Gaming and Leisure Properties, Inc. - Revision history

>LithA: /* Competitor Analysis (VICI) */

2023-08-26T22:36:18Z

Competitor Analysis (VICI)

← Older revision		Revision as of 23:36, 26 August 2023
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	\|		\|
	\|-		\|-
	\|~~FFO~~ Ratio		\|Current Ratio
	\|0.63		\|0.03
	\|0.77		\|1.14
	\|-		\|-
	\|~~AFFO~~ Ratio		\|EV to Assets Ratio
	\|0.70		\|1.66
	\|0.60		\|1.12
			\|-
			\|Interest Coverage Ratio
			\|3.36
			\|4.23
			\|-
			\|Price to FCF Ratio
			\|40.94
			\|20.21
	\|-		\|-
	\|Debt to Equity Ratio		\|Debt to Equity Ratio
	\|1.~~689~~		\|1.68
	\|		\|0.73
			\|-
			\|EV to sales Ratio
			\|13.26
			\|14.38
	\|-		\|-
	\|~~Interest Coverage Ratio~~		\|PB Value
	\|3.~~002~~		\|3.21
	\|		\|1.3
	\|-		\|-
	\|~~Net Asset Value per Share~~		\|PS Ratio
	\|		\|8.71
	\|		\|9.33
	\|-		\|-
	\|~~Dividend~~ Yield ~~(2022)~~		\|Earnings Yield
	\|0.~~035~~		\|6.25%
	\|		\|6.97%
	\|-		\|-
	\|~~Price to FFO~~ Ratio		\|PE Ratio
	\|		\|15.86
	\|		\|14.06
	\|-		\|-
	\|~~Occupancy Rate~~		\|EV to EBIT Ratio
	\|		\|17.78
	\|		\|16.53
	\|-		\|-
	\|~~Retention Rate~~		\|EV to EBITDA Ratio
	\|		\|14.3
	\|		\|16.51
	\|-		\|-
	\|~~Liquidity ratio~~		\|FCF Yield
	\|0.~~028~~		\|2.45%
	\|		\|4.95%
	\|-		\|-
	\|~~Debt Coverage~~ Ratio		\|PEG Ratio
	\|		\|1.92
	\|		\|0.12
	\|-		\|-
	\|~~Return on Equity~~		\|Dividend Yield (As of 25/08/2023)
	\|0.~~039~~		\|6.28%
	\|		\|5.11%
	\|}		\|}

			Ratios are from Finance Charts<ref>FinanceCharts. ''VICI Properties vs Gaming and Leisure Properties''. Retrieved via: https://www.financecharts.com/compare/VICI,GLPI</ref> - Income Statement and Balance sheet data are as of June 30th 2023 (Q2 2023).<ref>VICI Properties. ''Form 10-Q. Retrieved via:'' https://s1.q4cdn.com/751481880/files/doc_financials/2023/q2/VICI-Q2-2023-10-Q.pdf</ref>
	== References ==		== References ==
	__INDEX__		__INDEX__

>LithA: /* Stock performance history */

2023-08-26T18:20:21Z

Stock performance history

← Older revision		Revision as of 19:20, 26 August 2023
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	\|}		\|}

	==== ~~'''~~<u>Stock performance history</u>~~'''~~ ====		==== <u>Stock performance history</u> ====
	{{NASDAQ\|GLPI: https://www.nasdaq.com/market-activity/stocks/glpi}}		{{NASDAQ\|GLPI: https://www.nasdaq.com/market-activity/stocks/glpi}}
	{\| class="wikitable"		{\| class="wikitable"
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	\|}		\|}

	==== ~~'''~~<u>Dividends history</u>~~'''~~ ====		==== <u>Dividends history</u> ====
	GLPI's dividends history are as follows:<ref>Gaming & Leisure Properties (2023) ''Stock Information, Dividends Splits. Retrieved from:'' https://investors.glpropinc.com/stock-information/dividends-splits</ref>		GLPI's dividends history are as follows:<ref>Gaming & Leisure Properties (2023) ''Stock Information, Dividends Splits. Retrieved from:'' https://investors.glpropinc.com/stock-information/dividends-splits</ref>
	{\| class="wikitable"		{\| class="wikitable"

