olivLaw · US equity research
Gaming and Leisure Properties, Inc. GLPI
Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)
Gaming and Leisure Properties, Inc. (GLPI) is a REIT that owns gaming properties and leases them to operators under long-term triple-net contracts, which provides predictable revenue. The company reported total revenues of 1594.8 million USD in 2025, and in the second quarter of 2026 revenue rose to 430.5 million USD, supported by a pipeline of development funding.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 30 Oct 2026, Gaming and Leisure Properties, Inc. (GLPI) stock was 38.98 USD (−1.29% on the day), with market capitalisation 11.3 bn USD, P/E 11.9 on diluted EPS of 3.27 USD over the last 12 months, dividend yield 8.21%, beta 0.23, 52-week range 37.59–49.82 USD. Latest reported quarter (Q3 2026): revenue of 435.4 m USD (+9.5% YoY), net income of 207.6 m USD (−13.9% YoY), diluted EPS 0.71 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 48.6
- neutral
- Bollinger (20, 2)
- 37.54 – 39.93
- in the upper half of the band · %B 0.60 · band width 6.2%
- SMA 50 / 200
- 39.91 / 44.51
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.14 / -0.28
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.7% | −0.9% | +3.6 pp | — |
| 3 months | −13.0% | +1.2% | −14.2 pp | — |
| 6 months | −18.4% | +4.8% | −23.2 pp | — |
| Year to date | −12.8% | +10.7% | −23.5 pp | — |
| 1 year | −8.8% | +11.1% | −19.9 pp | +3.6% |
| 3 years | −14.1% | +80.7% | −94.9 pp | +22.6% |
| 5 years | −19.6% | +64.6% | −84.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 389.6 m | 395.2 m | 394.9 m | 397.6 m | 407.0 m | 420.0 m | 430.5 m | 435.4 m |
| Operating income | 308.2 m | 258.8 m | 242.1 m | 337.2 m | 363.4 m | 333.3 m | 332.4 m | 309.9 m |
| Depreciation & amortisation | 68.2 m | 69.3 m | 73.5 m ≈ | 71.7 m ≈ | 68.4 m | 69.3 m | 70.9 m ≈ | 73.6 m ≈ |
| Interest expense | 97.8 m | 97.3 m | 89.9 m | 94.1 m | 92.6 m | 95.9 m | 100.7 m | 98.9 m |
| Pre-tax income | 224.2 m | 170.9 m | 156.7 m | 249.0 m | 275.9 m | 240.0 m | 235.5 m | 214.4 m |
| Income tax | 565.0 k | 564.0 k | 545.0 k | 560.0 k | 560.0 k | 560.0 k | 601.0 k | 534.0 k |
| Net income | 217.2 m | 165.2 m | 151.4 m | 241.2 m | 267.3 m | 231.8 m | 228.4 m | 207.6 m |
| Diluted EPS | 0.79 ≈ | 0.60 | 0.54 | 0.85 | 0.94 ≈ | 0.82 | 0.80 | 0.71 |
| Operating cash flow | 292.4 m | 252.5 m | 293.4 m ≈ | 240.3 m ≈ | 343.2 m | 270.2 m | 349.6 m ≈ | 279.7 m ≈ |
| Capex | — | 12.9 m | 21.0 m ≈ | — | — | 111.5 m | — | — |
| Dividends paid | 208.6 m | 209.1 m | 220.7 m | 220.7 m | 220.8 m | 221.1 m | 238.5 m | 238.6 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 3 percentile of its own 40-quarter history (min 11.6, median 18.3, max 25.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.3 bn | 1.4 bn | 1.5 bn | 1.6 bn |
| Revenue YoY | +8.7% | +9.3% | −0.0% | +5.5% | +7.8% | +9.8% | +6.3% | +4.1% |
| Net income | 339.5 m | 390.9 m | 505.7 m | 534.0 m | 684.7 m | 734.3 m | 784.6 m | 825.1 m |
| Net income YoY | −10.8% | +15.1% | +29.4% | +5.6% | +28.2% | +7.2% | +6.9% | +5.2% |
| Diluted EPS | 1.58 | 1.81 | 2.30 | 2.26 | 2.70 | 2.77 | 2.87 | 2.95 |
| Diluted EPS YoY | −11.7% | +14.6% | +27.1% | −1.7% | +19.5% | +2.6% | +3.6% | +2.8% |
| net % | 32.2% | 33.9% | 43.9% | 43.9% | 52.2% | 51.0% | 51.2% | 51.7% |
