Press Releases

Gaming and Leisure Properties Reports Record Second Quarter 2023 Results and Updates 2023 Full Year Guidance

Published

2 years ago

August 1, 2023

George Miller

Gaming and Leisure Properties Reports Record Second Quarter 2023 Results and Updates 2023 Full Year Guidance

Gaming and Leisure Properties, Inc. announced financial results for the quarter ended June 30, 2023.

Financial Highlights

	Three Months Ended June 30,
(in millions, except per share data)		2023		2022
Total Revenue	$	356.6	$	326.5
Income from Operations	$	238.3	$	237.1
Net Income	$	160.1	$	155.8
FFO ^{(1) (4)}	$	225.4	$	215.3
AFFO ^{(2) (4)}	$	250.4	$	231.6
Adjusted EBITDA ^{(3) (4)}	$	325.5	$	307.6
Net income, per diluted common share and OP units ⁽⁴⁾	$	0.59	$	0.61
FFO, per diluted common share and OP units ⁽⁴⁾	$	0.83	$	0.84
AFFO, per diluted common share and OP units ⁽⁴⁾	$	0.92	$	0.91
_________________________________________ ⁽¹⁾ Funds from Operations (“FFO”) is net income, excluding (gains) or losses from dispositions of property, net of tax and real estate depreciation as defined by NAREIT. ⁽²⁾ Adjusted Funds From Operations (“AFFO”) is FFO, excluding, as applicable to the particular period, stock based compensation expense; the amortization of debt issuance costs, bond premiums and original issuance discounts; other depreciation; amortization of land rights; accretion on investment in leases, financing receivables; non-cash adjustments to financing lease liabilities; impairment charges; straight-line rent adjustments; losses on debt extinguishment; and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures. ⁽³⁾ Adjusted EBITDA is net income, excluding, as applicable to the particular period, interest, net; income tax expense; real estate depreciation; other depreciation; (gains) or losses from dispositions of property, net of tax; stock based compensation expense, straight-line rent adjustments, amortization of land rights, accretion on investment in leases, financing receivables; non-cash adjustments to financing lease liabilities; impairment charges; losses on debt extinguishment and provision (benefit) for credit losses, net. ⁽⁴⁾ Metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of non-controlling interests.

Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, “Our strong tenant relationships with the industry’s top regional gaming operators and the general resiliency of gaming revenue drove another period of record quarterly results. On an operating basis, second quarter total revenue rose 9.2% to $356.6 million compared to the second quarter in 2022. Our second quarter financial growth reflects GLPI’s long-term expansion and diversification as a landlord with six tenants with 59 properties across 18 states, including eight new properties added in 2022 and in early 2023 with The Cordish Companies and Bally’s Corporation, which are expected to benefit results in the second half of 2023 and beyond. Our opportunistic approach to portfolio expansion and concurrent focus on strong capital returns and yields for our shareholders is highlighted by our second quarter 2023 dividend of $0.72 per share, up from $0.705 per share in the year-ago period.

“Our pipeline of opportunities with both prospective and current tenants is robust and we believe there are near- and longer-term cases for GLPI to further support tenants with innovative financing, capital and development structures in an accretive, prudent manner. This operating strategy has driven stable, visible growth of our rental cash flows and AFFO, for ten years, enabling GLPI to consistently increase capital returns to shareholders through increased quarterly and special cash dividends.

“A highlight of the quarter — which clearly highlights GLPI’s unique growth positioning with current tenants, was our entry into a letter of intent in May with Bally’s and Major League Baseball’s Oakland Athletics, or the A’s, to develop an integrated casino within a new 30,000-seat Las Vegas stadium for the team at our 35-acre Tropicana site. GLPI intends to commit to up to $175 million of funding for construction costs and may have the opportunity to provide additional construction financing under certain circumstances. In June, the Nevada legislature approved public funding for the A’s Las Vegas stadium paving the way for the stadium project at the site and the ultimate re-development of the Tropicana Las Vegas. The letter of intent provides that the transaction will be subject to customary approvals and other conditions, including a requisite relocation approval from Major League Baseball on or before December 1, 2023.

“We expect to deliver continued record results over the balance of 2023 reflecting our recent portfolio expansions, recently completed transactions and contractual rent escalators. Our disciplined capital investment approach, combined with our focus on stable and resilient regional gaming markets, supports our confidence that the Company is well positioned to further grow our cash dividend and drive long-term shareholder value.”

