Welcome to our dedicated page for Gaming And Leisu news (Ticker: GLPI), a resource for investors and traders seeking the latest updates and insights on Gaming And Leisu stock.
Gaming and Leisure Properties, Inc. reports recurring developments as a gaming-focused real estate investment trust that acquires, finances and owns casino and related real estate leased to gaming operators under triple-net lease arrangements. News commonly covers operating results, FFO, AFFO, adjusted EBITDA, dividends, guidance and supplemental investor presentations.
Company updates also include real estate acquisitions, development funding commitments, master lease activity, tenant relationships and capital deployment tied to gaming properties. GLPI news frequently connects portfolio growth with financing actions, debt capacity and the economics of long-term leases in which tenants are responsible for property maintenance, insurance, taxes and utilities.
Gaming and Leisure Properties (GLPI) reported its Q2 2020 financial results, revealing total revenue of $262 million, a decrease from $289 million in Q2 2019. Despite the challenges posed by COVID-19, the company maintained a robust balance sheet and collected approximately 99% of its rental obligations, with 43 of 45 properties reopened. The company issued $500 million in 4.00% senior unsecured notes and successfully amended its credit facilities, enhancing financial flexibility. However, variable rents faced declines, impacting future cash flows.
Gaming and Leisure Properties (NASDAQ: GLPI) announces the resignation of Steven T. Snyder as Senior VP and CFO, effective August 31, 2020. The company has engaged Korn Ferry to assist in the search for his successor, considering both internal and external candidates. CEO Peter M. Carlino praised Snyder's significant contributions over the past two decades, especially during the COVID-19 challenges. GLPI aims to continue its growth and tenant diversification with a strong finance team.
Gaming and Leisure Properties (NASDAQ: GLPI) will release its 2020 Q2 financial results after the market close on July 30, 2020. A conference call will occur at 9:00 a.m. ET on July 31, 2020, where company leadership will discuss the results and recent developments. Interested parties can access the call via the Investor Relations section of the company's website. Playback will be available until August 7, 2020.
Gaming and Leisure Properties (GLPI) has declared a quarterly dividend of $0.60 per share, payable on June 26, 2020, to shareholders of record as of May 13, 2020. This dividend will be disbursed in a combination of approximately $26 million in cash and 2.7 million shares of common stock. Shareholders could choose their preference, with the cash-only option yielding $0.13 per share, while those opting for all stock will receive the full dividend in shares. The stock's trading price averaged $38.2643 during the calculation period.
On June 17, 2020, Gaming and Leisure Properties (GLPI) announced a public offering of $500 million in 4.000% Senior Notes due 2031, priced at 98.827%. The net proceeds, estimated at $488.8 million, will be used to reduce borrowings under the revolving credit facility and for general corporate purposes. The offering is set to close on June 25, 2020, subject to closing conditions. J.P. Morgan, Wells Fargo, and others are acting as joint book-running managers. GLPI, a pioneer in gaming-focused REITs, aims to expand its portfolio and maintain its REIT status.
Gaming and Leisure Properties (GLPI) and Eldorado Resorts (ERI) have announced amendments to their master lease agreement, enhancing both companies' strategies. The amended agreement eliminates variable rent and escalators, instituting fixed increases starting at 1.25% in 2022 and 2023, up to 2.0% thereafter. The initial lease term is extended to 20 years with renewal options. Eldorado can replace certain properties, providing flexibility amid its merger with Caesars Entertainment. This agreement aims to improve rental cash flow predictability for GLPI.