GLPI Sees Q1 Growth Despite Higher Interest Costs
Key Highlights at a Glance
Gaming and Leisure Properties Inc. (GLPI) reported revenue of USD 395.2 million in the first quarter of 2025 — an increase of 5.1% compared to the previous year. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose by 8% to USD 360.1 million. Despite this operational strength, net income declined by 5.1% to USD 170.4 million, primarily due to increased interest expenses. The majority of revenue came from rental income, which totalled over USD 340 million.
Stable Revenue from Lease Agreements
GLPI generates most of its revenue through long-term lease agreements with gaming operators. In the first quarter of 2025, rental income amounted to USD 340.3 million — a 2.9% increase year-over-year. Notably, contracts with Pinnacle Entertainment and Penn Entertainment accounted for more than USD 218 million combined. An additional master lease with Penn, signed in 2023, contributed another USD 59.7 million.
New Projects and Partnerships Strengthen the Portfolio
GLPI continues to invest in expanding its portfolio. In the first quarter, financing progressed for Bally’s new land-based casino project in Baton Rouge, with completion scheduled for the fourth quarter of 2025. Additionally, GLPI extended two key lease agreements with Boyd Gaming for another five years.
Another project involves potential financing of up to USD 150 million for the redevelopment of the Ameristar Casino in Council Bluffs, Iowa. If Penn Entertainment utilizes these funds, GLPI will become the owner of the new Hollywood Casino complex on the site.
Rising Interest Costs Weigh on Profit
Despite positive business performance, GLPI experienced a decline in net income. Interest expenses rose by nearly USD 11 million year-over-year to USD 97.3 million. This increase reduced net income to USD 170.4 million — a 5.1% decrease compared to the first quarter of 2024.
Strong Market Position with a Diversified Tenant Portfolio
As of March 31, 2025, GLPI’s real estate portfolio included interests in 68 gaming properties and related facilities. Tenants include well-known companies such as Boyd Gaming, Caesars Entertainment, Penn Entertainment, and Bally’s Corporation. This broad tenant base ensures stable revenue and reduces the risk of individual defaults.
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Our Assessment
GLPI demonstrated solid operational performance in the first quarter of 2025. The increase in revenue and EBITDA highlights the effectiveness of its long-term leasing strategy. While rising interest costs are impacting net income, ongoing projects and renewed lease agreements suggest continued growth. For investors and market observers, GLPI remains a stable player in the gaming real estate sector.
Sources
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