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Recent Developments

On May 13, 2023, the Company, Tropicana Las Vegas, Inc., a Nevada corporation and wholly owned subsidiary of Bally’s Corporation (NYSE: BALY) (“Bally’s”), and Athletics Holdings LLC (“Athletics”), which owns the Major League Baseball (“MLB”) team currently known as the Oakland Athletics (the “Team”), entered into a binding letter of intent (the “LOI”) setting forth the terms for developing a stadium that would serve as the home venue for the Team (the “Stadium”). The Stadium is expected to complement the potential resort redevelopment envisioned at our 35-acre property in Clark County, Nevada (the “Tropicana Site”), owned indirectly by GLPI through its indirect subsidiary Tropicana Land LLC, a Nevada limited liability company, and leased by GLPI to Bally’s pursuant to that certain Ground Lease dated as of September 26, 2022 (the “Original Ground Lease”). The LOI allows for Athletics to be granted fee ownership by GLPI of approximately 9 acres of the Tropicana Site for construction of the Stadium. The LOI provides that following the Stadium site transfer, there will be no reduction in the rent obligations of Bally’s on the remaining portion of the Tropicana Site or other modifications to the Original Ground Lease, and that to the extent GLPI has any consent or approval rights under the Original Ground Lease, such rights shall remain enforceable unless expressly modified in writing in the definitive documents. Bally’s and GLPI are agreeing to provide the Stadium site transfer in exchange for the benefits that the Stadium is expected to bring to the Tropicana Site. The LOI provides that the Athletics shall pay all the costs associated with the design, development, and construction of the Stadium and Bally’s shall pay all costs for the redevelopment of the casino and hotel resort amenities. GLPI is expected to commit to up to $175 million of funding for hard construction costs, such as demolition and site preparation and build out of minimum public spaces needed for utilization of the Stadium (including, without limitation, a food, beverage and retail entrance plaza and structured parking). The LOI provides that during the development period, rent will be due at 8.5% of what has been funded, provided that the first $15.0 million advanced for the costs of construction of the food, beverage and retail entrance plaza shall not be subject to increased rent. GLPI may have the opportunity to fund additional amounts of the construction under certain circumstances. In addition, the LOI provides that the transaction will be subject to customary approvals and other conditions, including, without limitation, the approval of the MLB owners to relocate the Team on or before December 1, 2023, and certain approvals by the Nevada Gaming Control Board and Nevada Gaming Commission.

On January 13, 2023, the Company called for redemption of all of its $500 million, 5.375% Senior Notes (the “Notes”) due in 2023. GLPI redeemed all of the Notes on February 12, 2023 (the “Redemption Date”) for $507.5 million which represented 100% of the principal amount of the Notes plus accrued interest through the Redemption Date. GLPI funded the redemption of the Notes primarily from cash on hand as well as through the settlement of the Company’s forward sale agreement which resulted in net proceeds of $64.6 million through the issuance of 1,284,556 shares.

On January 3, 2023, the Company completed its previously announced acquisition from Bally’s of the real property assets of Bally’sTiverton and Hard Rock Hotel & Casino Biloxi for total consideration of $635 million, inclusive of approximately $15 million in the form of OP units. These properties were added to the Company’s existing Master Lease with Bally’s. The initial rent for the lease was increased by $48.5 million on an annualized basis, subject to contractual escalations based on the Consumer Price Index (“CPI”), with a 1% floor and a 2% ceiling, subject to CPI meeting a 0.5% threshold.
In connection with the closing, a $200 million deposit funded by GLPI in September 2022 was returned to the Company along with a $9.0 million transaction fee that was accounted for as a reduction of the purchase price of the assets acquired with no earnings impact. Concurrent with the closing, GLPI borrowed $600 million under its previously structured delayed draw term loan.
GLPI continues to have the option, subject to receipt by Bally’s of required consents to acquire the real property assets of Bally’sTwin River Lincoln Casino Resort in Lincoln, RI prior to December 31, 2026, for a purchase price of $771 million which, if consummated, would result in additional initial rent of $58.8 million.

