• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
PublishDashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI employees
    Legal
    Terms of usePrivacy policyCookie policy

    Gaming and Leisure Properties Reports Record Second Quarter 2024 Results and Increases 2024 Full Year Guidance

    7/25/24 4:34:35 PM ET
    $BALY
    $BYD
    $CZR
    $GLPI
    Hotels/Resorts
    Consumer Discretionary
    Hotels/Resorts
    Consumer Discretionary
    Get the next $BALY alert in real time by email

    WYOMISSING, Pa., July 25, 2024 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) ("GLPI" or the "Company") today announced financial results for the quarter ended June 30, 2024.

    Financial Highlights

      Three Months Ended June 30,
    (in millions, except per share data) 2024 2023
    Total Revenue $380.6 $356.6
    Income from Operations $293.4 $238.3
    Net Income $214.4 $160.1
    FFO(1) (4) $279.2 $225.4
    AFFO(2) (4) $264.4 $250.4
    Adjusted EBITDA(3) (4) $340.4 $325.5
    Net income, per diluted common share and OP units(4) $0.77 $0.59
    FFO, per diluted common share and OP units(4) $1.00 $0.83
    AFFO, per diluted common share and OP units(4) $0.94 $0.92
           

    ________________________________

    (1)  Funds from Operations ("FFO") is net income, excluding (gains) or losses from dispositions of property, net of tax and real estate depreciation as defined by NAREIT.

    (2) Adjusted Funds From Operations ("AFFO") is FFO, excluding, as applicable to the particular period, stock based compensation expense; the amortization of debt issuance costs, bond premiums and original issuance discounts; other depreciation; amortization of land rights; accretion on investment in leases, financing receivables; non-cash adjustments to financing lease liabilities; property transfer tax recoveries and impairment charges; straight-line rent adjustments; losses on debt extinguishment; and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures.

    (3)  Adjusted EBITDA is net income, excluding, as applicable to the particular period, interest, net; income tax expense; real estate depreciation; other depreciation; (gains) or losses from dispositions of property, net of tax; stock based compensation expense, straight-line rent adjustments, amortization of land rights, accretion on investment in leases, financing receivables; non-cash adjustments to financing lease liabilities; property transfer tax recoveries and impairment charges; losses on debt extinguishment and provision (benefit) for credit losses, net.

    (4)  Metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of non-controlling interests.

    Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, "GLPI again delivered record financial results in the 2024 second quarter as we continued to leverage our consistent cash flow generation and benefit from our unmatched roster of the gaming industry's leading operators. Second quarter total revenue rose 6.7% year over year to $380.6 million and AFFO grew 5.6% as we benefited from the growth of our property portfolio and rent escalations along with our discipline around liquidity and our capital structure. Furthermore, our consistent successes in building our tenant base clearly demonstrate our opportunistic approach to portfolio expansion as well as our ability to work with existing tenants to find exciting new ways to expand our close relationships. As we look to the balance of 2024, we expect to continue to deliver on our promise to shareholders to be a strong steward of their investment capital.

    "During the quarter and more recently, we again demonstrated our ability to pursue innovative avenues to create value for shareholders. First, we agreed to fund and oversee a landside development project and hotel renovation of the Belle of Baton Rouge for our tenant Casino Queen which follows on the success of our earlier agreement to fund their landside move of The Queen Baton Rouge.

    "Earlier this month, we announced a $1.585 billion transaction with Bally's that we believe is a clear win-win for both the Company and for Bally's. Despite the volatile interest rate environment and challenging transaction environment which have combined to limit larger deals, our team structured an innovative, multi-faceted series of transactions that is expected to deliver an 8.3% blended initial cash yield to GLPI with conservative rent coverage. We would add two very attractive assets to our existing portfolio of 65 assets across 20 jurisdictions with the addition of Bally's Kansas City and Bally's Shreveport while participating in the very exciting greenfield development of Bally's Chicago located in the heart of one of the country's three largest cities. Furthermore, we've favorably amended the terms of our option to acquire Bally's Lincoln by the end of 2026. We value our ongoing partnership with the team at Bally's and are delighted to continue working with them to support the development and construction of a flagship asset on a very attractive site on the North Branch of the Chicago River in downtown Chicago.

    "Our 2024 announced transactions bring GLPI's total year-to-date investment activity up to $1.98 billion at an attractive blended yield of 8.4%. GLPI's disciplined capital investment approach, combined with our focus on stable and resilient regional gaming markets, supports our confidence that the Company is well positioned to further grow our cash dividend and drive long-term shareholder value. We remain confident on the long-term health of the casino gaming industry and believe our unmatched gaming industry and real estate expertise and strong balance sheet position GLPI as a development funding and real estate partner of choice for operators of all sizes."

    Recent Developments

    • Subsequent to June 30, 2024, the Company sold 2.9 million shares of its common stock under the Company's 2022 at the market program which raised net proceeds of $139.4 million.

    • On July 12, 2024, the Company announced that it entered into a binding term sheet with Bally's Corporation (NYSE:BALY) ("Bally's") pursuant to which the Company intends to acquire the real property assets of Bally's Kansas City Casino and Bally's Shreveport Casino & Hotel as well as the land under Bally's planned permanent Chicago casino site, and fund the construction of certain real property improvements of the Bally's Chicago Casino Resort, for aggregate consideration of approximately $1.585 billion. In addition to the development funding of hard costs, the Company also intends to acquire the Chicago land for approximately $250 million before development begins. The transaction would represent a blended 8.3% initial cash yield. Further, GLPI secured adjustments to the purchase price and related cap rate related to the existing, previously announced, contingent purchase option for Bally's Lincoln gaming facility, as well as the addition of a right for GLPI to call the asset beginning in October 2026. The updated purchase price for Bally's Lincoln is $735 million at an 8.0% cap rate.

    • On June 3, 2024, the Company announced an agreement to fund and oversee a landside move and hotel renovation of the Belle of Baton Rouge ("The Belle") in Baton Rouge, LA for its tenant The Queen Casino and Entertainment Inc. ("Casino Queen"). GLPI has committed to provide up to approximately $111 million of funding for the project, which is expected to be completed by September 2025. The casino will continue to operate for the construction period except while gaming equipment is being moved to the new facility. GLPI will own the new facility and Casino Queen will pay an incremental rental yield of 9.0% on the development funding beginning a year from the initial disbursement of funds, which occurred on May 30, 2024.

    • On May 16, 2024, the Company acquired the real estate assets of the Silverado Franklin Hotel & Gaming Complex, the Deadwood Mountain Grand casino, and Baldini's Casino, for $105.0 million. Simultaneous with the acquisition, GLPI and affiliates of Strategic Gaming Management, LLC ("Strategic") entered into two cross-defaulted triple-net lease agreements, each for an initial 25-year term with two ten-year renewal periods. GLPI also provided $5 million in capital improvement proceeds at the closing of the transactions for capital improvements for a total investment of $110 million. The initial aggregate annual cash rent for the new leases is $9.2 million, inclusive of capital improvement funding, and rent is subject to a fixed 2.0% annual escalation beginning in year three of the lease and a CPI based annual escalation beginning in year 11 of the lease, of the greater of 2.0% or CPI capped at 2.5%.

