Gaming and Leisure Properties Posts Record Third-Quarter Revenue, Lifts Low End of 2026 AFFO Forecast
Gaming and Leisure Properties posted record third-quarter revenue and adjusted funds from operations and nudged up the low end of its 2026 forecast, the casino landlord said in an earnings release dated Thursday and filed with an 8-K on Friday.
Total revenue rose 9.5% to $435.4 million in the quarter ended Sept. 30, from $397.6 million a year earlier. Adjusted funds from operations, or AFFO, grew 10.5% to $311.7 million, or $1.04 per diluted share and unit, up 7.2% from $0.97.
GAAP results moved the other way. Net income fell 13.9% to $213.8 million, or $0.71 a share, from $248.5 million, or $0.85, according to the release. The quarter carried a $36.2 million provision for credit losses, compared with a $37.4 million benefit in the year-earlier period. Funds from operations slipped to $0.92 a share from $1.08.
"Our third quarter was another record for revenue, AFFO and Adjusted EBITDA," Chairman and Chief Executive Peter Carlino said in the release. He added that the company believes its share price "remains significantly dislocated from its fundamentals."
Guidance edges higher
GLPI now expects 2026 AFFO of $1.222 billion to $1.225 billion, or $4.11 to $4.12 per diluted share and unit. Its prior range was $1.219 billion to $1.225 billion, or $4.10 to $4.12. The updated outlook includes more development funding that brings total 2026 development spending to $800 million, the company said.
A warehouse plan for a former casino site
On Oct. 27, GLPI agreed to form a joint venture with Prologis to develop the former Hollywood Casino Joliet site in Illinois. GLPI will contribute the land in three phases and receive a $61 million capital account credit if all three phases are built. Prologis, as managing member and developer, plans a Class A warehouse and distribution park of more than 3.8 million square feet, subject to approval by the City of Joliet.
By the numbers
- Revenue: $435.4 million, up 9.5%
- AFFO per share: $1.04, up 7.2%
- Adjusted EBITDA: $413.9 million, up 13.0%
- Third-quarter dividend: $0.82 a share, paid Sept. 25
- Annualized dividend: $3.28, up from $3.12
- Portfolio: 71 gaming and related facilities across 21 states
Sources
- Gaming and Leisure Properties Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 30, 2026 (accession 0001575965-26-000075)
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