Effective January 1, 2023, the Company completed the creation of a new master lease (the “PENN 2023 Master Lease”) with PENN Entertainment, Inc. (NASDAQ: PENN) (“PENN”) for seven of PENN’s current properties. The Company and PENN also agreed to a funding mechanism to support PENN’s relocation and development opportunities at several properties included in the PENN 2023 Master Lease.
The original PENN Master Lease was amended (the “Amended PENN Master Lease”) to remove PENN’s properties in Aurora and Joliet, Illinois, Columbus and Toledo, Ohio, and Henderson, Nevada. Those properties were added to the PENN 2023 Master Lease. In addition, the existing leases for the Hollywood Casino at The Meadows in Pennsylvania and Hollywood Casino Perryville in Maryland were terminated and these properties were transferred to the PENN 2023 Master Lease. GLPI agreed to fund up to $225 million for the relocation of PENN’s riverboat casino in Aurora at a 7.75% cap rate. GLPI also agreed to fund, at PENN’s election, up to an additional $350 million for the relocation of Hollywood Casino Joliet as well as the construction of a hotel at Hollywood Casino Columbus and a second hotel tower at the M Resort Spa Casino in Henderson, Nevada, at the then current market rates.
The terms of the PENN 2023 Master Lease and the Amended PENN Master Lease are substantially similar to the original PENN Master Lease with the following key differences;
- The PENN 2023 Master Lease is cross-defaulted and co-terminus with the Amended PENN Master Lease;
- The annual rent for the PENN 2023 Master Lease is $232.2 million in base rent which is fixed with annual escalation of 1.50%, with the first escalation occurring for the lease year beginning on November 1, 2023; and,
- The annual rent for the Amended PENN Master Lease is $284.1 million, consisting of $208.2 million of building base rent, $43.0 million of land base rent, and $32.9 million of percentage rent.

Dividends

On June 1, 2023, the Company’s Board of Directors declared the second quarter dividend of $0.72 per share on the Company’s common stock. The dividend was paid on June 30, 2023 to shareholders of record on June 16, 2023. The second quarter 2022 dividend was $0.705 per share on the Company’s common stock.

2023 Guidance

Reflecting the current operating and competitive environment, the Company is updating its AFFO guidance for the full year 2023 based on the following assumptions and other factors:

The guidance does not include the impact on operating results from any pending or possible future acquisitions or dispositions, future capital markets activity, or other future non-recurring transactions.
The guidance assumes there will be no material changes in applicable legislation, regulatory environment, world events, including a new pandemic outbreak, weather, recent consumer trends, economic conditions, oil prices, competitive landscape or other circumstances beyond our control that may adversely affect the Company’s results of operations.
We anticipate that annual rent under the Casino Queen Master Lease will increase by approximately $6.4 million upon the completion of the current landside development project that was funded by GLPI at a project cost of approximately $78 million which is anticipated to open in late August 2023. This will increase rent in 2023 by approximately $2.1 million.
We anticipate that annual percentage rent will decline by approximately $5.0 million to $6.0 million and annual building base rent will increase by $4.2 million on the Amended Penn Master Lease effective November 1, 2023, resulting in an overall reduction to the Company’s 2023 rental income of between $0.1 million and $0.3 million.

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California Gambling Control Commission Reviews Licensing and Ownership Transfers at September 18 Meeting

Published

12 hours ago

September 12, 2025

Peter Tolan

The California Gambling Control Commission (CGCC) convened for its scheduled public meeting to deliberate on a wide range of licensing and regulatory matters related to cardrooms, third-party providers, tribal gaming, and key individuals in the gambling industry. The Commission addressed ownership transfers, license renewals, regulatory compliance, and findings of suitability for tribal gaming employees and suppliers.

Highlights from the Meeting

Cardroom Licensing and Ownership Transfers

Commerce Casino (California Commerce Club, Inc.)

Initial License Approval: The Commission recommended approving an initial cardroom owner license for James Murray, Director of the Commerce Casino, through March 31, 2027.
Ownership Transfer: The Commission approved a share transfer from Marsha Gold to the Marsha L. Gold Revocable Trust, subject to the transaction closing within 180 days and written confirmation of compliance with imposed conditions.
Successor Trustee Licensing: The license for Jill Anter Wieder, Successor Trustee of the trust, was also approved through March 31, 2027, pending the completion of the ownership transaction.
Additional Conditions: The Commission imposed a detailed list of conditions on the license, including certification requirements, written transaction confirmations, and mandatory legends on stock certificates to ensure regulatory compliance.

Napa Valley Casino (BVK Gaming, Inc.)

Ownership Transfer: Similar to Commerce, the transfer of shares from Von Altizer to the Von Altizer 2017 Revocable Trust was conditionally approved.
Successor Trustee Licensing: Applications from Christopher and Bobby Huang, successor trustees and contingent beneficiaries, were approved through May 31, 2026, contingent upon the transaction’s completion.
Interim License Conditions: The Commission imposed a set of conditions mirroring those required for Commerce Casino, ensuring the integrity of ownership transitions.

