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Gaming and Leisure Properties (GLPI) has outlined progress across its US casino real estate portfolio, with development spending expected to reach US$800m in 2026 and several major investments contributing to its latest financial results.
The company, which owns casino land and buildings and leases them to gaming operators rather than operating casinos itself, reported third-quarter revenue of $435.4m, up 9.5 per cent year-on-year, while adjusted funds from operations (AFFO) increased to $311.7m from $282m.
Among its largest commitments is the Live! Casino & Hotel Virginia development with The Cordish Companies. GLPI agreed in January to provide up to $440m in construction funding and acquired the project land for $27m, bringing its total investment commitment to $467m.
In Illinois, GLPI completed its $225m funding commitment for PENN Entertainment’s Hollywood Casino and Hotel Aurora landside development in June. The company provided a final $216.3m payment as the project reached completion.
GLPI also acquired the land and buildings of Bally’s Lincoln Casino Resort in Rhode Island for $700m in February, adding $56m in annual rental income. The transaction relates to the casino’s real estate rather than its gaming operations, which remain under Bally’s management.
Elsewhere, GLPI amended its financing agreement relating to Hard Rock Casino Rockford, receiving a $16m principal repayment and extending the loan maturity to December 2029. The revised agreement includes an option to acquire the casino’s building improvements.
The company has also entered into a joint venture with Prologis to redevelop the former Hollywood Casino Joliet site in Illinois. Subject to municipal approval, the five-year project would transform the property into a warehouse and distribution park comprising more than 3.8m square feet across five buildings.
GLPI expects to hold approximately 20 per cent of the completed development, potentially increasing to 30 per cent through additional investment.
The property investment company has raised the lower end of its full-year AFFO guidance to $1.222bn, reflecting continued rental income growth and development activity across its portfolio.
