Gaming and Leisure Properties Inc. (GLPI) has recorded revenue figures of $298.7m (€256.3m/£216.7m) for the third quarter of 2021, representing a 2.9% decrease on the same time last year.
The vast majority of the revenue total – $283.3m – came from rental income, a figure which is 5.9% higher than the same time last year. GLPI rents properties to the likes of Penn National Gaming (such as its Hollywood Casino and Ameristar facilities) and Bally’s Corporation (Tropicana Evansville and Dover Downs)
$15.5m of revenue came from gaming, food and drink and other sources from operating Hollywood Casino Baton Rouge, the only casino it operates. T
Operating expenses for the company amounted to $73.6m, down from $06.9m last year. Administrative costs were $13.1m, land rights and ground lease expenses came to $9.4m, while gaming, food and beverage costs were $5.9m. The majority of the expenses were accounted for by depreciation of $60.2m.
As a result, overall income from operations came to $225.1m, up 12.2% from 2020. After factoring in $70.4m of other expenses and $5.6m of income tax, net income for the company was $149.1m. Adjusted earnings before interest, taxation, depreciation and amortisation totaled $276.7m, up from $265.2m in 2020.
Peter Carlino, chairman and CEO of GLPI, said: “The strong earnings growth GLPI achieved in the first half of 2021 continued with another period of consistent earnings in the third quarter.
“Looking forward, we believe GLPI is well positioned to deliver further growth as we pursue additional portfolio expansion and diversification while benefiting from the ongoing strength in regional gaming markets, with many of the operations at GLPI’s properties continuing to generate record results.
“Taken together, these factors support our confidence that the Company is well positioned to extend its long-term record of shareholder value creation.”