GLPI Lauds US Moment After Strong Q4

As the group sees an emergence from the challenges that have blighted much of 2020, real estate investment trust Gaming and Leisure Properties (GLPI) has lauded rising traction around the US gaming landscape.

The comments come as the group releases its new financial report for the fourth quarter and full-year 2020, with 47 of the 48 assets of the organisation subject to security protocols and capability restrictions as of February 18, 2021.

EBITDA marginally ahead In Q4

GLPI saw sales grow 3.8 percent to $300.2 million for the quarter (2019: $289 million), with net income rising to $169.3 million, reflecting a 48.1 percent increase from $114.3 million, and adjusted EBITDA marginally ahead at $264.6 million (2019: $260.5 million).

Chairman and Chief Executive Officer Peter Carlino commented: “We ended 2020 with strong fourth quarter results and 2021 started with growing momentum, highlighting our proactive measures to creatively collaborate with our tenants throughout the year while further positioning GLPI as the REIT of choice for leading US gaming operators.  

“Reflecting the innovation of our team and the strong support and partnerships we’ve established with tenants, we collected all rents that were due in 2020.”

Revenue stayed stable at $1.15bn on a full-year basis, net income finished 29.3 percent ahead at $505.7m (2019: $390.9m), and adjusted EBITDA fell marginally to $1.03bn (2019: $1.04bn).

GLPI Portfolio

The portfolio of GLPI consists of investments in 48 gaming and related facilities across 16 US states, including approximately 35 acres of Tropicana Las Vegas real estate and the Hollywood Casino Baton Rouge and Hollywood Casino Perryville, wholly owned and operated by the group.

Carlino added: “Our strong fourth quarter and full year 2020 results reflect GLPI’s focus on our core business, our deep, long-term knowledge of the gaming sector, and our ability to position the company for growth through the active management of all aspects of our business and capital structure.  

“We remain committed to building and supporting relationships with the industry’s leading gaming operators, all of whom have fortified their balance sheets with capital and enhanced their operating models as a result of cost and other efficiencies.  

“Our tenants’ strength, combined with the sector’s only investment-grade balance sheet, position GLPI to consistently grow its cash flows and build value for shareholders in 2021 and beyond. Finally, we intend to resume to all cash dividends this year.”