    • During the first half of 2024, the Company funded an additional $53 million on the $150 million commitment for a development project in Rockford, Illinois that is expected to be completed in late August 2024. As of June 30, 2024, $93 million of the $150 million commitment has been funded which accrues interest at 10%.

    • On February 6, 2024, the Company acquired the real estate assets of Tioga Downs Casino Resort ("Tioga Downs") in Nichols, NY from American Racing & Entertainment, LLC ("American Racing") for $175.0 million. Simultaneous with the acquisition, an affiliate of GLPI and American Racing entered into a triple-net lease agreement for an initial 30-year term. The initial rent is $14.5 million and is subject to annual fixed escalations of 1.75% beginning with the first anniversary which increases to 2% beginning in year fifteen of the lease through the remainder of the initial term.

    Dividends

    On May 20, 2024, the Company announced that its Board of Directors declared a second quarter dividend of $0.76 per share on the Company's common stock that was paid on June 21, 2024, to shareholders of record on June 7, 2024.

    2024 Guidance

    Reflecting recent acquisition activity, the Company is increasing its AFFO guidance for the full year 2024 based on the following assumptions and other factors:

    • The guidance does not include the impact on operating results from any possible future acquisitions or dispositions, future capital markets activity, or other future non-recurring transactions.
    • The guidance assumes there will be no material changes in applicable legislation, regulatory environment, world events, including weather, public health, recent consumer trends, economic conditions, oil prices, competitive landscape or other circumstances beyond our control that may adversely affect the Company's results of operations.

    The Company estimates AFFO for the year ending December 31, 2024 will be between $1.054 billion and $1.059 billion, or between $3.74 and $3.76 per diluted share and OP units. GLPI's prior guidance contemplated AFFO for the year ending December 31, 2024 of between $1.042 billion and $1.051 billion, or between $3.71 and $3.74 per diluted share and OP units.

    The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, including the information above, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort.   This is due to the inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, provision for credit losses, net, and other non-core items that have not yet occurred, are out of the Company's control and/or cannot be reasonably predicted.   For the same reasons, the Company is unable to address the probable significance of the unavailable information.   In particular, the Company is unable to predict with reasonable certainty the amount of the change in the provision for credit losses, net, under ASU No. 2016-13 - Financial Instruments - Credit Losses ("ASC 326") in future periods. The non-cash change in the provision for credit losses under ASC 326 with respect to future periods is dependent upon future events that are entirely outside of the Company's control and may not be reliably predicted, including the performance and future outlook of our tenant's operations for our leases that are accounted for as investment in leases, financing receivables, as well as broader macroeconomic factors and future predictions of such factors. As a result, forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

    Portfolio Update

    GLPI's primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of June 30, 2024, GLPI's portfolio consisted of interests in 65 gaming and related facilities, including, the real property associated with 34 gaming and related facilities operated by PENN Entertainment, Inc. (NASDAQ:PENN) ("PENN"), the real property associated with 6 gaming and related facilities operated by Caesars Entertainment, Inc. (NASDAQ:CZR) ("Caesars"), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation (NYSE:BYD) ("Boyd"), the real property associated with 9 gaming and related facilities operated by Bally's Corporation (NYSE:BALY) ("Bally's"), the real property associated with 3 gaming and related facilities operated by The Cordish Companies, the real property associated with 4 gaming and related facilities operated by Casino Queen, 1 gaming and related facility operated by American Racing, 3 gaming and related facilities operated by Strategic and 1 facility under development that is intended to be managed by a subsidiary of Hard Rock International ("Hard Rock"). These facilities are geographically diversified across 20 states and contain approximately 29.3 million square feet of improvements.

    Conference Call Details

    The Company will hold a conference call on July 26, 2024, at 10:00 a.m. (Eastern Time) to discuss its financial results, current business trends and market conditions.

    To Participate in the Telephone Conference Call:

    Dial in at least five minutes prior to start time.

    Domestic: 1-877/407-0784

    International: 1-201/689-8560

    Conference Call Playback:

    Domestic: 1-844/512-2921

    International: 1-412/317-6671

    Passcode: 13747503

    The playback can be accessed through Friday, August 2, 2024.

    Webcast

    The conference call will be available in the Investor Relations section of the Company's website at www.glpropinc.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary software. A replay of the call will also be available for 90 days thereafter on the Company's website.                

    GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
    Consolidated Statements of Operations
    (in thousands, except per share data) (unaudited)
     
     Three Months Ended June 30, Six Months Ended June 30,
     2024

     2023

     2024

     2023

    Revenues       
    Rental income$332,815  $319,236  $663,397  $637,204 
    Income from investment in leases, financing receivables 45,974   37,353   90,279   74,599 
    Interest income from real estate loans 1,837   —   2,914   — 
    Total income from real estate 380,626   356,589   756,590   711,803 
            
    Operating expenses       
    Land rights and ground lease expense 11,870   11,892   23,688   23,906 
    General and administrative 13,851   12,639   31,737   29,089 
    Depreciation 65,262   65,731   130,622   131,285 
    Provision (benefit) for credit losses, net (3,786)  28,052   19,508   22,399 
    Total operating expenses 87,197   118,314   205,555   206,679 
    Income from operations 293,429   238,275   551,035   505,124 
            
    Other income (expenses)       
    Interest expense (86,670)  (79,371)  (173,345)  (160,731)
    Interest income 8,065   1,273   17,297   5,528 
    Losses on debt extinguishment —   —   —   (556)
    Total other expenses (78,605)  (78,098)  (156,048)  (155,759)
            
    Income before income taxes 214,824   160,177   394,987   349,365 
    Income tax expense 412   40   1,049   558 
    Net income$214,412  $160,137  $393,938  $348,807 
    Net income attributable to non-controlling interest in the Operating Partnership (6,162)  (4,507) $(11,224)  (9,826)
    Net income attributable to common shareholders$208,250  $155,630  $382,714  $338,981 
            
    Earnings per common share:       
    Basic earnings attributable to common shareholders$0.77  $0.59  $1.41  $1.29 
    Diluted earnings attributable to common shareholders$0.77  $0.59  $1.41  $1.29 
                    



    GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
    Current Year Revenue Detail
    (in thousands) (unaudited)
     
