Summary
| NASDAQ: GLPI | |
| Type | Public |
| Founded | November, 2013 |
| Headquarters | Pennsylvania, USA |
| Revenue | TBC |
| TBC | |
| Total assets | TBC |
Number of employees | TBC |
| Website | https://www.glpropinc.com/ |
Gaming & Leisure Properties, Inc (GLPI) operates as a real estate investment trust 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.
The Gambling market
As the REIT focuses on gaming properties (which are mostly casinos), we must address the gambling market.
The gambling industry can be categorized into verticals:
- Sports
- Racing
- Casino (which would include live casino: poker, roulette, blackjack)
- Slots
- Lottery
- Bingo
- Other (such as E-Sports and Virtual Sports)
It can be further classified by Channel-type:
- Land-Based
- Online (also referred to as ‘iGaming’).
The realm of gambling has maintained its prevalence for millennia, with the land-based sector demonstrating remarkable resilience throughout this extended period. However, the notable rise of online gaming, accelerated by the impact of the Covid pandemic, might paradoxically act as a catalyst for the land-based market.
GLPI's property portfolio is exclusively concentrated within the United States. Interestingly, the US is an emerging contender in the global landscape of online gaming, harboring the potential to surpass both Europe and the rest of the world in this domain.
Today, casinos have evolved into multifaceted entertainment hubs featuring diverse amenities, including food courts and various facilities. This transformation has effectively redefined the casino as an establishment centered around enjoyment, rather than a mere avenue for financial gain. Within the industry, responsible gambling has taken center stage, encapsulated by the well-recognized adage, "When the fun stops, stop." The industry is undergoing a transformation by shifting its identity from 'gambling' to 'entertainment', and it is the land-based casinos that are leading the way in embracing this evolution.
Leadership:
Management
Peter M. Carlino - CEO
Brandon J. Moore - COO, General Counsel and Secretary
Desiree A. Burke - CFO and Treasurer
Steven L. Ladany - Chief Development Office, Senior Vice President
Matthew Demchyk - Chief Investment Officer, Senior Vice President
Board of Directors
Peter M. Carlino - Chairman and CEO
JoAnne A. Epps - Acting President, Temple University
Carol Lili Lynton - Co-Founder and Operating Partner, The Dinex Group
Joseph W. Marshall III - Vice Chairman, Stevens & Lee, LLP
James B. Perry - Former Chairman and CEO, Isle of Capri Casinos
Barry F. Schwartz - Vice Chairman Emeritus, MacAndrews & Forbes Inc
Earl C. Shanks - Retired CFO, Essedant Inc
E. Scott Urdang - Restored CEO and Chairman, Urdang Capital Management