| Free cash flow | 654.4 m | 750.3 m | 427.6 m | 789.9 m | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 224.3 m USD
- Financial debt
- 7.2 bn USD
- Net debt
- 7.0 bn USD
- Equity
- 5.0 bn USD
- Total assets
- 12.9 bn USD
- Debt / equity
- 1.44x
- Current ratio
- unavailable
- ROE
- 17.1%
- ROA
- 6.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.2 bn | 1.3 bn | 1.4 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | 56.7 m | 53.0 m | 0 | 0 | — | — | SEC (XBRL)· 27 Feb 2024verified |
| Gross profit | 1.1 bn ≈ | 1.2 bn ≈ | 1.3 bn ≈ | 1.4 bn ≈ | — | — | SEC (XBRL)· 27 Feb 2024derived |
| Operating income | 809.3 m | 841.8 m | 1.0 bn | 1.1 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 243.0 m | 252.0 m | 254.5 m | 276.4 m | 273.4 m | 282.9 m | SEC (XBRL)· 19 Feb 2026verified |
| EBITDA | 1.1 bn ≈ | 1.1 bn ≈ | 1.3 bn ≈ | 1.3 bn ≈ | 1.4 bn ≈ | 1.5 bn ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Interest expense | 282.1 m | 283.0 m | 309.3 m | 323.4 m | 366.9 m | 373.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | 509.6 m | 562.4 m | 720.3 m | 757.4 m | 809.8 m | 852.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 3.9 m | 28.3 m | 17.1 m | 2.0 m | 2.1 m | 2.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | 505.7 m | 534.0 m | 684.7 m | 734.3 m | 784.6 m | 825.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | 2.30 | 2.26 | 2.70 | 2.77 | 2.87 | 2.95 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 219.8 m | 236.2 m | 253.8 m | 265.0 m | 273.5 m | 280.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividend per share | 2.50 | 2.86 | 2.85 | 3.15 | 3.04 | 3.10 | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 486.5 m | 724.6 m | 239.1 m | 684.0 m | 462.6 m | 224.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 80.6 m | 13.0 m | — | — | — | — | SEC (XBRL)· 24 Feb 2022verified |
| Goodwill | 0 | — | — | — | — | — | SEC (XBRL)· 19 Feb 2021verified |
| Intangibles (excl. goodwill) | 0 | — | — | — | — | — | SEC (XBRL)· 19 Feb 2021verified |
| Total assets | 9.0 bn | 10.7 bn | 10.9 bn | 11.8 bn | 13.1 bn | 12.9 bn | SEC (XBRL)· 19 Feb 2026verified |
| Long-term debt | 5.8 bn | 6.6 bn | 6.1 bn | 6.6 bn | 7.7 bn | 7.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 6.4 bn | 7.3 bn | 6.8 bn | 7.3 bn | 8.4 bn | 7.9 bn | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 2.7 bn | 3.4 bn | 4.1 bn | 4.5 bn | 4.6 bn | 5.0 bn | SEC (XBRL)· 19 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 428.1 m | 803.8 m | 920.1 m | 1.0 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 474.0 k | 13.9 m | — | — | — | — | SEC (XBRL)· 24 Feb 2022verified |
| Free cash flow | 427.6 m ≈ | 789.9 m ≈ | — | — | — | — | SEC (XBRL)· 24 Feb 2022derived |
| Investing cash flow | -9.5 m | -1.0 bn | -354.5 m | -650.8 m | -1.6 bn | -308.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | 63.2 m | 443.1 m | -1.1 bn | 86.4 m | 311.8 m | -1.1 bn | SEC (XBRL)· 19 Feb 2026verified |
| Dividends paid | 230.5 m | 633.9 m | 770.9 m | 834.0 m | 830.7 m | 871.9 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 70 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
30 Oct 2026Source: olivLaw, closing series
Market cap: 11.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Returns67
- Quality95
- Growth67
- Valuation62
- Balance sheet67