    Three Months Ended June 30, 2024Building

    base rent
    Land base

    rent
    Percentage

    rent and

    other

    rental

    revenue
    Interest

    income on

    real estate

    loans
    Total

    cash income
    Straight-line

    rent

    adjustments (1)
    Ground

    rent in

    revenue
    Accretion

    on

    financing

    leases
    Total

    income

    from

    real

    estate
    Amended PENN Master Lease$53,090$10,759$6,500 $—$70,349$4,952$612$—$75,913
    PENN 2023 Master Lease 58,913 — (115) — 58,798 5,621 — — 64,419
    Amended Pinnacle Master Lease 61,081 17,814 7,802  — 86,697 1,858 2,055 — 90,610
    PENN Morgantown Lease — 784 —  — 784 — — — 784
    Caesars Master Lease 16,021 5,932 —  — 21,953 2,196 330 — 24,479
    Horseshoe St. Louis Lease 5,917 — —  — 5,917 398 — — 6,315
    Boyd Master Lease 20,336 2,947 2,886  — 26,169 574 433 — 27,176
    Boyd Belterra Lease 719 474 491  — 1,684 152 — — 1,836
    Bally's Master Lease 26,054 — —  — 26,054 — 2,642 — 28,696
    Maryland Live! Lease 19,078 — —  — 19,078 — 2,206 3,422 24,706
    Pennsylvania Live! Master Lease 12,719 — —  — 12,719 — 320 2,174 15,213
    Casino Queen Master Lease 7,904 — —  — 7,904 39 — — 7,943
    Tropicana Las Vegas Lease — 2,677 —  — 2,677 — — — 2,677
    Rockford Lease — 2,000 —  — 2,000 — — 511 2,511
    Rockford Loan — — —  1,837 1,837 — — — 1,837
    Tioga Lease 3,631 — —  — 3,631 — 1 573 4,205
    Strategic Gaming Leases 1,175 — —  — 1,175 — 35 96 1,306
    Total$286,638$43,387$17,564 $1,837$349,426$15,790$8,634$6,776$380,626
                        



    GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
    Current Year Revenue Detail
    (in thousands) (unaudited)
     
    Six Months Ended June 30, 2024Building

    base rent
    Land base

    rent
    Percentage

    rent and

    other

    rental

    revenue
    Interest

    income on

    real estate

    loans
    Total

    cash income
    Straight-line

    rent

    adjustments (1)
    Ground

    rent in

    revenue
    Accretion

    on

    financing

    leases
    Total

    income

    from

    real

    estate
    Amended PENN Master Lease$106,180$21,518$13,019 $—$140,717$9,904$1,181$—$151,802
    PENN 2023 Master Lease 117,826 — (222) — 117,604 11,243 — — 128,847
    Amended Pinnacle Master Lease 121,358 35,628 14,966  — 171,952 3,716 4,118 — 179,786
    PENN Morgantown Lease — 1,568 —  — 1,568 — — — 1,568
    Caesars Master Lease 32,043 11,864 —  — 43,907 4,392 660 — 48,959
    Horseshoe St. Louis Lease 11,835 — —  — 11,835 797 — — 12,632
    Boyd Master Lease 40,404 5,893 5,452  — 51,749 1,148 865 — 53,762
    Boyd Belterra Lease 1,428 947 963  — 3,338 303 — — 3,641
    Bally's Master Lease 51,947 — —  — 51,947 — 5,331 — 57,278
    Maryland Live! Lease 38,156 — —  — 38,156 — 4,366 7,951 50,473
    Pennsylvania Live! Master Lease 25,292 — —  — 25,292 — 631 4,447 30,370
    Casino Queen Master Lease 15,809 — —  — 15,809 77 — — 15,886
    Tropicana Las Vegas Lease — 5,355 —  — 5,355 — — — 5,355
    Rockford Lease — 4,000 —  — 4,000 — — 1,009 5,009
    Rockford Loan — — —  2,914 2,914 — — — 2,914
    Tioga Lease 5,843 — —  — 5,843 — 2 1,157 7,002
    Strategic Gaming Leases 1,175 — —  — 1,175 — 35 96 1,306
    Total$569,296$86,773$34,178 $2,914$693,161$31,580$17,189$14,660$756,590
                        

    (1) Includes $0.1 million of tenant improvement allowance amortization for the three and six months ended June 30, 2024.                  

    Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA
    Gaming and Leisure Properties, Inc. and Subsidiaries
    CONSOLIDATED
    (in thousands, except per share and share data) (unaudited)
     
     Three Months Ended June 30, Six Months Ended June 30,
     2024

     2023

     2024

     2023

    Net income$214,412  $160,137  $393,938  $348,807 
    Gains from dispositions of property, net of tax —   —   —   — 
    Real estate depreciation 64,777   65,255   129,654   130,339 
    Funds from operations$279,189  $225,392  $523,592  $479,146 
    Straight-line rent adjustments(1) (15,790)  (8,751)  (31,580)  (17,503)
    Other depreciation 485   476   968   946 
    Provision (benefit) for credit losses, net (3,786)  28,052   19,508   22,399 
    Amortization of land rights 3,276   3,289   6,552   6,579 
    Amortization of debt issuance costs, bond premiums and original issuance discounts 2,685   2,405   5,369   4,906 
    Stock based compensation 5,425   5,013   13,547   12,820 
    Losses on debt extinguishment —   —   —   556 
    Accretion on investment in leases, financing receivables (6,776)  (5,549)  (14,660)  (10,993)
    Non-cash adjustment to financing lease liabilities 129   116   246   225 
    Capital maintenance expenditures(2) (462)  —   (552)  (8)
    Adjusted funds from operations$264,375  $250,443  $522,990  $499,073 
    Interest, net(3) 77,882   77,428   154,650   153,872 
    Income tax expense 412   40   1,049   558 
    Capital maintenance expenditures(2) 462   —   552   8 
    Amortization of debt issuance costs, bond premiums and original issuance discounts (2,685)  (2,405)  (5,369)  (4,906)
    Adjusted EBITDA$340,446  $325,506  $673,872  $648,605 
            
    Net income, per diluted common share and OP units$0.77  $0.59  $1.41  $1.29 
    FFO, per diluted common share and OP units$1.00  $0.83  $1.87  $1.77 
    AFFO, per diluted common share and OP units$0.94  $0.92  $1.87  $1.84 
            
    Weighted average number of common shares and OP units outstanding       
    Diluted common shares 272,065,460   263,400,006   272,042,042   263,029,150 
    OP units 8,087,630   7,653,326   8,001,724   7,650,159 
    Diluted common shares and OP units 280,153,090   271,053,332   280,043,766   270,679,309 
                    

    ________________________________________

    (1)The three and six months periods ended June 30, 2024 include $0.1 million of tenant improvement allowance amortization.

      
    (2)Capital maintenance expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost effective to repair.

      
    (3)Excludes a non-cash interest expense gross up related to certain ground leases.
      

     

    Reconciliation of Cash Net Operating Income
    Gaming and Leisure Properties, Inc. and Subsidiaries
    CONSOLIDATED
    (in thousands, except per share and share data) (unaudited)
     
     Three Months Ended

    June 30, 2024
     Six Months Ended

    June 30, 2024
    Adjusted EBITDA$340,446  $673,872 
    General and administrative expenses 13,851   31,737 
    Stock based compensation (5,425)  (13,547)
    Cash net operating income(1)$348,872  $692,062 
            

    _________________________________________

    (1) Cash net operating income is cash rental income and interest on real estate loans less cash property level expenses.

