and diversify portfolio.
- Benefit from the continued strength in regional gaming markets.
- Full rent escalators were achieved with respect to the Amended Pinnacle Master Lease, the Boyd Master Lease and the Belterra Park Lease, which increased annualized rent by $6.1 million.
- Expect to achieve a full rent escalation with respect to the Penn Master Lease in the fourth quarter that would increase annualized rent by $5.6 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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