Renewal and Interim Licenses

Seven Mile Casino (Stones South Bay Corp.)

A new interim renewal license was approved through September 30, 2027, with prior licensing conditions officially removed.

Commerce Casino Directors

Rick Contrucci: The Commission opted to abandon the renewal application.
Lysa Grigorian: The application was referred to an evidentiary hearing, and an interim license was issued through March 31, 2027.

Other Cardrooms

Limelight Card Room: License renewed through March 31, 2027.
Lucky Chances Casino: A 90-day extension was granted through December 31, 2025, with strict restrictions on property access and communications for Rene Medina, tied to a 36-month probationary period.
North Coast Casino and The River Card Room: Both granted 60-day extensions with multiple compliance conditions required prior to opening or continuing operations.

Third-Party Proposition Player Services

Renewals and Initial Licenses Approved

Owner-Type Licenses for Global Player Services and Players Edge Services were renewed through 2027.
Employee-Type Licenses: Dozens of third-party proposition player service employees were approved or renewed, including workers from Knighted Ventures, Blackstone Gaming, and Acme Player Services.
Conditions on some licensees, such as Glenn Kaboua, included proof of fine resolution every 90 days.

Tribal-State Compact Licensing

Gaming Resource Suppliers

Everi Games Inc. and LNW Gaming, Inc. received approval for initial and renewal suitability findings, with licenses valid through early 2026.

Key Tribal Employee Licensing

A significant number of tribal casino employees across the state received initial or renewed findings of suitability. These included employees from:
- Chumash Casino Resort
- Thunder Valley Casino Resort
- Fantasy Springs Resort Casino
- Graton Resort & Casino
- Hard Rock Hotel & Casino Sacramento, among many others.
The Commission emphasized continuous monitoring of suitability, especially for applicants under conditional approval like Tatianna Wren, who must provide quarterly updates on efforts to resolve outstanding fines.

Key Individual Decisions

Huy Dang: The Commission approved the renewal of Dang’s Key Employee License through September 30, 2027, removing prior conditions related to court-mandated classes and debt resolution.

Consent Calendar Items

Items 15 through 21 included approvals for initial and renewal licenses for various employees, work permits, and tribal key employees. All items were approved per staff recommendations.

Conclusion

The September 18, 2025, meeting of the California Gambling Control Commission underscored the Commission’s ongoing role in maintaining transparency, accountability, and integrity in the state’s gambling industry. With careful review of ownership changes, key personnel, and operational compliance, the CGCC continues its commitment to fair and responsible gambling practices in California.

For full details and future updates, visit the California Gambling Control Commission website

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FBM® adds a new hero to its slots collection with Hippo’s Lock™ launch in Mexico

Published

21 hours ago

September 12, 2025

George Miller

FBM® adds a new hero to its slots collection with Hippo’s Lock™ launch in Mexico

Time to power up your spins and collect big wins with Hippo’s Lock™ in Mexico. The new slot adventure launched by FBM® has Super Hippo as a hero, delivering entertaining gaming sessions with the Lock Feature, the Power Spins and Extra Spins accumulators. The game is available to play on the Auria, Galaxy II and Shadow III casino cabinets and is set for a fast expansion in the Mexican gaming market.

Hippo’s Lock is the latest slot title developed by FBM and brings a new theme with a charismatic hero, equipped with gadgets and special powers which will attract and engage slot players in Mexico.

The 30-lines game works with 15 independent reels, and the main action happens around the central position with Super Hippo’s intervention. The purple hippo guides the game narrative, taking players on an exciting gaming journey with non-stop action, suspense, and compelling animations.

The “X” effect of Power Spins joins the lucrative Extra Spins

Every time Super Hippo lands on the central reel, he bites the lock symbols and creates the chance to open the bonus mode with Power Spins, Extra Spins or the two accumulators combined.

When the Hippo’s Lock bonus starts with one accumulator, players guarantee five free spins. This number increases to ten free rounds if Super Hippo triggers Power Spins and Extra Spins at the same time. Each one of the accumulators has a special power:

Extra Spins – Super Hippo uses its backpack to shoot lasers, increasing the number of free spins displayed in the counter.
Power Spins – Super Hippo multiplies all coins, bags, Mini and Minor jackpots by 2, 3 or 5, leading players to a significant prize.

Super Hippo remains in the central position during all bonus rounds, and the special powers of the accumulators activated may repeat several times until the bonus rounds are over.

A kit of jackpots and gadgets to achieve big wins!