    Gaming and Leisure Properties, Inc. and Subsidiaries
    Consolidated Balance Sheets
    (in thousands, except share and per share data)
     
     June 30, 2024 December 31, 2023
    Assets   
    Real estate investments, net$8,045,884  $8,168,792 
    Investment in leases, financing receivables, net 2,312,021   2,023,606 
    Real estate loans, net 90,372   39,036 
    Right-of-use assets and land rights, net 828,098   835,524 
    Cash and cash equivalents 94,494   683,983 
    Held to maturity investment securities (1) 347,782   — 
    Other assets 58,517   55,717 
    Total assets$11,777,168  $11,806,658 
        
    Liabilities   
    Accounts payable and accrued expenses$4,455  $7,011 
    Accrued interest 82,091   83,112 
    Accrued salaries and wages 3,621   7,452 
    Operating lease liabilities 195,918   196,853 
    Financing lease liabilities 60,561   54,261 
    Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts 6,632,842   6,627,550 
    Deferred rental revenue 253,171   284,893 
    Other liabilities 39,584   36,572 
    Total liabilities 7,272,243   7,297,704 
        
    Equity   
    Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at June 30, 2024 and December 31, 2023) —   — 
    Common stock ($.01 par value, 500,000,000 shares authorized, 271,500,584 and 270,922,719 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively) 2,715   2,709 
    Additional paid-in capital 6,059,956   6,052,109 
    Accumulated deficit (1,928,360)  (1,897,913)
    Total equity attributable to Gaming and Leisure Properties 4,134,311   4,156,905 
    Noncontrolling interests in GLPI's Operating Partnership 8,087,630 units and 7,653,326 units outstanding at June 30, 2024 and December 31, 2023, respectively) 370,614   352,049 
    Total equity 4,504,925   4,508,954 
    Total liabilities and equity$11,777,168  $11,806,658 
            

    (1) Represents zero coupon treasury bill that at maturity in August 2024 will total $350 million.

    Debt Capitalization

    The Company's debt structure as of June 30, 2024 was as follows:

       
     Years to

    Maturity
    Interest Rate Balance
        (in thousands)
    Unsecured $1,750 Million Revolver Due May 20261.9—% — 
    Term Loan Credit Facility due September 20273.26.731% 600,000 
    Senior Unsecured Notes Due September 20240.23.350% 400,000 
    Senior Unsecured Notes Due June 20250.95.250% 850,000 
    Senior Unsecured Notes Due April 20261.85.375% 975,000 
    Senior Unsecured Notes Due June 20283.95.750% 500,000 
    Senior Unsecured Notes Due January 20294.55.300% 750,000 
    Senior Unsecured Notes Due January 20305.54.000% 700,000 
    Senior Unsecured Notes Due January 20316.54.000% 700,000 
    Senior Unsecured Notes Due January 20327.53.250% 800,000 
    Senior Unsecured Notes Due December 20339.46.750% 400,000 
    Other2.24.780% 357 
    Total long-term debt   6,675,357 
    Less: unamortized debt issuance costs, bond premiums and original issuance discounts   (42,515)
    Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts   6,632,842 
    Weighted average4.24.919%  
         

    _________________________________________

     

    Rating Agency - Issue Rating

    Rating Agency Rating
    Standard & Poor's BBB-
    Fitch BBB-
    Moody's Ba1

    Properties

    DescriptionLocationDate AcquiredTenant/Operator
    Amended PENN Master Lease (14 Properties)   
    Hollywood Casino LawrenceburgLawrenceburg, IN11/1/2013PENN
    Argosy Casino AltonAlton, IL11/1/2013PENN
    Hollywood Casino at Charles Town RacesCharles Town, WV11/1/2013PENN
    Hollywood Casino at Penn National Race CourseGrantville, PA11/1/2013PENN
    Hollywood Casino BangorBangor, ME11/1/2013PENN
    Zia Park CasinoHobbs, NM11/1/2013PENN
    Hollywood Casino Gulf CoastBay St. Louis, MS11/1/2013PENN
    Argosy Casino RiversideRiverside, MO11/1/2013PENN
    Hollywood Casino TunicaTunica, MS11/1/2013PENN
    Boomtown BiloxiBiloxi, MS11/1/2013PENN
    Hollywood Casino St. LouisMaryland Heights, MO11/1/2013PENN
    Hollywood Gaming Casino at Dayton RacewayDayton, OH11/1/2013PENN
    Hollywood Gaming Casino at Mahoning Valley Race TrackYoungstown, OH11/1/2013PENN
    1st Jackpot CasinoTunica, MS5/1/2017PENN
    PENN 2023 Master Lease (7 Properties)   
    Hollywood Casino AuroraAurora, IL11/1/2013PENN
    Hollywood Casino JolietJoliet, IL11/1/2013PENN
    Hollywood Casino ToledoToledo, OH11/1/2013PENN
    Hollywood Casino ColumbusColumbus, OH11/1/2013PENN
    M ResortHenderson, NV11/1/2013PENN
    Hollywood Casino at the MeadowsWashington, PA9/9/2016PENN
    Hollywood Casino PerryvillePerryville, MD7/1/2021PENN
    Amended Pinnacle Master Lease (12 Properties)   
    Ameristar Black HawkBlack Hawk, CO4/28/2016PENN
    Ameristar East ChicagoEast Chicago, IN4/28/2016PENN
    Ameristar Council BluffsCouncil Bluffs, IA4/28/2016PENN
    L'Auberge Baton RougeBaton Rouge, LA4/28/2016PENN
    Boomtown Bossier CityBossier City, LA4/28/2016PENN
    L'Auberge Lake CharlesLake Charles, LA4/28/2016PENN
    Boomtown New OrleansNew Orleans, LA4/28/2016PENN
    Ameristar VicksburgVicksburg, MS4/28/2016PENN
    River City Casino & HotelSt. Louis, MO4/28/2016PENN
    Jackpot Properties (Cactus Petes and Horseshu)Jackpot, NV4/28/2016PENN
    Plainridge Park CasinoPlainridge, MA10/15/2018PENN
    Caesars Master Lease (5 Properties)   
    Tropicana Atlantic CityAtlantic City, NJ10/1/2018CZR
    Tropicana LaughlinLaughlin, NV10/1/2018CZR
    Trop Casino GreenvilleGreenville, MS10/1/2018CZR
    Isle Casino Hotel BettendorfBettendorf, IA12/18/2020CZR
    Isle Casino Hotel WaterlooWaterloo, IA12/18/2020CZR
    Boyd Master Lease (3 Properties)   
    Belterra Casino ResortFlorence, IN4/28/2016BYD
    Ameristar Kansas CityKansas City, MO4/28/2016BYD
    Ameristar St. CharlesSt. Charles, MO4/28/2016BYD
    Bally's Master Lease (8 Properties)   
    Tropicana EvansvilleEvansville, IN6/3/2021BALY
    Bally's Dover Casino ResortDover, DE6/3/2021BALY
    Black Hawk (Black Hawk North, West and East casinos)Black Hawk, CO4/1/2022BALY
    Quad Cities Casino & HotelRock Island, IL4/1/2022BALY
    Bally's Tiverton Hotel & CasinoTiverton, RI1/3/2023BALY
    Hard Rock Casino and Hotel BiloxiBiloxi, MS1/3/2023BALY
    Casino Queen Master Lease (4 Properties)   
    DraftKings at Casino QueenEast St. Louis, IL1/23/2014Casino Queen
    The Queen Baton RougeBaton Rouge, LA12/17/2021Casino Queen
    Casino Queen MarquetteMarquette, IA9/6/2023Casino Queen
    Belle of Baton RougeBaton Rouge, LA10/1/2018Casino Queen
    Pennsylvania Live! Master Lease (2 Properties)   
    Live! Casino & Hotel PhiladelphiaPhiladelphia, PA3/1/2022Cordish
    Live! Casino PittsburghGreensburg, PA3/1/2022Cordish
    Strategic Gaming Leases (3 Properties)(1)   
    Silverado Franklin Hotel & Gaming ComplexDeadwood, SD5/16/2024Strategic
    Deadwood Mountain Grand CasinoDeadwood, SD5/16/2024Strategic
    Baldini's CasinoSparks, NV5/16/2024Strategic
    Single Asset Leases   
    Belterra Park Gaming & Entertainment CenterCincinnati, OH10/15/2018BYD
    Horseshoe St LouisSt. Louis, MO10/1/2018CZR
    Hollywood Casino MorgantownMorgantown, PA10/1/2020PENN
    Live! Casino & Hotel MarylandHanover, MD12/29/2021Cordish
    Tropicana Las VegasLas Vegas, NV4/16/2020BALY
    Tioga DownsNichols, NY2/6/2024American Racing
    Hard Rock Casino RockfordRockford, IL8/29/2023815 ENT Lessee(2)
    (1) Represents two cross-defaulted, co-terminus leases   
    (2) Managed by a subsidiary of Hard Rock   
        

