GLPI Advances $800 Million Casino Development Spend Across U.S. Portfolio
GLPI reported Q3 revenue of $435.4 million and outlined $800 million in 2026 casino development spending, raising full-year AFFO guidance to $1.222 billion.Summary
Gaming and Leisure Properties (GLPI) provided an update on its casino real estate portfolio, with development spending set to reach $800 million in 2026. The company, which owns casino land and buildings leased to operators, reported third-quarter revenue of $435.4 million, up 9.5% year-on-year, while adjusted funds from operations (AFFO) rose to $311.7 million from $282 million. Key commitments include up to $467 million for the Live! Casino & Hotel Virginia with The Cordish Companies, a completed $225 million funding commitment for PENN Entertainment's Hollywood Casino and Hotel Aurora, and the $700 million acquisition of Bally's Lincoln Casino Resort land and buildings in Rhode Island, adding $56 million in annual rental income. GLPI also amended its Hard Rock Casino Rockford financing, extending loan maturity to December 2029, and entered a joint venture with Prologis to redevelop the former Hollywood Casino Joliet site into a warehouse and distribution park. The company raised the lower end of its full-year AFFO guidance to $1.222 billion, reflecting rental income growth tied to these developments.
(Source：Sccg Management)