GLPI revenue increases 6.3% to $420m during Q1, net income rises 40.5%

Gaming and Leisure Properties (GLPI) has reported its financial activity for Q1 2026, witnessing a new quarterly record in net revenue after managing to increase 6.3% from the prior year period to $420m. 

GLPI’s net income for the first quarter of 2026 increased 40.5% to $239.4m, while the organization’s adjusted EBITDA rose 9.1% for a total of $393m. Adjusted funds from operations (AFFO) also managed to increase year-over-year, growing 9.2% to $297.1m. 

Operating expenses decreased 36.5% to $86.6m during Q1 2026, leading to a 28.8% rise in income from operations to $333.3m. GLPI’s rental income for the first quarter of 2026 was just over $356.5m, equating to an increase of 4.8%. 

Income from financing receivables grew 10.3% for the first quarter of 2026 to $52.7m, while income from sales type leases and real estate loans increased 2.1% and 100.1%, respectively, for totals of $3.8m and $6.9m. 

During Q1 2026, GLPI received $72.5m of income from its amended master lease with Penn Entertainment, as well as $66.2m from a master lease agreement formed with the operator in 2023. 

GLPI also reported $87.4m of income from its amended master lease with Pinnacle and $22.5m from a lease agreement with Caesars Entertainment. Boyd Gaming’s master lease with GLPI accounted for $26.9m of income during Q1 2026, while an additional $50m was produced from master lease agreements with Bally’s Corporation. 

In February 2026, GLPI exercised its option to acquire the real property assets of Bally’s Lincoln for $700m and additional rent of $56m. Bally’s will allocate proceeds from the Twin River Lincoln sale with GLPI to repay its outstanding $1.47bn term loans due in 2028.

GLPI also entered into a development agreement with The Cordish Companies to fund up to $440m of real estate construction costs for Live! Virginia Hotel & Casino in January 2026, having acquired the project land for $27m.