    Lease Information

     Master Leases
     PENN 2023

    Master Lease
    Amended

    PENN Master

    Lease
    PENN

    Amended

    Pinnacle

    Master Lease
    Caesars

    Amended and

    Restated

    Master Lease
    BYD

    Master Lease
    Property Count7141253
    Number of States Represented59842
    Commencement Date1/1/202311/1/20134/28/201610/1/201810/15/2018
    Lease Expiration Date10/31/203310/31/20334/30/20319/30/203804/30/2026
    Remaining Renewal Terms15 (3x5 years)15 (3x5 years)20 (4x5 years)20 (4x5 years)25 (5x5 years)
    Corporate GuaranteeYesYesYesYesNo
    Master Lease with Cross CollateralizationYesYesYesYesYes
    Technical Default Landlord ProtectionYesYesYesYesYes
    Default Adjusted Revenue to Rent Coverage1.11.11.21.21.4
    Competitive Radius Landlord ProtectionYesYesYesYesYes
    Escalator Details     
    Yearly Base Rent Escalator Maximum1.5%(1)2%2%1.75%(2)2%
    Coverage ratio at March 31, 2024(3)1.962.211.942.032.66
    Minimum Escalator Coverage GovernorN/A1.81.8N/A1.8
    Yearly Anniversary for RealizationNovemberNovemberMayOctoberMay
    Percentage Rent Reset Details     
    Reset FrequencyN/A5 years2 yearsN/A2 years
    Next ResetN/ANovember 2028May 2026N/AMay 2026
          

     

    (1) In addition to the annual escalation, a one-time annualized increase of $1.4 million occurs on November 1, 2027.
      
    (2) Building base rent will be increased by 1.25% annually in the 5th and 6th lease year, 1.75% in the 7th and 8th lease year, and 2% in the 9th lease year and each year thereafter.

      
    (3) Information with respect to our tenants' rent coverage over the trailing twelve months was provided by our tenants as of March 31, 2024. GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy.
      

    Lease Information

     Master Leases
     Bally's Master

    Lease
    Casino Queen

    Master Lease
    Pennsylvania

    Live! Master

    Lease operated

    by Cordish
    Strategic

    Gaming Lease

    (1)
    Property Count8423
    Number of States Represented6312
    Commencement Date6/3/202112/17/20213/1/20225/16/2024
    Lease Expiration Date06/02/203612/31/20362/28/20615/31/2049
    Remaining Renewal Terms20 (4x5 years)20 (4X5 years)21 (1 x 11 years, 1 x 10 years)20 (2X10 years)
    Corporate GuaranteeYesYesNoYes
    Master Lease with Cross CollateralizationYesYesYesYes
    Technical Default Landlord ProtectionYesYesYesYes
    Default Adjusted Revenue to Rent Coverage1.21.41.41.4 (4)
    Competitive Radius Landlord ProtectionYesYesYesYes
    Escalator Details    
    Yearly Base Rent Escalator Maximum(2)(3)1.75%2% (4)
    Coverage ratio at March 31, 2024(5)2.072.162.31N/A
    Minimum Escalator Coverage GovernorN/AN/AN/AN/A
    Yearly Anniversary for RealizationJuneDecemberMarchJune 2026
    Percentage Rent Reset Details    
    Reset FrequencyN/AN/AN/AN/A
    Next ResetN/AN/AN/AN/A
         



    (1)Consists of two leases that are cross collateralized and co-terminus with each other.
      
    (2)If the CPI increase is at least 0.5% for any lease year, then the rent shall increase by the greater of 1% of the rent as of the immediately preceding lease year and the CPI increase capped at 2%. If the CPI is less than 0.5% for such lease year, then the rent shall not increase for such lease year.
      
    (3)Rent increases by 0.5% for the first six years. Beginning in the seventh lease year through the remainder of the lease term, if the CPI increases by at least 0.25% for any lease year then annual rent shall be increased by 1.25%, and if the CPI is less than 0.25% then rent will remain unchanged for such lease year.
      
    (4)The default adjusted revenue to rent coverage declines to 1.25 if the tenants adjusted revenues totals $75 million. Annual rent escalates at 2% beginning in year three of the lease and in year 11 escalates based on the greater of 2% or CPI, capped at 2.5%.
      
    (5)Information with respect to our tenants' rent coverage over the trailing twelve months was provided by our tenants as of March 31, 2024. Due to the recent additions to the Casino Queen Master Lease the coverage ratio is calculated on a proforma basis. GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy.
      

    Lease Information

     Single Property Leases  
     Belterra Park

    Lease operated

    by BYD
    Horseshoe St.

