Gaming and Leisure Properties Inc
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +7.12%.
Did GLPI Beat Earnings? Q1 2025 Results
Gaming & Leisure Properties delivered a mixed first quarter for 2025, posting earnings per share of $0.60 against a consensus estimate of $0.77, a miss of 21.57%, even as revenue grew 5.1% year over year to $395.24 million, falling just 0.32% short of the $396.50 million analysts had expected. The headline EPS shortfall was largely attributable to rising credit loss provisions, which climbed to $39.25 million from $23.29 million a year earlier, alongside higher interest expense of $97.27 million. Still, the gaming REIT's preferred operating metrics told a more encouraging story, with AFFO rising 5.2% to $272.00 million and Adjusted EBITDA advancing 8% to $360.12 million. Strategic momentum remained intact, with Boyd Gaming extending key leases through 2031 and GLPI advancing its first-of-its-kind tribal financing arrangement for Acorn Ridge Casino. Despite the Bally's Chicago project facing a timeline push to 2027, management expressed continued confidence in the development. Looking ahead, GLPI narrowed its full-year 2025 AFFO guidance to $1.11 billion to $1.12 billion, or $3.84 to $3.87 per diluted share.
- Record first quarter revenue, AFFO and Adjusted EBITDA
- Total revenue rose 5.1% year over year to $395.2 million
- AFFO grew 5.2% to $272.0 million
- Adjusted EBITDA increased 8% to $360.1 million
- Recent acquisitions and financing arrangements
- Contractual rent escalators
- Growing base of regional gaming operator tenants
“Our record first quarter revenue, AFFO and Adjusted EBITDA highlight our long-term focus on aligning with the industry's top regional gaming operators, expanding and diversifying our portfolio of gaming assets, and supporting tenants with creative, comprehensive financing solutions, resulting in consistent predictability and growth of our rental cash flows and dividends. On an operating basis, first quarter total revenue rose 5.1% year over year to $395.2 million, AFFO grew 5.2% to $272.0 million and Adjusted EBITDA increased 8%.”
Gaming & Leisure Properties CEO, on the earnings call
Forward Guidance & Outlook
GLPI updated its full-year 2025 AFFO guidance to between $1.109 billion and $1.118 billion, or between $3.84 and $3.87 per diluted share and OP/LTIP units, narrowing from prior guidance of $1.105 billion to $1.121 billion ($3.83 to $3.88 per diluted share). The guidance assumes approximately $375 million in fundings related to current development projects and settlement of a forward equity sale of 8,170,387 shares for approximately $409.3 million in June 2025. No impact from possible future acquisitions, dispositions, or other non-recurring transactions is included.
GLPI YoY Financials
GLPI Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.