WYOMISSING, PA — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) reported record third-quarter 2025 results, buoyed by rising rental income, new development funding, and steady tenant performance across its national casino portfolio. The real estate investment trust, which owns properties leased to major gaming operators, posted total revenue of $397.6 million, up 3.2% from the prior year, and net income of $248.5 million, a 30.7% year-over-year increase.
Adjusted funds from operations (AFFO) climbed to $282.0 million, a 5.1% gain, while adjusted EBITDA rose 5.8% to $366.4 million. Earnings per diluted share reached $0.85, up from $0.67 a year earlier, and the quarterly dividend increased to $0.78 per share.
Chairman and CEO Peter Carlino attributed the strong performance to the company’s diversified base of tenants and leases, as well as recent acquisitions and structured financing agreements. Carlino said the record results “highlight GLPI’s unique ability to structure complex transactions and create funding solutions for tenants, while prudently managing our balance sheet and capital structure to support further growth.”
The company’s five largest tenants — including PENN Entertainment, Bally’s, and Caesars — account for approximately 97% of cash rent, each maintaining rent coverage ratios above 1.8x. GLPI reported that cash revenue increased 5.8% year over year to $375.7 million.
Strategic Investments and Expansions
During the quarter, GLPI advanced several development projects with its major tenants. In August, the company provided $130 million in funding at a 7.75% capitalization rate for the relocation of Hollywood Casino Joliet, operated by PENN Entertainment. Additional projects include up to $225 million for PENN’s Aurora, Illinois relocation, and $150 million for a new hotel tower at the M Resort in Nevada, both expected to open in 2026.
GLPI also expanded its footprint into tribal and regional markets. The company announced a $225 million commitment to finance the Caesars Republic Sonoma County resort, a partnership with Caesars Entertainment and the Dry Creek Rancheria Band of Pomo Indians. It includes a $45 million term loan and a $180 million delayed draw loan with rates up to 12.5%.
In October, GLPI acquired the real estate assets of Sunland Park Racetrack & Casino in New Mexico for $183.75 million, immediately boosting AFFO. The property was added to the Strategic Gaming Management master lease with an annual 2% rent escalator.
Financial Position and Guidance
The company executed forward sale agreements during the quarter, selling 7.59 million shares for gross proceeds of $363.3 million, and issued $1.3 billion in new senior unsecured notes to strengthen its balance sheet. GLPI used the proceeds to retire $975 million of senior notes maturing in 2026.
Reflecting its steady performance, GLPI raised its full-year AFFO guidance to between $1.115 billion and $1.118 billion, or $3.86 to $3.88 per diluted share. That represents a modest increase from its prior forecast of up to $1.118 billion.
Expanding Portfolio and Market Reach
As of September 30, 2025, GLPI’s portfolio included interests in 68 gaming and related facilities across 20 states. These include properties operated by PENN Entertainment, Bally’s, Caesars, Boyd Gaming, The Cordish Companies, and others. The REIT’s investments span major regional markets such as Pennsylvania, Nevada, Illinois, and Louisiana.
Carlino said GLPI’s focus on long-term partnerships, especially with operators seeking capital for large-scale developments, remains a driver of growth. “Our ongoing dialogue with operators continues to support a deep pipeline of transaction opportunities, as we benefit from our role as the REIT of choice in the gaming sector,” he said.
Dividend and Outlook
GLPI’s third-quarter dividend of $0.78 per share was paid on September 26 to shareholders of record as of September 12. The company’s annualized dividend yield stood at 6.69% at the end of the reporting period, underscoring its continued focus on delivering shareholder returns.
With steady tenant rent coverage, disciplined capital deployment, and new funding partnerships, Gaming and Leisure Properties projects continued earnings growth heading into 2026. “We expect to continue delivering strong capital returns and yields for our shareholders,” Carlino said.
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