Gaming and Leisure Properties (GLPI) has reported its financial results throughout Q3 2025, having set new quarterly records for net revenue and adjusted EBITDA, as the operator's revenue grew 3.2% for a total of $397.6m.
The operator's adjusted EBITDA for the third quarter of 2025 increased 5.8% from the prior year period to $366.4m, with GLPI also recording a new quarterly high in adjusted funds from operations (AFFO), reported to be $282m and having risen 5.1%.
"GLPI remains active in identifying additional opportunities in Tribal gaming, where Tribes can benefit from our unique funding structures, similar to the value our leading regional gaming operator tenants derive from our relationships," GLPI Chairman and CEO Peter Carlino said.
"Our record third quarter revenue, AFFO and adjusted EBITDA reflect GLPI's diversified base of existing tenants and leases as well as recent acquisitions, financing arrangements and contractual escalators."
Net income generated throughout the third quarter of 2025 was reported to be $248.5m, representing an increase of 30.7% and perhaps driven by a 46.9% decrease in operating expenses to just over $60.4m. Income from Q3 2025 operations totaled $337.2m for the operator, equating to an increase of 24.2% year-over-year.
Rental income from lease agreements formed by GLPI accounted for a significant portion of the operator's total revenue for Q3 2025, increasing 2.6% to nearly $341.8m. Income from investment in leases and financing receivables produced an additional $48.1m, representing a slight increase of 1.2%.
The operator's amended master lease with Pinnacle Entertainment generated $87.4m of cash income for GLPI, while the three leases it currently holds with Penn Entertainment combined to account for $153.8m of the total revenue reported for Q3 2025.
GLPI's master lease with Boyd Gaming and Bally's Corporation produced $26.9m and $42.2m of cash income, respectively, while the operator's lease with the real estate assets of Live! Maryland totaled $19.4m throughout the period.
GLPI also updated its full-year (FY) guidance for expected AFFO throughout 2025, as the operator now projects its FY2025 AFFO to fall between $1.115bn and $1.118bn, rising from a Q2 2025 floor of $1.112bn.
On October 27, GLPI purchased the real estate of Live! Casino and Hotel Virginia, a new property expected to debut its permanent facility in late 2027, for $27m and has committed $440m in hard cost funding, accretive to the company's operating results.
The purchase also represents expansion to the existing relationship between GLPI and The Cordish Companies, as Live! Virginia represents the fourth Cordish property for which GLPI owns the real estate of.
The operator also spent a portion of Q3 2025 attempting to slow the expansion of iGaming, perhaps given its current portfolio of 68 gaming properties across 20 states, by joining the National Association Against iGaming (NAAiG).
GLPI stated at the time of announcement that while it does not manage the casinos directly, its success is directly tied to the performance of land-based facilities and the communities surrounding each property.
The NAAiG is composed of business leaders, labor unions, policymakers and municipalities uniting to "push back" against iGaming expansion.
GLPI acquired the real estate assets of Sunland Park Racetrack & Casino for a total cost of $183.75m with an initial 8.2% cap rate, officially completed on October 15 and marking its second New Mexico facility
