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31 July 2015
By Howard Stutz
Gaming and Leisure Properties grew revenue 1.9 percent in the third quarter but saw a slight dip in profits.
The Pennsylvania-based real estate investment trust said Thursday the revenue from properties it leases back to casino operators — primarily Penn National Gaming — increased 4.6 percent. Revenue from casinos GLPI manages through a subsidiary fell 5.9 percent. The company's net income was $45.9 million in the quarter that ended June 30, a decline of 2.3 percent. Earnings per share declined 3.7 percent to 38 cents per share.
GLPI is buying the real estate associated with 14 casinos operated by Pinnacle Entertainment for $4.75 billion and will lease the properties back to the company. The transaction is expected to be completed early next year.
GLPI Chairman and CEO Peter Carlino said closing the Pinnacle transaction is the company's top priority. However, he said nothing prevents the company from finding other gaming industry real estate purchases, "as long as it wouldn't significantly hurt the timing" of closing the Pinnacle merger.
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31 July 2015Regional casino operator Pinnacle Entertainment reversed a net loss in the second quarter, crediting results from the Las Vegas-based company's Midwest properties. Pinnacle, which announced this month it was selling the land and buildings associated with 14 of the company's casinos to a real estate ... (read more)
30 July 2015The bankruptcy judge overseeing the reorganization of Caesars Entertainment's largest division said Wednesday the company could not pursue a fast appeal to his ruling that allows bondholder lawsuits to proceed. Caesars wants to overturn the ruling last week by U.S. Bankruptcy Judge Benjamin Goldgar of Chicago. ... (read more)
30 July 2015Two Wall Street analysts said in research notes Wednesday that MGM Resorts International may be considering selling The Mirage to focus on other development aspects for the Strip casino giant. The reports said MGM Resorts could sell the hotel-casino to Starwood Capital for between $1 billion and $1.5 billion. ... (read more)