The bonus ignited by the Lock feature concentrates Super Hippo’s main powers. However, the game character has more tricks and resources to captivate and involve players:

Jackpots – Hippo’s Lock offers access to four jackpot levels – Mini, Minor, Major, and Grand – through the vault symbol, which may appear on the reels during the main game or bonus rounds.
Rewind – What if a gadget could change the symbols on the reels and lead players to bigger wins? That is the magic of the Rewind Feature activated by Super Hippo using its bracelet.
Luck Has Arrived – Super Hippo announces a special flight on the screen with a message and takes off anticipating a lucrative game round for the player.

A slot game compatible with several casino cabinets and layouts!

Hippo’s Lock combines a fascinating game mechanic with an appealing feature set exhibited by an intriguing character through cutting-edge graphics, animations, and sound effects. This blend captures the interest of first-time players, delivering enjoyable gaming sessions that encourage them to return for more.

Hippo’s Lock reinforces the Lock product line FBM debuted this year with the Croc’s Lock theme launch. This new game title introduces a new hero, a new accumulator, and new thrills to the gaming sessions delivered by the global gaming brand’s slots portfolio.

Available on the Galaxy II, Auria and Shadow III casino cabinets, Hippo’s Lock starts its expansion journey in Mexico and intends to surpass the high expectations of local slot fans with long-lasting gaming sessions filled with prizes and adrenaline. The following plans include a global expansion having the US as the next showcase market for this FBM casino game.

Conferences

Global Gaming Women Announces 2025 Event Line-Up at Global Gaming Expo

Published

24 hours ago

September 12, 2025

George Miller

Global Gaming Women Announces 2025 Event Line-Up at Global Gaming Expo

Global Gaming Women (GGW) is proud to announce a dynamic event lineup for the 2025 Global Gaming Expo, offering a week of networking, education, celebration, and fundraising opportunities designed to uplift and empower women across the gaming industry.

Day Zero Celebration: Sunday, October 5
The week kicks off with the Day Zero Celebration, honoring the 10 Women Rising in Gaming: Class of 2025, in partnership with CDC Gaming. This invitation-only event will shine a spotlight on women making an impact in the gaming industry and set the tone for an inspiring week ahead.

GGW Retreat: October 7–9
From Tuesday through Thursday, GGW invites G2E attendees to recharge at the GGW Retreat, located in Lido 3001-3102 on the third floor of the Venetian Expo. Open to all show attendees, the retreat will offer coffee, free updated professional headshots, GGW profile assistance, a chance to meet the hosts of the GGW Fair Game podcast and a quiet, relaxing space to take a break from the show floor. Hours for the space will be as follows:

Tuesday, October 7: 9AM-5PM
Wednesday, October 8: 9AM-5PM
Thursday, October 9: 9AM-1PM

American Gaming Association’s Gaming Hall of Fame: October 7
GGW will proudly celebrate the induction of founding member Ann Simmon Nicholson into the American Gaming Association’s Gaming Hall of Fame. This historic honor recognizes her enduring contributions and passionate advocacy for women in gaming. This event is invitation only.

Sip & Social: October 8
GGW is excited to announce the return of the Sip & Social networking event, which will take place at 8:00-8:45AM in Venetian Ballroom F. Following, in partnership with the Global Gaming Expo, RX Global and the American Gaming Association, GGW will host G2E’s Wednesday main stage session at 9AM, free to attend for credentialed G2E attendees. Back with a powerful new format, this year’s session is titled Breaking the Stigma: An Honest Dialogue on Mental Health and will feature a fireside chat with Kendall Toole, top fitness instructor, community builder and mental health advocate. This conversation will change the way attendees think about wellness both at work and outside of the office. Participants can expect to engage in networking opportunities and strengthen their industry connections all while gaining valuable insight about this important topic.

Kick Up Your Heels Fundraiser: October 8
Join GGW at XS Nightclub at Wynn Las Vegas for the 15^th Annual Kick Up Your Heels Fundraiser, supporting the GGW Charitable Education Fund. The evening includes a tribute to Patty Becker, founder of the event, and honors recipients of the Patty Becker Pay it Forward Award.

“Global Gaming Women is proud to present a dynamic G2E schedule, from our rejuvenating retreat and meaningful celebrations to inspiring conversations and our premier fundraising event,” said Lauren Bates, President of Global Gaming Women. “Each of these experiences reflects our unwavering commitment empowering women and allies across the gaming industry and fostering inclusive opportunities for all to rise and thrive.”