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 16.63 – 54.78 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)40.74 – 54.78 (Mid 46.73)
- Peers: P/B16.63 – 49.91 (Mid 36.64)30 companies used · median multiple 2.2x · quartiles 1.0x – 2.9xADC, ARR, BRX, CBL, CFTR-PA, CTO, CUBE, DLR, ELS, ESS, EXR, FBRT, HST, IHT, JBGS, KIM, LXP, MAC, NHI, NXRT, O, ONL, PLD, PMT, PSA, SQFT, VICI, VMRK, VTR, WELL
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 70/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 19.6% | 88 (vs peers) | 7% |
| EBITDA margin · Quality | 95.8% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 6.7% | 67 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 4.9x | 58 (vs peers) | 15% |
| Interest coverage · Balance sheet | 3.5x | 78 (on a fixed band) | 13% |
| P/B · Valuation | 2.3x | 50 (vs peers) | 20% |
| P/E (TTM) · Valuation | 11.9x | 89 (vs peers) | 9% |
| Dividend yield · Returns | 8.2% | 77 (vs peers) | 15% |
| Payout ratio (EPS) · Returns | 97.8% | 32 (on a fixed band) | 4% |
Score groups
- Balance sheet67/100 · 2/2 factors with a value
- Growth67/100 · 1/1 factors with a value
- Quality95/100 · 2/2 factors with a value
- Returns67/100 · 2/2 factors with a value
- Valuation62/100 · 2/2 factors with a value
Memo
Gaming and Leisure Properties, Inc. (GLPI). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.6 bn USD in 2025; YoY growth 4.1%; net margin 55.2%; ROE 19.6%; net debt/EBITDA 4.9x.
The estimated value range is 28.69–52.35 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 41.68 USD, the price of 38.98 USD leaves a potential of 6.9% (value / price − 1) and a margin of safety of 6.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 70/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROE: 19.6%
- EBITDA margin: 95.8%
- Interest coverage: 3.5x
- P/E (TTM): 11.9x
- Dividend yield: 8.2%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Versus the vertical median
Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WELLWelltower Inc. | 172.1 bn | 100.4 | 4.0% | 12.7% | +35.6% | +30% / +181% |
| PLDPrologis, Inc. | 119.3 bn | 32.2 | 7.1% | 42.5% | +7.2% | +3% / +27% |
| EQIXEquinix Inc | 100.3 bn | 60.9 | 11.5% | 16.4% | +5.4% | +20% / +39% |
| AMTAmerican Tower Corporation | 87.1 bn | 26.4 | 90.6% | 30.7% | +5.1% | +5% / +5% |
| DLRDigital Realty Trust, Inc. | 63.5 bn | 47.2 | 6.2% | 21.7% | +10.0% | +6% / +45% |
| PSAPublic Storage | 60.7 bn | 33.0 | 16.0% | 37.8% | +2.7% | +17% / +36% |
| ORealty Income Corporation | 53.9 bn | 41.5 | 3.3% | 21.5% | +9.1% | −2% / +20% |
| VTRVentas, Inc. | 44.8 bn | 159.5 | 1.9% | 4.0% | +18.5% | +15% / +100% |
| CCICrown Castle Inc. | 37.7 bn | 45.1 | — | 20.7% | −4.4% | −2% / −5% |
| IRMIron Mountain Inc | 34.7 bn | 82.5 | — | 5.7% | +12.2% | +13% / +97% |
| EXRExtra Space Storage Inc. | 31.6 bn | 30.8 | 7.9% | 29.9% | +3.7% | +13% / +46% |
| VICIVICI Properties Inc. | 26.9 bn | 11.2 | 8.3% | 56.5% | +4.1% | −18% / −12% |
| VMRKVivmark Residential | 23.2 bn | 27.1 | 8.1% | — | +4.8% | +4% / +12% |
| SBACSba Communications Corporation | 19.9 bn | 20.2 | — | 34.5% | +5.1% | −2% / −10% |
| HSTHost Hotels & Resorts, Inc. | 17.3 bn | 16.9 | 15.8% | 16.5% | +7.6% | +58% / +63% |
| ESSEssex Property Trust, Inc. | 17.0 bn | 40.6 | 8.0% | 22.7% | +6.4% | +5% / +23% |
