Gaming and Leisure Properties Smashes Q2 Expectations with Record $394.9M in Revenue

Gaming and Leisure Properties Inc. (GLPI) just posted its strongest quarter ever, and it’s not just Wall Street taking notice. The Pennsylvania-based real estate investment trust, focused solely on gaming properties, reported a 3.8% jump in revenue to a record $394.9 million for Q2 2025.

That’s not just a number — it’s a statement. With rising costs and unpredictable consumer spending elsewhere in the leisure sector, GLPI’s financial muscle is now standing out like a neon sign on a Vegas strip.

EBITDA and AFFO Set New Benchmarks

GLPI’s growth wasn’t just about top-line sparkle. It went deep into the margins.

Adjusted EBITDA climbed 6.2% to $361.5 million — a reflection of sharper operations and solid rent escalators across its portfolio. Perhaps more importantly for investors, Adjusted Funds From Operations (AFFO) rose 4.4% to $276.1 million, its highest ever.

That metric is key.

REIT watchers will know AFFO is the bedrock indicator of a company’s capacity to pay dividends. And with $276.1 million clocked in Q2, GLPI didn’t just meet expectations — it casually strolled past them.

Peter Carlino, GLPI’s long-serving chairman and CEO, put it simply:
“The second quarter marked another quarter of record revenue, AFFO, and Adjusted EBITDA.”

Cash Still Flowing to Shareholders

Stability is king in REIT land, and GLPI made sure to keep the crown polished. It held its quarterly dividend steady at $0.78 per share, paid out on June 27.

This isn’t just financial housekeeping. Holding a high-yield dividend — and maintaining it — shows GLPI’s income engine isn’t just humming, it’s purring.

Also worth noting: the full-year AFFO forecast was revised. The lower end of 2025 guidance nudged up to $1.112 billion, a small but telling signal of confidence.

New AFFO guidance range (2025):

• $1.112 billion – $1.118 billion

• $3.85 – $3.87 per diluted share

Even a subtle forecast bump in this environment? That says a lot.

Major Cash Commitments in Play

The company isn’t just pocketing rent checks — it’s out there building. Literally.

GLPI poured $25.8 million into its $110 million funding deal with the Ione Band of Miwok Indians to develop the Acorn Ridge Casino in California. It’s one of several ongoing capital projects.

Here’s what else is underway:

• $130 million relocation of Hollywood Casino Joliet (opening Aug. 11), cap rate 7.75%

• Up to $150 million in upgrades at Ameristar Casino Council Bluffs, cap rate 7.10%

• Bally’s Belle of Baton Rouge is shifting landside — the hotel component is now open

• Bally’s Chicago is rising, promising 3,300 slot machines, 170 tables, and 500 hotel rooms

That’s a chunky pipeline. But it’s not reckless. All of these investments are underpinned by guaranteed rents, strong operators, and stable cap rates.

Lease Reorganisation Adds Flexibility

As of July 1, there was a quiet but significant shuffle in the deck.

DraftKings at Casino Queen and The Queen Baton Rouge have been folded into Bally’s Master Lease II. That move reallocates $28.9 million in annual rent — now guaranteed by Bally’s corporate group.

One sentence, big impact: Bally’s February merger with Standard General made this move possible.

This kind of lease shuffle isn’t just accounting. It’s strategy. With the real estate now under a larger and stronger parent, GLPI effectively tightened its risk exposure while securing longer-term cash flow.

Boyd Gaming Extends Commitment

And while all eyes were on Bally’s, Boyd Gaming was making its own commitment.

The company exercised the first renewal option on its master leases, locking them in through April 2031. In the high-stakes world of REIT gaming, that’s a meaningful vote of confidence.

There wasn’t a big announcement or flashing headlines. But that’s the point. For long-term investors, boring can be beautiful.

Where GLPI Goes Next

GLPI has found its lane — and it’s not slowing down.

Its model of collecting rental income from gaming operators, rather than running the casinos themselves, has turned it into a reliable cash-generating machine. The current tenant roster includes some of the biggest names in U.S. gaming — Penn Entertainment, Bally’s, Boyd Gaming, and Caesars.

Here’s a look at GLPI’s Q2 vs Q2 last year:

Just numbers? Not quite. These are the signs of a REIT that’s consistently hitting its stride — and doing it while avoiding the headlines that trip up flashier operators.

Some companies chase buzz. GLPI prefers contracts, cap rates, and cash.