    Louis Lease

    operated by

    CZR
    Morgantown

    Ground Lease

    operated by

    PENN
    Live! Casino &

    Hotel

    Maryland

    operated by

    Cordish
    Tropicana Las

    Vegas Ground

    Lease operated

    by BALY
    Tioga Downs

    Lease operated

    by American

    Racing
    Hard Rock

    Rockford

    Ground Lease

    managed by

    Hard Rock
    Commencement Date10/15/20189/29/202010/1/202012/29/20219/26/20222/6/20248/29/2023
    Lease Expiration Date04/30/202610/31/203310/31/204012/31/20609/25/20722/28/20548/31/2122
    Remaining Renewal Terms25 (5x5 years)20 (4x5 years)30 (6x5 years)21 (1 x 11 years, 1 x 10 years)49 (1 x 24 years, 1 x 25 years)32 years and 10 months (2 x 10 years, 1 x 12 years and 10 months)None
    Corporate GuaranteeNoYesYesNoYesYesNo
    Technical Default Landlord ProtectionYesYesYesYesYesYesYes
    Default Adjusted Revenue to Rent Coverage1.41.2N/A1.41.41.41.4
    Competitive Radius Landlord ProtectionYesYesN/AYesYesYesYes
    Escalator Details       
    Yearly Base Rent Escalator Maximum2%1.25%(1)1.5%(2)1.75%(3)1.75%(4)2%
    Coverage ratio at March 31, 2024(5)3.732.23N/A3.49N/AN/AN/A
    Minimum Escalator Coverage Governor1.8N/AN/AN/AN/AN/AN/A
    Yearly Anniversary for RealizationMayOctoberDecemberJanuaryOctoberMarchSeptember
    Percentage Rent Reset Details       
    Reset Frequency2 yearsN/AN/AN/AN/AN/AN/A
    Next ResetMay 2026N/AN/AN/AN/AN/AN/A
            



    (1)For the second through fifth lease years, after which time the annual escalation becomes 1.75% for the 6th and 7th lease years and then 2% for the remaining term of the lease.
      
    (2)Increases by 1.5% on the opening date (which occurred on December 22, 2021) and for the first three lease years. Commencing on the fourth anniversary of the opening date and for each anniversary thereafter, if the CPI increase is at least 0.5% for any lease year, the rent for such lease year shall increase by 1.25% of rent as of the immediately preceding lease year, and if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year.
      
    (3)If the CPI increase is at least 0.5% for any lease year, then the rent shall increase by the greater of 1% of the rent as of the immediately preceding lease year and the CPI increase capped at 2%. If the CPI is less than 0.5% for such lease year, then the rent shall not increase for such lease year.
      
    (4)Increases by 1.75% beginning with the first anniversary which increases to 2% beginning in year fifteen of the lease through the remainder of the initial term.

      
    (5)Information with respect to our tenants' rent coverage over the trailing twelve months was provided by our tenants as of March 31, 2024. GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy.
      

    Disclosure Regarding Non-GAAP Financial Measures

    FFO, FFO per diluted common share and OP units, AFFO, AFFO per diluted common share and OP units, Adjusted EBITDA and Cash Net Operating Income ("Cash NOI"), which are detailed in the reconciliation tables that accompany this release, are used by the Company as performance measures for benchmarking against the Company's peers and as internal measures of business operating performance, which is used for a bonus metric. These metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of non-controlling interests. The Company believes FFO, FFO per diluted common share and OP units, AFFO, AFFO per diluted common share and OP units, Adjusted EBITDA and Cash NOI provide a meaningful perspective of the underlying operating performance of the Company's current business.  This is especially true since these measures exclude real estate depreciation and we believe that real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. Cash NOI is rental and other property income, less cash property level expenses. Cash NOI excludes depreciation, the amortization of land rights, real estate general and administrative expenses, other non-routine costs and the impact of certain generally accepted accounting principles ("GAAP") adjustments to rental revenue, such as straight-line rent adjustments and non-cash ground lease income and expense. It is management's view that Cash NOI is a performance measure used to evaluate the operating performance of the Company's real estate operations and provides investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis.

    FFO, FFO per diluted common share and OP units, AFFO, AFFO per diluted common share and OP units, Adjusted EBITDA and Cash NOI are non-GAAP financial measures that are considered supplemental measures for the real estate industry and a supplement to GAAP measures. NAREIT defines FFO as net income (computed in accordance with GAAP), excluding (gains) or losses from dispositions of property, net of tax and real estate depreciation.  We have defined AFFO as FFO excluding, as applicable to the particular period, stock based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, the amortization of land rights, accretion on investment in leases, financing receivables, non-cash adjustments to financing lease liabilities, property transfer tax recoveries and impairment charges, straight-line rent adjustments, losses on debt extinguishment, and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures. We have defined Adjusted EBITDA as net income excluding, as applicable to the particular period, interest, net, income tax expense, real estate depreciation, other depreciation, (gains) or losses from dispositions of property, net of tax, stock based compensation expense, straight-line rent adjustments, the amortization of land rights, accretion on investment in leases, financing receivables, non-cash adjustments to financing lease liabilities, property transfer tax recoveries and impairment charges, losses on debt extinguishment, and provision (benefit) for credit losses, net. Finally, we have defined Cash NOI as Adjusted EBITDA excluding general and administrative expenses and including, as applicable to the particular period, stock based compensation expense and (gains) or losses from dispositions of property.

    FFO, FFO per diluted common share and OP units, AFFO, AFFO per diluted common share and OP units, Adjusted EBITDA and Cash NOI are not recognized terms under GAAP. These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as an indication of our ability to fund all of our cash needs, including to make cash distributions to our shareholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per diluted common share and OP units, AFFO, AFFO per diluted common share and OP units, Adjusted EBITDA and Cash NOI, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP.

    About Gaming and Leisure Properties

    GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.

    Forward-Looking Statements

    This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our expectations regarding our 2024 AFFO guidance and the Company benefiting from recently announced transactions, including the cash and rental yields. Forward-looking statements can be identified by the use of forward-looking terminology such as "expects," "believes," "estimates," "intends," "may," "will," "should" or "anticipates" or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: GLPI's expectations regarding continued growth and dividend increases, GLPI's expectation that it will continue to be a strong steward of its shareholders' investment capital, the effect of pandemics, such as COVID-19, on GLPI as a result of the impact such pandemics may have on the business operations of GLPI's tenants and their continued ability to pay rent in a timely manner or at all; the potential negative impact of ongoing high levels of inflation (which have been exacerbated by the armed conflict between Russia and Ukraine and may be further impacted by events in the Middle East) on our tenants' operations, the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease those properties on favorable terms; the ability to receive, or delays in obtaining, the regulatory approvals required to own and/or operate its properties, or other delays or impediments to completing acquisitions or projects; GLPI's ability to maintain its status as a REIT; our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI; the impact of our substantial indebtedness on our future operations; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in GLPI's Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI's behalf are expressly qualified in their entirety by the cautionary statements included in this press release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur as presented or at all.

