Gaming and Leisure Properties reports 315m in revenue for Q1 2022

Dusty -
Gaming and Leisure Properties has announced total revenue of $315m for the quarter ended 31 March 2022, an increase of 4% year-on-year

Gaming and Leisure Properties has proclaimed tote up revenue of $315m for the billet ended 31 March 2022, an growth of 4% year-on-year.

The tangible land investment funds bank has also posted a 10% increment in familiarised EBITDA, rising from $266.6m for Q1 of in conclusion twelvemonth to $293.3m for the first-class honours degree quarter of 2022.

However, the company’s net income is take down this clip around ($121.7m) compared to Q1 2021, where the enter stood at $127.2m.

Gaming and Leisure Properties attributes this bring down enter to several acquisitions of dry land and tangible demesne assets, including ii properties from the Cordish Companies; Live! Casino & Hotel City of Brotherly Love and Live! Casino Pittsburgh.

This is made clearer precondition Q1 2022 total income from operations was comparatively horse barn at $199.8m, land just now $300,000 year-on-year.

On these results, Saint Peter the Apostle Carlino, Chairman and CEO of Gaming and Leisure Properties, said: “Our solid first-quarter financial results reflect our ongoing initiatives to spread out the company’s high-quality, top-performing regional gaming portfolio managed past the industry’s leading operators.

“In this regard, during Q1 we completed the acquisition of the shore and tangible land assets of Live! Casino & Hotel City of Brotherly Love and Live! Casino Pittsburgh from The Cordish Companies, ane of the nation’s to the highest degree open developers of large-scale experiential existent landed estate projects, casinos, hospitality and entertainment districts.

He added: “We began the second billet with the completion of the previously proclaimed acquisition from Bally’s Corporation of the dry land and real landed estate assets of their trio casinos inwards Negro Hawk, Colorado as wellspring as Bally’s Quad Cities Casino & Hotel inward John Rock Island, Illinois, and added these properties to the existing Bally’s captain lease.

“We are pleased to broaden our human relationship with Bally’s and expand our presence in Shirley Temple Black Hawk, ace of the nation’s fastest-growing regional gaming markets.”