Gaming and Leisure Properties Inc. (GLPI) has reported its monetary outcomes for the second quarter of 2022. The report states that the corporate’s complete income for Q2 was $326.5 million, which is a rise in comparison with Q1 of 2021 when the corporate’s income was $317.8 million.
GLPI Completed Several Acquisitions in Q2 of 2022
Peter Carlino, GLPI’s CEO, and chairman commented on the rise in income. He said that the corporate’s progress consists of the acquisitions of actual property property of Bally’s Corporation for a worth of $150 million. GLPI bought 3 casinos in Bally’s Quad Cities Casino & Hotel in Rock Island, IL, and Black Hawk, CO.
Carlino additionally added that GLPI expanded its relationship with Bally’s by buying 2 Rhode Island casinos on the finish of June. Bally’s Tiverton Casino & Hotel and Bally’s Twin River Lincoln Casino Resort have been bought for a worth of $1 billion.
While sharing particulars on the Rhode Island casinos, Carlino famous that because of the truth that they’re the one 2 gaming services in Rhode Island, they “generate excellent operating results.” More importantly, Carlino mentioned that the transaction encompasses a grasp lease construction and a conservative hire, which permits GLPI with a chance for long-term progress, whereas additionally having “material downside protection.”
According to the monetary outcomes, GLPI’s earnings from operations in Q2 of 2022 was $237.1 million, which is a large enhance in comparison with Q2 of 2021, when the income was $212.1 million. Net earnings was $155.8 million, which has additionally elevated considerably from Q1 in 2021 ($138.1 million).
Funds from operations (FFO) income was $215.3 million, adjusted funds from operations (AFFO) was $231.6 million and adjusted EBITDA was $307.6 million.
Carlino Shared Some Words on the Future of GLPI
While reflecting on the second quarter of 2022, Carlino additionally shared some info on the close to way forward for GLPI.
He said that if the approvals for the Bally’s Twin River Lincoln acquisition are “not received on a timely basis,” the corporate plans to purchase Bally’s Tiverton Casino & Hotel and Hard Rock Hotel & Casino Biloxi in Mississippi for a worth of $635 million.
Carlino famous that GLPI is well-positioned to ship implausible ends in the second half of 2022 as a result of the corporate is seeking to increase and additional “diversify its portfolio.” In phrases of the current progress of the corporate, Carlino mentioned that GLPI is proud of the success it had thus far and that it intends to spend money on each new and current tenant relationships. These components will drive long-term worth for the corporate’s shareholders, Carlino concluded.
GLPI estimates that AFFO for the 12 months ending on December 31, 2022, can be someplace between $908 million and $920 million.