    Contact 
    Gaming and Leisure Properties, Inc.    Investor Relations   
    Matthew Demchyk, Chief Investment OfficerJoseph Jaffoni, Richard Land, James Leahy at JCIR
    610/401-2900  212/835-8500
    [email protected][email protected]


    Primary Logo

    Get the next $BALY alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $BALY
    $BYD
    $CZR
    $GLPI

    CompanyDatePrice TargetRatingAnalyst
    Caesars Entertainment Inc.
    $CZR
    4/3/2025$51.00 → $47.00Equal Weight → Overweight
    CapitalOne
    Boyd Gaming Corporation
    $BYD
    3/12/2025$79.00 → $77.00Neutral → Positive
    Susquehanna
    Caesars Entertainment Inc.
    $CZR
    3/6/2025$30.00Negative → Neutral
    Susquehanna
    Boyd Gaming Corporation
    $BYD
    2/24/2025$82.00 → $81.00Overweight → Equal-Weight
    Morgan Stanley
    Gaming and Leisure Properties Inc.
    $GLPI
    1/15/2025$53.00Overweight → Equal-Weight
    Morgan Stanley
    Boyd Gaming Corporation
    $BYD
    1/3/2025$73.00 → $92.00Hold → Buy
    Jefferies
    Boyd Gaming Corporation
    $BYD
    12/17/2024$90.00Hold → Buy
    Argus
    Gaming and Leisure Properties Inc.
    $GLPI
    12/17/2024$55.00Equal Weight
    Barclays
    More analyst ratings

    $BALY
    $BYD
    $CZR
    $GLPI
    Leadership Updates

    Live Leadership Updates

    See more
    • PENN Entertainment Sends Letter to Shareholders

      Reiterates Commitment to Creating Value for All Shareholders PENN Entertainment, Inc. (NASDAQ:PENN) ("PENN" or the "Company") today issued the following letter to shareholders. The full text of the letter follows: Dear Fellow Shareholder, We are writing to provide an important update on the Company's performance, progress on its key strategic priorities to drive shareholder value and significant efforts to reach a mutually agreeable and reasonable resolution with HG Vora Capital Management, LLC ("HG Vora"). Our industry is undergoing a fundamental transformation. Customers are increasingly looking for online experiences, and the digital space is the core driver of meaningful industry g

      5/15/25 7:30:00 AM ET
      $PENN
      Hotels/Resorts
      Consumer Discretionary
    • Caesars Entertainment Expands WSOP Online, Becoming the First Online Poker Operator to Pool Liquidity Across Four United States Jurisdictions

      The historic move allows players in Pennsylvania to join those in Nevada, New Jersey and Michigan on WSOP Online's upgraded platform just in time for the 2025 World Series of Poker in Las Vegas Caesars Entertainment, Inc. (NASDAQ:CZR) ("Caesars") today announced an expansion of the WSOP Online poker platform, now pooling liquidity in Pennsylvania with its three existing jurisdictions: Nevada, New Jersey and Michigan. The move positions Caesars as the first online poker operator to share liquidity across four U.S. jurisdictions, establishing WSOP Online as the only platform in the U.S. where players from all four states can compete in the same player pool. The inclusion of Pennsylvania foll

      4/28/25 10:30:00 AM ET
      $CZR
      Hotels/Resorts
      Consumer Discretionary
    • Bally's Appoints New Executive VP and Chief Financial Officer

      PROVIDENCE, R.I., March 11, 2025 /PRNewswire/ -- Bally's Corporation (NYSE:BALY) today announced that Mira Mircheva has been appointed as Executive Vice President ("EVP") and Chief Financial Officer ("CFO"), subject to regulatory approvals. Marcus Glover, Bally's current CFO, has been appointed to serve as Bally's Executive Vice President, Global Operations Group. Ms. Mircheva is a senior executive in the hospitality and gaming industry with more than 25 years of experience in finance. Most recently, Ms. Mircheva served as Chief Financial Officer of The Queen Casino & Entertainment. Prior to that, she was Partner & Research Analyst at Standard General. Ms. Mircheva was previously a Senior R

      3/11/25 4:05:00 PM ET
      $BALY
      Hotels/Resorts
      Consumer Discretionary

    $BALY
    $BYD
    $CZR
    $GLPI
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Director Handler David A bought $148,264 worth of shares (10,000 units at $14.83), increasing direct ownership by 3% to 322,941 units (SEC Form 4)

      4 - PENN Entertainment, Inc. (0000921738) (Issuer)

      5/22/25 9:53:27 PM ET
      $PENN
      Hotels/Resorts
      Consumer Discretionary
    • CEO and President Snowden Jay A bought $499,766 worth of shares (34,000 units at $14.70), increasing direct ownership by 3% to 1,082,625 units (SEC Form 4)

      4 - PENN Entertainment, Inc. (0000921738) (Issuer)

      5/22/25 8:55:49 PM ET
      $PENN
      Hotels/Resorts
      Consumer Discretionary
    • Officer Rogers Christopher Byron bought $59,792 worth of shares (3,737 units at $16.00), increasing direct ownership by 4% to 91,217 units (SEC Form 4)

      4 - PENN Entertainment, Inc. (0000921738) (Issuer)

      5/12/25 4:05:30 PM ET
      $PENN
      Hotels/Resorts
      Consumer Discretionary

    $BALY
    $BYD
    $CZR
    $GLPI
    SEC Filings

    See more
    • SEC Form 8-K filed by Boyd Gaming Corporation

      8-K - BOYD GAMING CORP (0000906553) (Filer)

      6/4/25 5:01:18 PM ET
      $BYD
      Hotels/Resorts
      Consumer Discretionary
    • SEC Form DEFA14A filed by PENN Entertainment Inc.

      DEFA14A - PENN Entertainment, Inc. (0000921738) (Filer)

      5/29/25 8:09:09 AM ET
      $PENN
      Hotels/Resorts
      Consumer Discretionary
    • SEC Form DEFA14A filed by PENN Entertainment Inc.

      DEFA14A - PENN Entertainment, Inc. (0000921738) (Filer)

      5/27/25 7:38:13 AM ET
      $PENN
      Hotels/Resorts
      Consumer Discretionary

    $BALY
    $BYD
    $CZR
    $GLPI
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • PENN Entertainment Responds to ISS Report

      Reiterates that PENN and HG Vora Are Recommending the Same Two Highly-Qualified Nominees – Johnny Hartnett and Carlos Ruisanchez – for the Two Available Director Seats at the Upcoming Annual Meeting PENN Entertainment, Inc. (NASDAQ:PENN) ("PENN" or the "Company") today made the following statement in response to the report issued today by Institutional Shareholder Services ("ISS") related to the Company's 2025 Annual Meeting of Shareholders (the "Annual Meeting") on June 17, 2025: The ISS report confirms that two director seats are up for election at the 2025 Annual Meeting and that PENN and HG Vora have nominated and are recommending the same two highly-qualified candidates - Johnny Ha

      6/6/25 5:39:00 PM ET
      $PENN
      Hotels/Resorts
      Consumer Discretionary
    • Leading Proxy Advisory Firm ISS Recommends PENN Entertainment Shareholders Vote "FOR" All Three Director Candidates Nominated by HG Vora

