Gaming and Leisure Properties

What Gaming and Leisure Properties does

Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) is a publicly-traded real estate investment trust formed in 2013 as the first gaming-focused REIT in the United States. The company acquires, finances, and owns 71 gaming and related real estate facilities totaling 29.3 million-plus square feet, 6,355-plus acres, and 15,100-plus hotel rooms across 21 states. Properties are leased back to regional gaming operators under long-term triple-net lease arrangements under which tenants assume responsibility for property taxes, insurance, and maintenance, while GLPI collects contractual rental income with built-in escalators. The company has no proprietary technology platform; its core competency lies in real estate underwriting, gaming-sector regulatory navigation, and bilateral deal execution with established operators.

GLPI's business model is asset-heavy rental income plus development financing. Revenue streams include (1) recurring base rent under triple-net leases with tenants such as PENN Entertainment (34 properties), Bally's Corporation (16 properties, including the Q1 2026 Lincoln acquisition), Caesars Entertainment (6 properties), Boyd Gaming (4 properties), and The Cordish Companies (3 properties), and (2) development financing yielding incremental rent as projects reach completion, with approximately $2.96 billion committed across the Bally's Chicago ($940 million), Penn Aurora ($225 million), and Live! Virginia ($467 million) projects. The company funds acquisitions primarily through senior unsecured notes (notable issuances: $400 million in 2023, $1.2 billion in 2024, $800 million in 2026) and maintains a target leverage band of 4.4x-5.0x with a BBB- Fitch rating.

Financially, GLPI generated $1.59 billion in full-year 2025 revenue and $420 million in Q1 2026 (up 6.3% year-over-year), with Q1 2026 AFFO of $297.1 million (+9.2% YoY). The company has raised its dividend for five consecutive years, reaching $0.82 per share quarterly (Q2 2026), implying a 6.6-6.95% yield. Customer acquisition is conducted through direct bilateral negotiations and industry channels (NAREIT conferences, investor relations), with multi-year master lease structures creating switching costs. Management is led by Chairman/CEO Peter M. Carlino, with a stated long-term strategic intent to diversify beyond pure gaming-related real estate.

Name

Gaming and Leisure Properties

Legal name

Gaming and Leisure Properties, Inc.

Website

https://glpropinc.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Gaming and Leisure Properties is a publicly-traded gaming-focused REIT (NASDAQ: GLPI) that owns 71 gaming and related real estate facilities across 21 US states, leasing them to operators under long-term triple-net leases. Its primary tenants are PENN Entertainment, Bally's, Caesars, Boyd Gaming, and The Cordish Companies.

Ownership category

akta.pro rank

Product category

Gaming REIT / Commercial Real Estate

NAICS

Casino Hotels (721120), Casino Hotels (72112)

SIC

Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Integrated Casino Resorts (Casino + Hotel/Entertainment) (MPAEAAAA)

akta.pro secondary industry

Integrated Casino Resorts (THAGAJAA)

Keywords

• Gaming real estate
• Triple-net leases
• Sale-leaseback transactions
• Casino property financing
• REIT investment

Headquarters

HQ city

Palo Alto

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Others, Personnel

Revenue model

1. Rental Income from Triple-Net Leases: GLPI generates revenue through long-term triple-net lease arrangements with gaming operators. Tenants are responsible for property taxes, insurance, and maintenance while GLPI collects contractual rent. Rent increases are driven by acquisitions, escalators built into leases, and organic rent growth from existing properties. The company completed $727 million in acquisitions in Q1 2026, adding annualized cash rent from new transactions.
2. Development Financing: GLPI provides development funding to tenants for new construction and expansion projects. The company committed $940 million for Bally's Chicago development, $225 million for Penn Entertainment's Aurora facility, and approximately $467 million for Live! Virginia Casino & Hotel. These development arrangements generate additional rental income as projects reach completion.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

Gaming and Leisure Properties (GLPI) is a publicly-traded real estate investment trust that acquires, finances, and owns real estate assets of premier gaming and related facilities, leasing them back to gaming operators under long-term triple-net lease arrangements. Its portfolio consists of 71 properties across 21 states totaling 29.3M+ square feet, 6,355+ acres, and 15,100+ hotel rooms, with key tenants including PENN Entertainment, Bally's, Boyd Gaming, Caesars Entertainment, and The Cordish Companies. The company generates revenue through contractual rent, sale-leaseback transactions, and development financing for new casino projects.

Product overview

Gaming and Leisure Properties is a Real Estate Investment Trust (REIT) that operates as a single unified business model focused on owning and leasing gaming-related real estate. The company's core offering is its portfolio of 71 gaming properties across 21 states, leased to operators under triple-net lease arrangements. The portfolio includes casinos, racetracks, hotels, and related entertainment facilities operated by tenants including PENN Entertainment, Bally's Corporation, Boyd Gaming, Caesars Entertainment, The Cordish Companies, and others.

Differentiator

Problem solved

Functional benefit

Products and services

• Gaming REIT Portfolio (Triple-Net Lease Real Estate) GLPI's core offering consists of owning and leasing 71 premier gaming and related facilities (29.3M+ square feet, 6,355+ acres, 15,100+ hotel rooms) across 21 states under long-term triple-net lease arrangements with gaming operators. Tenants are responsible for property taxes, insurance, and maintenance while GLPI collects contractual rent with built-in escalators. Key tenants include PENN Entertainment (34 properties), Bally's (16 properties), Boyd Gaming (4 properties), Caesars Entertainment (6 properties), and The Cordish Companies (3 properties).

