CasinoCityTimes.com

Gurus
News
Newsletter
Author Home Author Archives Author Books Search Articles Subscribe
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Howard Stutz Archives
More Strategy Experts

Gaming Guru

Howard Stutz
 

GLPI grows revenue, but profits decline

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.

Copyright GamingWire. All rights reserved.

GLPI grows revenue, but profits decline is republished from CasinoVendors.com.
 

Pinnacle reverses quarterly loss

31 July 2015
Regional 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)
 

Bankruptcy judge denies Caesars bid to appeal ruling

30 July 2015
The 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)
 

Wall Street analysts predict MGM may sell The Mirage

30 July 2015
Two 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)

Next 10 Articles >

  • Featured Articles

Revenue rises at Global Cash Access

Global Cash Access, which provides financial transaction equipment to the casino industry, grew revenue 42 percent in the second quarter to $206.4 million, thanks to its purchase of slot machine maker Multimedia Games at the end of last year.However, the Las Vegas-based company said it lost $12.7 million in ... (read more)
 

bwin.party investor tells online gaming rival to increase its bid

The second-largest shareholder in Gibraltar-based bwin.party Digital Entertainment said Monday a rival firm will have to increase an offer if it wants to out-bid online gaming giant 888 Holdings in a takeover battle.bwin.party accepted a $1.4 billion offer from 888 last week. However, online gaming company ... (read more)
 

Caesars spends $223 million to transform Strip resort into The Linq

This is the last name change for the former Imperial Palace and the short-lived Quad. That's what a $223 million renovation will buy.A top to bottom remodeling of The Linq Hotel & Casino was completed this month by Caesars Entertainment Corp., through its Caesars Growth Partners subsidiary. The chan... (read more)
 

Investors show new love for regional casino markets

The Lake Charles, Louisiana casino market is the best example why the investment community has done a 180-degree turn on the U.S. gaming operators.Moody's Investors Service said the casino industry's cash flow prospects could climb as much as 4 percent over next 12 to 18 months. The firm's opinion was a ... (read more)
 

State gaming regulators approve Golden Gaming-Lakes merger

State gaming regulators said Thursday they wished all mergers were this easy.Golden Gaming's $341 million combination with Minnesota-based Lakes Entertainment was approved Thursday by the Nevada Gaming Commission. The transaction, which was announced in January, is expected to be finalized by Aug. 1, turning ... (read more)