      Institutional Shareholder Services ("ISS") Recommends Shareholders Cast Votes Using the GOLD Proxy Card "FOR" William Clifford, Johnny Hartnett and Carlos Ruisanchez at PENN's 2025 Annual Meeting ISS Finds a Clear Case for Meaningful Change at PENN; Highlights that PENN has "Underperformed Peers Across the Board" and Raises "Concerns About its Approach to Refreshment" ISS States the Independent Director Nominees Would Bring "Direct Gaming Industry Experience" to PENN's Board HG Vora Urges Shareholders to Vote "FOR" All Three Independent Candidates on the GOLD Proxy Card to Express Their Desire for Genuine, Shareholder-Driven Change at PENN HG Vora Capital Management, LLC (together w

      6/6/25 11:47:00 AM ET
      $PENN
      Hotels/Resorts
      Consumer Discretionary
    • PENN Entertainment Sets August 11 as Grand Opening Date for New Hollywood Casino Joliet in Illinois

      New land-based casino will be the featured attraction of Rock Run Collection's super-regional destination in Chicagoland PENN Entertainment, Inc. ("PENN" or the "Company") (NASDAQ:PENN) announced today that it expects to open the new land-based Hollywood Casino Joliet to the public on Monday, August 11, pending customary regulatory approvals. PENN's newest casino is scheduled to open nearly six months ahead of the Company's originally scheduled construction timeline. The new state-of-the-art destination entertainment facility will anchor Rock Run Collection, a new super-regional commercial and residential development, conveniently located adjacent to the Interstate 80 and Interstate 55

      5/28/25 8:00:00 AM ET
      $PENN
      Hotels/Resorts
      Consumer Discretionary

    $BALY
    $BYD
    $CZR
    $GLPI
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G filed by Caesars Entertainment Inc.

      SC 13G - Caesars Entertainment, Inc. (0001590895) (Subject)

      11/14/24 11:11:27 AM ET
      $CZR
      Hotels/Resorts
      Consumer Discretionary
    • SEC Form SC 13G filed by Boyd Gaming Corporation

      SC 13G - BOYD GAMING CORP (0000906553) (Subject)

      11/14/24 11:02:43 AM ET
      $BYD
      Hotels/Resorts
      Consumer Discretionary
    • SEC Form SC 13G filed by Caesars Entertainment Inc.

      SC 13G - Caesars Entertainment, Inc. (0001590895) (Subject)

      11/14/24 10:31:43 AM ET
      $CZR
      Hotels/Resorts
      Consumer Discretionary

    $BALY
    $BYD
    $CZR
    $GLPI
    Financials

    Live finance-specific insights

    See more
    • Gaming and Leisure Properties, Inc. Declares Increased Second Quarter 2025 Cash Dividend of $0.78 Per Share

      WYOMISSING, Pa., May 16, 2025 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) (the "Company"), announced today that at its meeting yesterday the Company's Board of Directors declared the second quarter 2025 cash dividend of $0.78 per share of its common stock, marking an increase of $.02 per share per quarter from the prior level. The dividend is payable on June 27, 2025 to shareholders of record on June 13, 2025. The second quarter 2024 cash dividend was $0.76 per share of the Company's common stock. Based on yesterday's closing price of $46.89 per share of common stock, on an annualized basis, the new dividend payout reflects a yield of 6.65%. While the Company int

      5/16/25 7:15:00 AM ET
      $GLPI
      Real Estate Investment Trusts
      Real Estate
    • BOYD GAMING ANNOUNCES QUARTERLY DIVIDEND

      LAS VEGAS, May 8, 2025 /PRNewswire/ -- Boyd Gaming Corporation (NYSE:BYD) announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per share, payable July 15, 2025, to shareholders of record at the close of business on June 16, 2025. About Boyd GamingCelebrating its 50th anniversary in 2025, Boyd Gaming Corporation (NYSE:BYD) is a leading geographically diversified operator of 28 gaming entertainment properties in 10 states, manager of a tribal casino in northern California, and owner and operator of Boyd Interactive, a B2B and B2C online casino gaming business. The Company is also a strategic partner and 5% equity owner of FanDuel Group, the nation's leading s

      5/8/25 5:30:00 PM ET
      $BYD
      Hotels/Resorts
      Consumer Discretionary
    • PENN Entertainment, Inc. Reports First Quarter Results

      PENN Entertainment, Inc. ("PENN" or the "Company") (NASDAQ:PENN) today reported financial results for the quarter ended March 31, 2025. Jay Snowden, Chief Executive Officer and President, said: "PENN's properties demonstrated strong resilience in the quarter following severe weather challenges earlier in the year, as gaming volumes rebounded in March and remained consistent through April and early May. In our Interactive segment we generated record gaming revenue and significant year-over-year improvements in both revenue and Adjusted EBITDA despite industry-wide unfavorable sports betting hold. Our corporate overhead costs were higher by approximately $8 million in the quarter due to lega

      5/8/25 7:00:00 AM ET
      $GLPI
      $PENN
      $VICI
      Real Estate Investment Trusts
      Real Estate
      Hotels/Resorts
      Consumer Discretionary

    $BALY
    $BYD
    $CZR
    $GLPI
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more

    $BALY
    $BYD
    $CZR
    $GLPI
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Caesars Entertainment upgraded by CapitalOne with a new price target

      CapitalOne upgraded Caesars Entertainment from Equal Weight to Overweight and set a new price target of $47.00 from $51.00 previously

      4/3/25 9:42:28 AM ET
      $CZR
      Hotels/Resorts
      Consumer Discretionary
    • Boyd Gaming upgraded by Susquehanna with a new price target

      Susquehanna upgraded Boyd Gaming from Neutral to Positive and set a new price target of $77.00 from $79.00 previously

      3/12/25 7:49:57 AM ET
      $BYD
      Hotels/Resorts
      Consumer Discretionary
    • Caesars Entertainment upgraded by Susquehanna with a new price target

      Susquehanna upgraded Caesars Entertainment from Negative to Neutral and set a new price target of $30.00

      3/6/25 8:20:17 AM ET
      $CZR
      Hotels/Resorts
      Consumer Discretionary
    • New insider Mircheva Vladimira claimed ownership of 370,826 shares (SEC Form 3)

      3 - Bally's Corp (0001747079) (Issuer)

      5/27/25 8:23:52 PM ET
      $BALY
      Hotels/Resorts
      Consumer Discretionary
    • Director Handler David A bought $148,264 worth of shares (10,000 units at $14.83), increasing direct ownership by 3% to 322,941 units (SEC Form 4)

      4 - PENN Entertainment, Inc. (0000921738) (Issuer)

      5/22/25 9:53:27 PM ET
      $PENN
      Hotels/Resorts
      Consumer Discretionary
    • CEO and President Snowden Jay A bought $499,766 worth of shares (34,000 units at $14.70), increasing direct ownership by 3% to 1,082,625 units (SEC Form 4)

      4 - PENN Entertainment, Inc. (0000921738) (Issuer)

      5/22/25 8:55:49 PM ET
      $PENN
      Hotels/Resorts
      Consumer Discretionary