| KIMKimco Realty Corporation | 16.4 bn | 27.1 | 5.8% | 27.8% | +5.1% | +19% / +37% |
| ELSEquity Lifestyle Properties, Inc. | 11.5 bn | 29.1 | 23.1% | 25.6% | +0.3% | −3% / −10% |
| GLPIGaming and Leisure Properties, Inc. | 11.3 bn | 11.9 | 19.6% | 55.2% | +4.1% | −9% / −14% |
| CUBECubesmart | 9.7 bn | 30.1 | 11.8% | 28.7% | +5.3% | +13% / +25% |
| BRXBrixmor Property Group Inc. | 8.9 bn | 21.2 | 14.2% | 30.0% | +6.7% | +11% / +40% |
| ADCAgree Realty Corporation | 8.7 bn | 34.3 | 3.8% | 29.8% | +16.4% | −8% / +20% |
| MACMacerich Co | 6.9 bn | — | -6.3% | -16.8% | +10.4% | +42% / +150% |
| OUTOUTFRONT Media Inc. | 5.6 bn | 22.8 | 39.7% | 12.7% | +0.0% | +81% / +220% |
| LXPLxp Industrial Trust | 3.6 bn | 31.1 | 5.9% | 34.3% | −2.3% | +29% / +56% |
1- and 3-year price returns: for GLPI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 23.14 Total return -34% · Per year -34% | 40.87 Total return 13% · Per year 13% | 61.51 Total return 68% · Per year 68% |
| 3 years | 23.48 Total return -20% · Per year -7% | 46.56 Total return 47% · Per year 14% | 76.78 Total return 132% · Per year 32% |
| 5 years | 23.82 Total return -6% · Per year -1% | 53.04 Total return 85% · Per year 13% | 95.85 Total return 211% · Per year 26% |
- Exit P/E± 11.64
- Net margin± 8.15
- Annual revenue growth± 6.55
- Annual dilution± 0.68
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 8-K (30 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
Gaming and Leisure Properties, Inc. (GLPI) is a REIT that owns gaming properties and leases them to operators under long-term triple-net contracts, which provides predictable revenue. The company reported total revenues of 1594.8 million USD in 2025 1, and in the second quarter of 2026 revenue rose to 430.5 million USD 3, supported by a pipeline of development funding.
SWOT
Strengths
Weaknesses
Opportunities
Threats
- Competition from other REITs and private investors could raise acquisition prices and reduce yields 1.
- Online betting and alternative gaming products could reduce customer traffic at leased properties 1.
- Severe weather and natural disasters could disrupt operations at some properties and affect rent 1.
Risks
- Dependence on a single tenanthigh
Most revenue depends on PENN subsidiaries, and difficulties at PENN could directly affect rent payments 1.
- Tenant insolvencyhigh
If a tenant becomes bankrupt, its lease could be terminated and recovery of unpaid rent could be limited 1.
- Heavy regulationmedium
Licensing and approval requirements for property transfers can delay tenant changes and rent collection 1.
- Development project riskmedium
Delays or cost overruns in funded projects could reduce expected returns 13.
- Access to capitalmedium
If financing is not available on acceptable terms, new acquisitions could be limited 1.
Investment thesis
What would need to be true (bull case)
- Long-term triple-net contracts and rent escalations could sustain predictable revenue and growing cash flow 1.
- The development and transaction pipeline could lift AFFO over time, according to company guidance 3.
- Leverage below the target range could provide room for new acquisitions without issuing additional equity 3.
What would break the thesis
- Revenue concentration on a few tenants may leave the company exposed to the problems of a single operator 1.
