Gaming and Leisure Properties
Owner and financier of casino real estate leased through long-term triple-net agreements.
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Profile
Acquires and finances gaming real estate, then earns rent through long-term triple-net leases that place property costs with casino operators. A US portfolio shaped by acquisitions and development funding spans multiple tenants, while rent collection depends on operator health, gaming approvals, and continued REIT qualification.
Acquires, finances, and owns gaming real estate, leasing 69 gaming and related facilities to casino operators under long-term triple-net agreements. Tenants pay property taxes, insurance, maintenance, utilities, and other property-level costs, while contractual rent escalators support recurring rental income.
Growth comes through property acquisitions and capital commitments for tenant development projects. The portfolio spans the United States, and relationships with PENN, Bally’s, Caesars, Boyd, and Cordish broaden a landlord base that began with the PENN spin-off.
Execution centers on transaction design, long-duration leases, renewal options, and cross-collateralized master leases where applicable. Rent depends on regulated casino operators meeting lease obligations; acquisitions and developments require permits, gaming approvals, construction delivery, continued REIT qualification, and access to debt or equity capital.
Company facts
Key statistics
Year to date −4.2% · Average volume (30d) 2.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 13, 2026 | Scotiabank | Reiterate | Sector Perform | $52 | $50 |
| Aug 13, 2026 | Raymond James | Reiterate | Outperform | $54 | $47 |
| Aug 3, 2026 | RBC Capital | Reiterate | Outperform | $52 | |
| Jul 31, 2026 | Stifel Nicolaus | Target | $50 | $49 | |
| Jul 22, 2026 | Barclays | Reiterate | Overweight | $53 | $50 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.80 | $0.80 | +0.3% | $428.5M | $430.5M | +0.5% | +0.18% |
| Apr 23, 2026Q1 FY26 | $0.79 | $1.02 | +29.0% | $409.2M | $420.0M | +2.7% | +1.44% |
| Feb 19, 2026Q4 FY25 | $0.76 | $0.95 | +25.8% | $405.2M | $407.0M | +0.4% | −0.21% |
| Oct 30, 2025Q3 FY25 | $0.96 | $0.97 | +1.0% | $406.4M | $397.6M | −2.2% | +4.49% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $395.2M | $394.9M | $397.6M | $407.0M | $420.0M | $430.5M | |
| Gross profit | $381.7M | $380.9M | $383.8M | −$155.9M | $271.8M | $278.9M | |
| Operating income | $258.8M | $242.1M | $337.2M | $363.3M | $333.3M | $333.6M | |
| Net income | $165.2M | $151.4M | $241.2M | $267.3M | $231.8M | $228.4M | |
| Diluted EPS | $0.60 | $0.55 | $0.85 | $0.94 | $0.83 | $0.82 | |
| Gross margin | 96.6% | 96.5% | 96.5% | -38.3% | 64.7% | 64.8% | |
| Operating margin | 65.5% | 61.3% | 84.8% | 89.2% | 79.4% | 77.5% |
Fiscal years (4-quarter sums)FY21 $1.22B · FY22 $1.31B · FY23 $1.44B · FY24 $1.53B · FY25 $1.59B
Revenue by product · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $319.0M · Total debt $8.38B · Total assets $14.16B · Shareholders' equity $4.98B
Dividends
Raised for 5 straight years — most recently to $0.82 from $0.78 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 12, 2026 | Jun 12 | Jun 26 | $0.82 | raised from $0.78 |
| Mar 13, 2026 | Mar 13 | Mar 27 | $0.78 | |
| Dec 5, 2025 | Dec 5 | Dec 19 | $0.78 | |
| Sep 12, 2025 | Sep 12 | Sep 26 | $0.78 | |
| Jun 13, 2025 | Jun 13 | Jun 27 | $0.78 | raised from $0.76 |
| Mar 14, 2025 | Mar 14 | Mar 28 | $0.76 | |
| Dec 6, 2024 | Dec 6 | Dec 20 | $0.76 | |
| Sep 13, 2024 | Sep 13 | Sep 27 | $0.76 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 283.22M · Float 278.58M · 98.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 35.86M | 12.66% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 23.69M | 8.36% | 13F | Aug 13, 2026 |
| Dodge & Cox | 13.77M | 4.86% | 13F | Aug 13, 2026 |
| State Street Corp | 13.48M | 4.76% | 13F | Aug 7, 2026 |
| Wellington Management Group LLP | 12.48M | 4.41% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 18, 2026 | Earl C. Shanks | director | +10,000 | $42.24 |
| Jun 10, 2026 | E. Scott Urdang | director | −3,000 | $48.32 |
| Feb 27, 2026 | Desiree A. Burke | officer: CFO and Treasurer | −9,804 | $49.02 |
| Feb 23, 2026 | E. Scott Urdang | director | −4,000 | $47.37 |
| Feb 24, 2026 | Brandon John Moore | officer: President, COO, and Secretary | −16,884 | $48.05 |
Peers
- VICI Properties
Closest public rival in gaming real estate and operator financing
- Realty Income
Diversified net-lease capital provider with material gaming exposure
- EPR Properties
Experiential net-lease investor pursuing selective gaming assets
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Gaming and Leisure Properties | $42.56 | +0.01% | $12.05B | 12.4 | 13.1 | 7.3 | +9.0% |
| VICI Properties | $25.95 | +0.27% | $28.48B | 10.0 | 8.9 | 7.0 | +5.7% |
| Realty Income | $62.13 | +0.22% | $57.80B | 45.2 | 38.4 | 9.7 | +1.1% |
| EPR Properties | $59.58 | +0.03% | $4.56B | 19.1 | 19.8 | 6.2 | +1.9% |
| Median | 19.1 | 19.8 | 7.0 | +1.9% |