Gaming and Leisure Properties, Inc. (GLPI) reported its financial results for the third quarter and the nine months ended September 30, 2024, showing notable growth in revenue and net income compared to the previous fiscal period. For the three months ended September 30, 2024, total revenues reached $385.3 million, an increase of $25.8 million from $359.6 million in the same period of 2023. This growth was driven by a $13.5 million rise in cash rental income due to recent acquisitions and $5.0 million from lease escalations. For the nine months ended September 30, 2024, total revenues were $1.141 billion, up $70.6 million from $1.071 billion in 2023.
Net income for the third quarter was $190.1 million, slightly up from $189.3 million in the prior year, while net income for the nine months increased to $584.0 million from $538.1 million. Basic earnings per share for the third quarter were $0.67, down from $0.70 in 2023, but for the nine months, it rose to $2.08 from $1.99.
Operating expenses for the third quarter increased significantly to $113.9 million from $91.3 million, primarily due to a substantial rise in the provision for credit losses, which surged to $27.7 million from $1.6 million in the same quarter of 2023. This increase was largely attributed to reserves established for the Tropicana Las Vegas Lease and declines in estimated real estate values.
As of September 30, 2024, GLPI's total assets amounted to $12.681 billion, up from $11.807 billion at the end of 2023. The company’s long-term debt also rose to $7.413 billion from $6.628 billion, reflecting increased borrowings for acquisitions. Notably, GLPI has committed to significant future investments, including up to $940 million for construction costs related to the Bally's Chicago project and $225 million for the relocation of PENN's Hollywood Casino in Aurora.
In terms of strategic developments, GLPI has been active in acquisitions, including the real estate assets of Tioga Downs for $175 million and properties from Strategic for $105 million. The company also plans to acquire Bally’s Kansas City and Bally’s Shreveport for approximately $395 million, with initial cash rent of $32.2 million.
Overall, GLPI's performance reflects a robust growth trajectory, supported by strategic acquisitions and increased rental income, despite rising operating expenses and provisions for credit losses.
About Gaming & Leisure Properties, Inc.
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