Gaming and Leisure Properties (GLPI) once again posted record quarterly revenue in Q1, alongside a new all-time high adjusted EBITDA for a quarter.
Company revenue reached US$395.2m, up from $389.6m in Q4 and rising from $376m in Q1 2024.
Adjusted EBITDA climbed from $354m in Q4 to $360.1m in Q1 2025, with the latest figure up from $331.4m in Q1 2024.
During the latest quarter, GLPI continued its funding of the landside conversion of Bally’s Belle of Baton Rouge Casino, which is expected to complete in Q4 this year.
The company also extended its Master Lease and the Belterra Park Lease with Boyd Gaming for five years.
Elsewhere, GLPI, through Penn Entertainment, agreed to fund construction improvements at Ameristar Casino Council Bluffs.
“These fundings and lease extensions reflect our commitment to delivering creative financing solutions and supporting our tenant partners,” said Peter Carlino, chairman and chief executive officer of GLPI.
“In addition, we have funded $18.4m as of March 31, 2025, for the Ione Band of Miwok Indians’ Acorn Ridge Casino development near Sacramento, California, marking a first-of-its-kind financing agreement between a federally recognised tribe and a real estate investment trust.
“In total, GLPI has committed to Ione a $110m delayed draw term loan facility which has a five-year term and an 11 per cent interest rate.
“In Chicago, Bally’s has begun construction, with GLPI’s backing, of its permanent Chicago gaming and entertainment destination in one of the country’s largest cities. This permanent resort will feature approximately 3,300 slots, 170-plus table games, a 500-room hotel tower, 3,000 seat theatre, six restaurants, cafes, a food hall and a two-acre river-side public park.
“Our commitment to support our tenants’ growth objectives is reflected in GLPI also providing Bally’s our decades of casino construction and development expertise in addition to our project financing commitment.
“With our opportunistic approach to portfolio expansion, the proven long-term resiliency of our tenants’ revenue streams and comfortable rent coverage ratios, we expect to continue to deliver strong capital returns and yields for our shareholders.”
