Gaming and Leisure Properties Inc. (GLPI) reported a year-on-year increase in revenue and net profit for its 2022 financial year following a record performance by the business in the fourth quarter.
During Q4, GLPI agreed to establish a new master lease for seven Penn Entertainment properties, including a funding option to allow Penn to pursue growth opportunities in several of its existing markets including Illinois, Ohio and Nevada.
This followed other significant activity earlier in the year including the sale of the Tropicana Las Vegas Hotel and Casino to Bally’s Corporation, a $1.00bn leaseback on two casinos in Rhode Island, again to Bally’s, the acquisition of several casino locations from Bally’s and the purchase of tow Pennsylvania properties from The Cordish Companies.
GLPI chief executive and chairman Peter Carlino said these agreements sets the group up for further growth in 2023, with GLPI shortly after the year-end having also acquired Bally’s Tiverton Casino & Hotel in Rhode Island and Bally’s Hard Rock Hotel & Casino Biloxi in Mississippi.
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