Gaming and Leisure Properties, Inc.
glpropinc.comWhat Do They Do?
Leases casino and related real estate to gaming operators, and lends to casino owner-operators for real estate purchases or development.
10-K for FY2025, filed Feb 19, 2026
How Do They Make Money?
Gaming operators pay rent over long-term leases of GLPI-owned properties; GLPI also earns interest over the term of loans for real estate purchases or development.
10-K for FY2025, filed Feb 19, 2026We generate our revenues from long-term, triple-net leases and real estate backed financing arrangements with leading regional gaming…View ↗
The Company recognizes the related income from our financing receivables using an effective interest rate at a constant rate over the term…View ↗
The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractually fixed increases…View ↗
The Company may periodically loan funds to casino owner-operators for the purchase or development of real estate. Interest income related…View ↗
$1.6B
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10-K for FY2025, filed Feb 19, 2026
$1.6B ↗
Who Are Their Customers?
Gaming operators and their subsidiaries lease GLPI's casino and related real estate, including properties operated by PENN, Caesars, Boyd, Bally's and Cordish.
10-K for FY2025, filed Feb 19, 2026
Do Revenues Turn Into Profits?
Yes. It kept 52 cents of every revenue dollar as net income in FY2025.
How Are They Changing?
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Jul 31, 2026
Raised the midpoint of 2026 AFFO-per-share guidance
The company raised its 2026 AFFO-per-share forecast range to $4.10 to $4.12.
Sources
8-K, filed Jul 31, 2026
Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, "Our second quarter results marked another period of record…View ↗
Growing. Revenue grew 31% in 4 years, from $1.2B in FY2021 to $1.6B in FY2025, about 7% a year.
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