- Growth depends on external capital, and high interest rates could slow or raise the cost of acquisitions 12.
- Competition for acquisitions and online betting could reduce yields or customer traffic at properties 1.
What to watch
- Completion of the 400-450 million USD of development funding planned for the second half2026
- Updated AFFO per share guidance, currently 4.10-4.12 USDQ3 2026
- Net debt to adjusted EBITDA leverage compared with the 5.0-5.5x targetQ3 2026
- Financial condition of major tenants, especially PENN, and rent paymentsnext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 8-K (30 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
GLPI acquires, finances and owns real estate for gaming, leased to operators under triple-net contracts in which the tenant bears maintenance, insurance, taxes and utilities 1. The company also extends loans that can convert into rent after project completion. As of December 31, 2025 its portfolio included 69 gaming and related facilities across 20 states 1.
Growth rests on contractual rent escalations, acquisitions and funding of development projects. Since January 1, 2024 the company completed transactions totaling 3.7 billion USD 1, and in early 2026 it announced the Bally's Twin River Lincoln acquisition and a new Virginia project 23.
Segments
Triple-net leasing to gaming operators
The company has one operating segment, consisting of real estate investments under triple-net leases with tenants such as PENN, Caesars, Boyd, Bally's and Cordish 1. Revenue comes mainly from contractual rent, with percentage rent a small share of cash income 1.
Market context
The market is U.S. regional gaming, where operators favor drive-to properties with local customers, and the company focuses on these markets, which it considers less volatile than destination resorts 1. Competition from online betting and alternative products is growing and could affect tenants and, indirectly, GLPI's revenue 1.
The regional gaming sector showed healthy year-over-year gains in the first half of 2026, according to the company 3. Results could still vary with economic conditions and discretionary consumer spending 1.
Trends
- Funded development and transaction pipelinetailwind
Funding for projects such as Bally's Chicago and the Virginia development could support AFFO growth over the medium term if projects are completed as planned 23.
- Cost of capital and leverageheadwind
Bond issuance and high interest rates could raise funding costs, and the company notes that inflation and interest rates affect discretionary spending 2.
- Concentration on a few tenantsheadwind
Most cash rent comes from a small number of operators, so weakness at one of them could directly affect revenue 1.
- Rent escalations and dividend increasesmixed
Contractual rent escalations and the raised quarterly dividend, now 0.82 USD per share, support cash flow for shareholders 3.
Competitive position
The company operates in a competitive market where it faces other gaming-focused REITs, investment companies, private equity funds and gaming companies with larger resources and lower costs of capital 1. Competition can make it harder to find and acquire properties on favorable terms 1.
GLPI's edge lies in structuring complex transactions and offering funding solutions to solid tenants, along with its relationships with regional and tribal operators 3. The UPREIT structure also adds flexibility 1.
- VICI PropertiesVICI
Another REIT focused on gaming properties, named among gaming-focused REIT competitors in the company's filings 1.
- Private investors and private equity funds
Investment and private equity funds compete for the same property acquisitions, and some have access to greater resources 1.
- Gaming companies that own their own properties
Operators that own their real estate are an alternative for tenants who no longer wish to lease 1.
- Online betting and alternative gaming products
Online sports betting and social gaming are not direct competitors for properties, but they can reduce customer traffic at leased venues 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Gaming and Leisure Properties , Inc . ( GLPI ) – What Are Analysts Saying About This Stock ?Surge — GDELT DOC · 21 Oct 2026 · RO
The latest news item in our archive is from 21 Oct 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report30 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report29 Oct 2026
- Current report31 Jul 2026Results of operations · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report05 Jun 2026Shareholder vote · Financial statements and exhibits
- Proxy statement24 Apr 2026
- Current report24 Apr 2026Results of operations · Financial statements and exhibits
- Quarterly report23 Apr 2026
- Current report10 Mar 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report05 Mar 2026Creation of a direct financial obligation · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Gaming and Leisure Properties, Inc. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Gaming and Leisure Properties, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Gaming and Leisure Properties, Inc. · 31 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.