Gaming and Leisure Properties (GLPI) has reported a rise in revenue in its latest financial results for the quarter ending June 30 2021.
The operator increased its total revenue to $317.8m, from 2020’s total of $262m.
Income from operations also rose from $180.7m to $212.1m; meanwhile, net income increased from $112.4m to $138.2m.
Adjusted EBITDA in 2021 was $276.2m, a year-on-year increase from $246.9m.
During the quarter, the company and Bally’s Corporation reached an agreement to expand their partnership, which saw the group acquire Bally’s real estate assets.
Bally’s also agreed to acquire both GLPI’s non-land real estate assets and Penn National Gaming’s outstanding equity in interests, in Tropicana Las Vegas Hotel and Casino. The agreed acquisition price was $150m.
Just after the quarter, all of GLPI’s 50 properties are now open to the public; this includes the Hollywood Casino Baton Rouge which is owned and operated by its subsidiary.
Peter Carlino, Chairman and CEO of GLPI, said: “GLPI’s record second-quarter results and our financial performance over the last year highlight the value of resilient regional gaming markets, and our high-quality tenant roster that has been further diversified while maintaining a close watch on our capital structure and cost of capital.
“As a result, we have established sustained financial stability, capitalised on new growth opportunities with existing and new tenants, and returned capital to shareholders in the form of stock and cash dividends on an uninterrupted basis, despite the challenges presented by the pandemic.”