>LithA: /* About GLPI */

2023-08-26T18:19:35Z

About GLPI

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>LithA: /* Competitor Analysis (VICI) */

2023-08-13T18:48:22Z

Competitor Analysis (VICI)

@@ Line 3,574: / Line 3,574: @@
 == Competitor Analysis (VICI) ==
 == References ==
 __INDEX__

>LithA: /* Economic Conditions & Investor Sentiment */

2023-08-13T17:25:46Z

Economic Conditions & Investor Sentiment

← Older revision		Revision as of 18:25, 13 August 2023
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	\|21 (1 x 11 years, 1 x 10 years)		\|21 (1 x 11 years, 1 x 10 years)
	\|}		\|}

	~~=== <u>Economic Conditions & Investor Sentiment</u> ===~~

	== Financials ==		== Financials ==

>LithA: /* Regional */

2023-08-13T16:57:18Z

Regional

Show changes

>LithA: /* Regional */

2023-08-13T15:18:47Z

Regional

Show changes

>LithA: /* Regional */

2023-08-13T13:19:30Z

Regional

Show changes

>LithA: /* Executive Summary */

2023-08-12T22:13:33Z

Executive Summary

← Older revision		Revision as of 23:13, 12 August 2023
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	== Executive Summary ==		== Executive Summary ==
	* There are two gaming REITs, GLPI and VICI properties, both of whom had a good year in 2022, with returns of 13.49% and 14.26% respectively - in the top 5 for performance of all REITs.		* There are two gaming REITs, GLPI and VICI properties, both of whom had a good year in 2022, with returns of 13.49% and 14.26% respectively - in the top 5 for performance of all REITs.
			* Both GLPI and VICI lease their property to gaming operators (casinos) and so they are tied with the gambling industry.
	* Despite challenging economic conditions due to COVID-19 lockdowns and an impending recession, the gambling market is experiencing growth.		* Despite challenging economic conditions due to COVID-19 lockdowns and an impending recession, the gambling market is experiencing growth.
	* The US holds a leading position in the land-based casino segment in terms of revenue, and many of the largest global casino operators are based in the US.		* GLPIs properties are all based within the US. The US holds a leading position in the land-based casino segment in terms of revenue, and many of the largest global casino operators are based in the US.
	* Online gambling growth is a primary driver of the industry's expansion. Europe currently holds the largest market share, but the US exhibits the highest growth rates in revenue and user numbers. It is anticipated that the US will surpass Europe's total user count and align its user base with the rest of the world (excluding Europe).		* Online gambling growth is a primary driver of the industry's expansion. Europe currently holds the largest market share, but the US exhibits the highest growth rates in revenue and user numbers. It is anticipated that the US will surpass Europe's total user count and align its user base with the rest of the world (excluding Europe).
	* The growth of online gambling, including Live Casino, is not expected to negatively impact the land-based casino market. Instead, it serves as a catalyst. Online platforms attract casual and non-gamblers who might find traditional casinos intimidating. The availability of free demo versions online, where individuals can engage with simulated money, is a draw for early-stage gamblers.		* The growth of online gambling, including Live Casino, is not expected to negatively impact the land-based casino market. Instead, it serves as a catalyst. Online platforms attract casual and non-gamblers who might find traditional casinos intimidating. The availability of free demo versions online, where individuals can engage with simulated money, is a draw for early-stage gamblers.
	* Casinos are transitioning into comprehensive entertainment centers, offering diverse amenities and services. This appeals to non-gamblers who may not be interested in gambling itself but are enticed by the immersive gambling environment. (See 'Reasons for visiting a casino')		* Casinos are transitioning into comprehensive entertainment centers, offering diverse amenities and services. This appeals to non-gamblers who may not be interested in gambling itself but are enticed by the immersive gambling environment. (See 'Reasons for visiting a casino')
	* GLPI owns properties leased by gaming operators, exposing them to the gambling industry's performance. However, due to the adaptability of real estate to market shifts, potential downsides resulting from significant changes in the gambling sector could be mitigated. If necessary, GLPI's properties could be repurposed to target alternative markets, such as the industrial sector.		* GLPI owns properties leased by gaming operators, exposing them to the gambling industry's performance. However, due to the adaptability of real estate to market shifts, potential downsides resulting from significant changes in the gambling sector could be mitigated. If necessary, GLPI's properties could be repurposed to target alternative markets, such as the industrial sector.
			* GLPI is looking to diversify their risk by acquiring real property assets outside the gaming industry.
			* In a comparison with its competitor, GLPI stands out with higher dividends, though there was a reduction in dividends during 2020. Additionally, GLPI offers a higher yield to its investors. However, it's worth noting that GLPI carries a higher Debt to Equity ratio compared to its competitor. Moreover, GLPI's revenue is more concentrated, with a significant 65% of its rent attributed to the top tenant, whereas VICI's top two tenants contribute 40% and 36% respectively.
			* Ultimately, the decision between the two investments hinges on the investor's risk tolerance - is GLPI's extra yield worth the extra risk?

