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) has entered into a $1.585 billion transaction with Bally's , acquiring properties and funding the construction of a flagship casino in Chicago. The deal includes the acquisition of Bally's Kansas City Casino and Bally's Shreveport Casino & Hotel, and the land for Bally's Chicago Casino Resort. GLPI will fund up to $940 million of construction costs at an 8.5% yield, with total investments reaching $1.19 billion. The transaction also includes a $395 million sale-leaseback of Kansas City and Shreveport properties, with an 8.2% yield. Additionally, GLPI's purchase option for Bally's Lincoln Casino Resort has been adjusted for a favorable yield. These transactions will expand GLPI's portfolio and deliver an 8.3% blended initial cash yield.
Bally’s announced a $2.07 billion construction and financing arrangement with Gaming and Leisure Properties (GLPI) for a permanent casino development in Chicago. This includes a 15-year master lease agreement (MLA) and up to $940 million in construction financing. Additionally, GLPI will acquire and lease back properties in Kansas City and Shreveport for $395 million, with proceeds used to repay debts and for general purposes. The Chicago casino, featuring a 500-room hotel tower, is scheduled to open in September 2026. Bally's plans an initial public offering for Bally's Chicago, Inc., offering a 25% equity stake to minority-owned and women-owned businesses as per a community agreement with the City of Chicago.
Gaming and Leisure Properties (NASDAQ: GLPI) announced it will release its Q2 2024 financial results on July 25, 2024, after market close.
A conference call to discuss the results is scheduled for July 26, 2024, at 10:00 a.m. ET. The call will be led by Chairman and CEO Peter M. Carlino along with senior management.
Investors can access the call via the company’s website or by dialing in. A replay of the call will be available for 90 days on the company's website. Playback will also be accessible until August 2, 2024, using a specified passcode.
Gaming and Leisure Properties, symbol GLPI, announced a $111 million funding commitment for the landside move and hotel renovation of the Belle of Baton Rouge, managed by Queen Casino & Entertainment. The total project cost is projected to exceed $141 million and is expected to complete by September 2025. The casino will remain operational during construction, except when gaming equipment is relocated. GLPI will own the new facility, and Queen Casino & Entertainment will pay a 9% incremental rental yield starting a year from May 30, 2024. This project builds on GLPI's portfolio expansion strategy and aims to leverage Queen Casino & Entertainment's proven ability to enhance gaming market growth.
Gaming and Leisure Properties (NASDAQ: GLPI) has announced a second quarter 2024 cash dividend of $0.76 per share, an increase from the $0.72 per share paid in the second quarter of 2023.
The dividend is payable on June 21, 2024, to shareholders of record on June 7, 2024. While the company plans to continue regular quarterly dividends, each is subject to quarterly review and Board approval.
Gaming and Leisure Properties (GLPI) announced the acquisition of three casino resorts: Silverado Franklin Hotel & Gaming Complex, Deadwood Mountain Grand casino, and Baldini’s Casino for $105 million. The deal includes $5 million for capital improvements, totaling a $110 million investment. GLPI and Strategic Gaming Management entered into two 25-year triple-net leases with initial annual cash rent of $9.2 million, representing an 8.4% capitalization rate. The transaction is expected to be immediately accretive, diversifying GLPI's portfolio to 65 properties across 20 states. GLPI secured a right of first refusal on future acquisitions until Strategic’s adjusted EBITDAR from GLPI assets reaches $40 million. The properties in South Dakota and Nevada add significant gaming and hospitality assets to GLPI's portfolio, with notable amenities and recent capital investments.
PENN Entertainment, Inc. reported resilient property level performance and record online sports betting revenue for Q1 2024. The company hired Aaron LaBerge as CTO to drive technology strategy. Revenues totaled $1.6 billion, with a net loss of $114.9 million. The Northeast segment led in revenues, while the Interactive segment saw a loss. Total liquidity stood at $1.9 billion, with $903.6 million in cash.
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