GLPI posts record revenue despite profit decline
Gaming and Leisure Properties reported record third-quarter revenue of $435.4 million, up 9.5% year over year, while net income declined as operating expenses increased. The casino real estate investment trust released its results on October 29 for the quarter ended September 30.
Net income fell to $213.8 million from $248.5 million a year earlier. The quarterly filing attributed the decrease primarily to higher operating expenses, including a larger provision for credit losses, partly offset by increased revenue. Net income per diluted common share declined to $0.71 from $0.85.
Adjusted funds from operations increased to $311.7 million from $282.0 million, while adjusted EBITDA rose to $413.9 million from $366.4 million. AFFO per share reached $1.04, compared with $0.97 in the corresponding quarter of 2025.
“Our third quarter was another record for revenue, AFFO and Adjusted EBITDA,” Chairman and CEO Peter Carlino said. He attributed the performance to GLPI’s long-term lease model, contractual rent increases, and transaction structuring, while expressing confidence in the durability of regional gaming rents.
Property portfolio and development commitments expand
GLPI primarily acquires, finances, and owns real estate leased to gaming operators. Under its triple-net arrangements, tenants generally pay maintenance, insurance, property taxes, and utilities in addition to rent. The company also makes real estate loans that can generate fixed or variable returns and may convert into rental arrangements.
At September 30, its portfolio included interests in 71 gaming and related facilities. Its tenant relationships included PENN Entertainment, Caesars Entertainment, Boyd Gaming, Bally’s, and The Cordish Companies. The filing also identified development projects associated with Bally’s in Chicago and Cordish and Bruce Smith Enterprise in Petersburg, Virginia.
The results announcement detailed a proposed joint venture with Prologis to redevelop the former Hollywood Casino Joliet site. GLPI plans to contribute land in phases, with Prologis managing development. The proposed warehouse and distribution park remains subject to municipal review and approval; it is not a completed development.
GLPI also reported completing its $225 million funding commitment for PENN’s Hollywood Casino and Hotel Aurora landside project in June. Its third-quarter common dividend was $0.82 per share, paid on September 25 to shareholders of record on September 11.