Quantifiable outcome

• Q1 2026 AFFO grew 9.2% year-over-year to $297.1 million
• +4 more outcomes

Named customers8 records

Segments1 record

Ideal customer profiles2 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core, major and minor.

• Bally's CorporationcoreStrategic or Co-development Partner · 11 February 2026Bally's operates 16 GLPI properties including Twin River Lincoln Casino (acquired Q1 2026 for $700M at 8% cap rate), Bally's Chicago development ($940M commitment), and multiple regional properties. The partnership includes Bally's Master Lease II agreement with pro forma rent coverage expected above 2.2x.
• Caesars EntertainmentmajorStrategic or Co-development Partner · 5 December 2025Caesars operates 6 GLPI properties. Development activity includes Caesars Republic Sonoma County ($225M total commitment, $45M funded through early December 2025) following NIGC declination letter approval. GLPI has limited Caesars exposure compared to competitor Vici Properties.
• The Cordish CompaniescoreStrategic or Co-development Partner · 28 October 2025Cordish operates 3 GLPI properties including Live! Casino & Hotel Maryland, Live! Casino Philadelphia, and Live! Casino Pittsburgh. GLPI committed approximately $467 million for Live! Casino & Hotel Virginia development in Petersburg, including $27M land acquisition and $440M hard costs funding.
• Strategic Gaming ManagementmajorStrategic or Co-development Partner · 23 October 2025SGM acquired Sunland Park Racetrack & Casino for $310M and sold the property to GLPI in $183.9M sale-leaseback transaction. SGM operates four properties across Nevada, South Dakota, and New Mexico, with plans to expand regional asset portfolio.
• PENN EntertainmentcoreStrategic or Co-development PartnerPENN Entertainment is GLPI's largest tenant, operating and leasing 34 GLPI properties. GLPI committed $225 million for Penn's Hollywood Casino Aurora development (7.75% cap rate) and $150 million for M Resort Las Vegas hotel tower. Q1 2026 results confirmed strong rent coverage and operational performance.
• Boyd Gaming CorporationmajorStrategic or Co-development PartnerBoyd Gaming operates 4 GLPI properties. Q4 2025 results showed strong regional casino performance in Midwest & South segment despite Las Vegas softness, validating GLPI's regional focus strategy.
• American Racing and EntertainmentminorStrategic or Co-development PartnerAmerican Racing operates Tioga Downs Casino Resort and Vernon Downs Casino Hotel under GLPI lease arrangements in upstate New York.
• 815 EntertainmentminorStrategic or Co-development Partner815 Entertainment owns Hard Rock Casino Rockford, served through GLPI sale-leaseback arrangement serving Rockford, Chicagoland, Greater Milwaukee, and Madison markets.

Scale indicators18 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Spirit Realty Capital: Spirit Realty (now part of Realty Income) was historically a net-lease REIT with similar triple-net lease economics. It is referenced as a structural model for GLPI's tenant-level cash-flow profile.
• Realty Income Corporation: Realty Income is the largest net-lease REIT with a diversified tenant base. While not gaming-focused, its triple-net lease model and scale-driven acquisition approach are broadly comparable to GLPI's investment thesis.
• W. P. Carey: W. P. Carey is a diversified net-lease REIT investing across industrial, retail, and office properties under sale-leaseback structures. Its single-tenant net-lease methodology and capital-allocation discipline are relevant comparables for GLPI.
• Agree Realty Corporation: Agree Realty is a net-lease REIT specializing in sale-leaseback transactions with retail and industrial tenants. Its focus on sale-leaseback origination and disciplined underwriting is structurally similar to GLPI's capital-recycling model.
• Host Hotels & Resorts: Host Hotels is the largest lodging-focused REIT, focused on upper-upscale and luxury hotel real estate. Its hospitality real estate ownership model and triple-net-adjacent lease structures provide a comparable lodging-REIT benchmark for GLPI's hotel-attached gaming assets.

Direct peers

• VICI Properties: VICI Properties is the largest US gaming-focused REIT and GLPI's direct competitor, pursuing the same triple-net sale-leaseback strategy with gaming operators (notably Caesars, MGM, Venetian). It is the most directly comparable peer in business model, tenant base, and asset type.
• EPR Properties: EPR Properties is a triple-net REIT focused on experiential real estate including select gaming, entertainment, and recreation properties. It overlaps with GLPI in single-tenant net-lease structures serving experiential operators.

Others

• PENN Entertainment: PENN is GLPI's largest tenant, leasing 34 properties. While not a comparable peer in business model, PENN's operational performance and rent coverage directly drive GLPI's cash flow, making it the most economically linked entity.
• Bally's Corporation: Bally's is GLPI's second-largest tenant (16 properties) and a core development-financing counterparty. Its balance sheet and operational execution materially affect GLPI's rent stability and pipeline conversion.
• Caesars Entertainment: Caesars operates 6 GLPI-leased properties and is also the anchor tenant of GLPI's largest competitor, VICI. It is a key ecosystem player shaping competitive dynamics for sale-leaseback mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries2 records

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gaming and Leisure Properties