Start here if you're new
what it is
GLPI buys casino real estate and rents it back to operators, then sends you the rent as dividends.
how it gets paid
Last year Gaming And Leisure made $1.6B in revenue. regional casino leases was the main engine at $0.88B, or 55% of sales.
why it's growing
Revenue grew 4.1% last year. Quarterly revenue was about $398 million, up 3% vs. prior year and just below the $400 million estimate.
what just happened
GLPI posted a clean quarter with $0.94 EPS versus the $0.81 estimate, a 16.05% beat.
At a glance
B+ balance sheet — decent shape, but not bulletproof
90/100 earnings predictability — you can trust these numbers
15.7x trailing p/e — the market's not buying it — or you found a deal
7.3% dividend yield — cash in your pocket every quarter
8.0% return on capital — nothing to write home about
xvary composite: 51/100 — below average
What they do
GLPI buys casino real estate and rents it back to operators, then sends you the rent as dividends.
The moat is the lease structure. Triple-net lease (tenant pays taxes, insurance, and upkeep → you collect rent without fixing the roof → steadier cash flow) keeps GLPI's cost base light, which helps produce a 75.3% operating margin. You also get 68 properties across 20 states with 100% occupancy as of 12/31/24, so one weak property matters less than it would in a smaller portfolio.
How they make money
$1.6B
annual revenue · their business grew +4.1% last year
regional casino leases
$0.88B
racino leases
$0.32B
resort and destination leases
$0.24B
gaming land and related assets
$0.10B
financing and other real estate income
$0.06B
The products that matter
long-term casino property rentals
Master Lease Portfolio
71 properties · $1.5B annual rent
this is the core business: 71 casino properties generating more than $1.5B in annual rental revenue.
94% of revenue
tenant-paid property cost structure
Triple-net lease structure
75% operating margin
tenants cover taxes, insurance, and maintenance. That is why a landlord with $1.6B of revenue can run at a 75% operating margin.
margin driver
miscellaneous non-rent revenue
Other income
$100M · 6% of revenue
this piece is only $100M. That tells you the story is still the leases, not some hidden second engine.
small side stream
Key numbers
75.3%
operating margin
Operating margin (profit after running the business → how much of each dollar stays → higher means easier dividend support) is absurdly high because tenants pay many property costs.
7.3%
dividend yield
You are getting paid 7.3% a year to wait, which is the main reason most people own this stock.
100%
occupancy rate
Every property was occupied as of 12/31/24, which tells you the rent machine is still fully switched on.
15.7x
trailing p/e
P/E (price-to-earnings → how expensive the stock is versus profit → lower can mean cheaper) looks reasonable for a business with a 7.3% yield.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 95 / 100
- net profit margin 52.0% — keeps 52 cents of every dollar in revenue
- return on equity 16% — $0.16 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in GLPI 3 years ago → it's now worth $10,080.
The index would have given you $13,920.
source: institutional data · total return
What just happened
beat estimates
GLPI posted a clean quarter with $0.94 EPS versus the $0.81 estimate, a 16.05% beat.
Quarterly revenue was about $398 million, up 3% vs. prior year and just below the $400 million estimate. The growth came from two added properties, while operating expenses fell sharply.
$398M
revenue
$0.94
eps
95.98%
gross margin
the number that mattered
The 16.05% EPS beat mattered most because it shows expenses, not just rent growth, drove the quarter.
-
gam ing & leisure properties posted weak third-quarter results.
-
revenues of about $398 million rose by 3% vs. prior year, but were just below our estimated $400 million.
-
the net addition of two properties, to 68, over the past 12 months accounted for the improvement.
-
operating expenses fell sharply.however, the vast majority of the drop reflected a favorable credit provision of about $30 million, compared to a similar amount for loss allowances that were booked in the prior year.
-
thus, earnings rose by 27%, to $0.85 a share.funds from operations (ffo), which exclude these non-cash items, were $0.97 per share, or just two cents above the previous year's level. Our fourth-quarter forecasts are mostly unchanged from our views in september.
source: company earnings report, 2026
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What could go wrong
the #1 risk is Bally's tenant concentration — this page already tells you a meaningful slice of the rent stream runs through one operator.
med
Bally's tenant concentration
A significant portion of rental revenue is tied to Bally's. If Bally's weakens, GLPI does not lose abstract exposure. It risks delayed rent, lease renegotiation pressure, or both.
existing page data frames the hit at 20–30% of the rental income stream.
med
Bally's-linked development commitments
GLPI has growing capital commitments tied to Bally's developments. That turns a landlord into a funding partner at the exact moment you want maximum distance from tenant stress.
the current page frames the drag at 5–10% of annual operating cash flow.
med
Funding costs and spread pressure
The March 2026 $800M notes offering is a reminder that growth still runs through the capital markets. If debt gets pricier, new deals need better economics just to stand still.
higher interest expense would eat into the spread between property yields and financing costs.
20–30% of the rental income stream is the number to keep in your head. That is why this stock yields 7.3% and still trades below the 21x peer multiple.
source: institutional data · regulatory filings · risk analysis
Pay attention to
guidance
2026 AFFO target
$4.06–$4.11 per share is the operating target. If management starts trimming that band, the income story gets less comfortable fast.
tenant
Bally's financial health
This is the tenant you watch first. Rent coverage matters more here than broad gambling industry headlines.
financing
$800M notes offering follow-through
Watch how the March 2026 debt raise flows into interest expense, acquisition capacity, and development funding.
rent growth
Revenue pace above 4%
Revenue rose from $390M to $407M. That is fine. You want to see that pace hold while tenant risk stays contained.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts think this has less near-term upside than most stocks.
risk profile
average
stability score 3 — not a bunker, not a blow-up candidate. Average risk is still risk.
chart momentum
below average
technical score 4 — the chart is not doing the stock any favors right now.
earnings predictability
90 / 100
management has been consistent. For a REIT, that matters because steady guidance is half the product.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 317 buyers vs. 221 sellers in 3q2025. total institutional holdings: 0.3B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$38
$62
$44
current price
$50
target midpoint · +14% from current · 3-5yr high: $65 (+50% · 16% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
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