Gaming and Leisure Properties Reports Second Quarter 2025 Results and Updates 2025 Full Year Guidance

Core Viewpoint - Gaming and Leisure Properties, Inc. (GLPI) reported strong financial results for the second quarter of 2025, with record revenue, Adjusted Funds From Operations (AFFO), and Adjusted EBITDA, driven by recent acquisitions and financing arrangements [6][12]. Financial Highlights - Total revenue for the quarter ended June 30, 2025, was $394.9 million, a 3.8% increase from $380.6 million in the same period of 2024 [2]. - Income from operations decreased to $242.1 million from $293.4 million year-over-year [2]. - Net income was $156.2 million, down from $214.4 million in the prior year [2]. - Funds from Operations (FFO) were $224.9 million, compared to $279.2 million in 2024 [2]. - Adjusted EBITDA increased to $361.5 million from $340.4 million year-over-year, reflecting a 6.2% growth [2][6]. - AFFO rose to $276.1 million, up 4.4% from $264.4 million in the previous year [2][6]. Operational Insights - The company’s solid performance is attributed to recent acquisitions, contractual escalators, and a growing base of regional gaming operator tenants, which enhance the predictability of rental cash flows and dividends [6][12]. - GLPI is expected to benefit from sale-leaseback transactions and financing commitments completed in 2024, as well as ongoing projects like the Bally's Belle of Baton Rouge Casino [7][9]. Future Developments - The company has committed to funding the Ione Band of Miwok Indians' Acorn Ridge Casino development, marking a unique financing agreement with a federally recognized tribe [9]. - GLPI anticipates $130 million in funding for the relocation of Hollywood Casino Joliet, scheduled to open on August 11, 2025, with a 7.75% cap rate [9][12]. - The construction of Bally's permanent gaming and entertainment destination resort in Chicago is ongoing, featuring a comprehensive range of amenities [10]. Portfolio Overview - As of June 30, 2025, GLPI's portfolio included interests in 68 gaming and related facilities across 20 states, with significant operators such as PENN, Caesars, Boyd, and Bally's [20]. Dividend Information - The company declared a second-quarter dividend of $0.78 per share, paid on June 27, 2025, reflecting a commitment to returning capital to shareholders [14]. Guidance - GLPI updated its AFFO guidance for the full year 2025, estimating between $1.112 billion and $1.118 billion, or between $3.85 and $3.87 per diluted share [15].