	== GLPI's market ==		== GLPI's market ==

>LithA: /* About GLPI */

2023-08-12T21:40:05Z

About GLPI

← Older revision		Revision as of 22:40, 12 August 2023
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	}}		}}

	==== <u>About GLPI</u> ====		== <u>About GLPI</u> ==
	Gaming & Leisure Properties, Inc (GLPI) operates as a real estate investment trust (REIT) with a primary focus on obtaining real estate assets that are leased to gaming operators. Established in November 2013, GLPI emerged as a result of a corporate separation from Penn National Gaming, a prominent casino operator. Although headquartered in Pennsylvania, GLPI's expansive portfolio encompasses 59 gaming properties situated across 18 states. The predominant leasing structure employed is a triple-net lease, encompassing fundamental rent along with real property taxes, building insurance, and maintenance expenditures.		Gaming & Leisure Properties, Inc (GLPI) operates as a real estate investment trust (REIT) with a primary focus on obtaining real estate assets that are leased to gaming operators. Established in November 2013, GLPI emerged as a result of a corporate separation from Penn National Gaming, a prominent casino operator. Although headquartered in Pennsylvania, GLPI's expansive portfolio encompasses 59 gaming properties situated across 18 states. The predominant leasing structure employed is a triple-net lease, encompassing fundamental rent along with real property taxes, building insurance, and maintenance expenditures.

	Considering that the majority, if not all, tenants are gaming operators, this study delves extensively into the gambling market, while also dedicating attention to real estate assets.		Considering that the majority, if not all, tenants are gaming operators, this study delves extensively into the gambling market, while also dedicating attention to real estate assets.

			== Executive Summary ==
			* There are two gaming REITs, GLPI and VICI properties, both of whom had a good year in 2022, with returns of 13.49% and 14.26% respectively - in the top 5 for performance of all REITs.
			* Despite challenging economic conditions due to COVID-19 lockdowns and an impending recession, the gambling market is experiencing growth.
			* The US holds a leading position in the land-based casino segment in terms of revenue, and many of the largest global casino operators are based in the US.
			* Online gambling growth is a primary driver of the industry's expansion. Europe currently holds the largest market share, but the US exhibits the highest growth rates in revenue and user numbers. It is anticipated that the US will surpass Europe's total user count and align its user base with the rest of the world (excluding Europe).
			* The growth of online gambling, including Live Casino, is not expected to negatively impact the land-based casino market. Instead, it serves as a catalyst. Online platforms attract casual and non-gamblers who might find traditional casinos intimidating. The availability of free demo versions online, where individuals can engage with simulated money, is a draw for early-stage gamblers.
			* Casinos are transitioning into comprehensive entertainment centers, offering diverse amenities and services. This appeals to non-gamblers who may not be interested in gambling itself but are enticed by the immersive gambling environment. (See 'Reasons for visiting a casino')
			* GLPI owns properties leased by gaming operators, exposing them to the gambling industry's performance. However, due to the adaptability of real estate to market shifts, potential downsides resulting from significant changes in the gambling sector could be mitigated. If necessary, GLPI's properties could be repurposed to target alternative markets, such as the industrial sector.

			== GLPI's market ==

	==== <u>The Gambling market</u> ====		==== <u>The Gambling market</u> ====
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	==== <u>Casino Operators & Casino brands</u> ====		==== <u>Casino Operators & Casino brands</u> ====
	Casino operators oversee a collection of casinos operating under their brand, typically located in properties they either own or lease from a Real Estate Investment Trust (REIT) like GLPI.		Casino operators oversee a collection of casinos operating under their brand, typically located in properties they either own or lease from a Real Estate Investment Trust (REIT) like GLPI.


	Some of the largest (land-based) casino operators is the US are:		Some of the largest (land-based) casino operators is the US are:
Line 1,404:		Line 1,414:

	The prominence of Live Casino experienced a significant surge during the pandemic, as it emerged as the sole viable alternative for those seeking the casino ambiance. Since then, its trajectory has remained steadfast, illustrated by the substantial growth of Evolution Gaming, a leading global provider of live casino solutions, which has seen substantial growth in its revenues. Live Casino continues to command widespread attention. Industry giants like Playtech are intensifying their Live Casino offerings, gaming providers are establishing additional live casino studios, and talk of how the metaverse may revolutionize the market. Ady Totah, CEO of LuckStreak, a live casino provider, believes the audience prefers a casual setting rather than a sensory-overwhelming experience that Virtual reality can offer. Further to this, other Live casino providers are looking to offer something new: combining gameshows, robot arms and different camera angles - their goal to to create a different experience to the casino experience in a typical land-based casino.<ref>INTERGAMINGI (May 2023) ''Live and Immersive.'' Retrieved from: https://www.intergameonline.com/igaming/features/live-and-immersive</ref>		The prominence of Live Casino experienced a significant surge during the pandemic, as it emerged as the sole viable alternative for those seeking the casino ambiance. Since then, its trajectory has remained steadfast, illustrated by the substantial growth of Evolution Gaming, a leading global provider of live casino solutions, which has seen substantial growth in its revenues. Live Casino continues to command widespread attention. Industry giants like Playtech are intensifying their Live Casino offerings, gaming providers are establishing additional live casino studios, and talk of how the metaverse may revolutionize the market. Ady Totah, CEO of LuckStreak, a live casino provider, believes the audience prefers a casual setting rather than a sensory-overwhelming experience that Virtual reality can offer. Further to this, other Live casino providers are looking to offer something new: combining gameshows, robot arms and different camera angles - their goal to to create a different experience to the casino experience in a typical land-based casino.<ref>INTERGAMINGI (May 2023) ''Live and Immersive.'' Retrieved from: https://www.intergameonline.com/igaming/features/live-and-immersive</ref>

	~~==== '''<u>Market: Key takeaways</u>''' ====~~

	* Despite challenging economic conditions due to COVID-19 lockdowns and an impending recession, the gambling market is experiencing growth.
	* The US holds a leading position in the land-based casino segment in terms of revenue, and many of the largest global casino operators are based in the US.
	* Online gambling growth is a primary driver of the industry's expansion. Europe currently holds the largest market share, but the US exhibits the highest growth rates in revenue and user numbers. It is anticipated that the US will surpass Europe's total user count and align its user base with the rest of the world (excluding Europe).
	* The growth of online gambling, including Live Casino, is not expected to negatively impact the land-based casino market. Instead, it serves as a catalyst. Online platforms attract casual and non-gamblers who might find traditional casinos intimidating. The availability of free demo versions online, where individuals can engage with simulated money, is a draw for early-stage gamblers.
	* Casinos are transitioning into comprehensive entertainment centers, offering diverse amenities and services. This appeals to non-gamblers who may not be interested in gambling itself but are enticed by the immersive gambling environment. (See 'Reasons for visiting a casino')
	* GLPI owns properties leased by gaming operators, exposing them to the gambling industry's performance. However, due to the adaptability of real estate to market shifts, potential downsides resulting from significant changes in the gambling sector could be mitigated. If necessary, GLPI's properties could be repurposed to target alternative markets, such as the industrial sector.

	=== <u>Legal, Geopolitical and Regulations</u> ===		=== <u>Legal, Geopolitical and Regulations</u> ===