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
Strategy, Commitment & Ethos
Strategy and M&A
Despite being geographically diversified across the US, their portfolio only consists of gaming properties within the US. However, they are actively monitoring developmental opportunities to diversify portfolio by acquiring real property assets outside the gaming industry. This is evidenced recently as on May 13, 2023, the company entered into a letter of intent with Athletics Holdings LLC and Tropicana Las Vegas to develop a stadium for the Oakland Athletics MLB team on a portion of the Tropicana Site. GLPI will fund up to $175 million for construction costs.
Acquiring further gaming real estate assets and facilities still remains one of their top priorities. On January 3, 2023, the Company completed its acquisition of the real property assets of Bally's Tiverton and Hard Rock Hotel & Casino Biloxi for $635 million. The properties were added to the existing Master Lease with Bally's. They also have the option to acquire the real property assets of Bally's Twin River Lincoln Casino Resort in Lincoln, RI before December 31, 2026.
ESG, Commitment and Ethos
The company emphasizes environmental and community stewardship as an essential aspect of creating shareholder value. They are committed to integrating ESG practices that benefit the company, its employees, and the communities they operate in. Social responsibility is a priority, and they aim to maintain a corporate culture that fosters a sense of community, well-being, and long-term success for both the employees and the company.
Corporate culture and employee engagement are encouraged through town-hall meetings, open feedback culture, talent development programs, and resources for health and well-being. Diversity and inclusion are promoted, and they adhere to equal opportunity employment policies.
The company actively supports the communities in which they operate by partnering with various organizations for charitable contributions, community service, and donation programs to help families in need.
Environmental stewardship is also a focus, with an emphasis on sustainable practices, energy efficiency, recycling, water conservation, and indoor environmental quality at their properties. They promote awareness and encourage environmentally beneficial practices among their tenants as well.
Corporate governance is led by the Board of Directors, which considers the interests of all stakeholders, including the environment and social well-being, to ensure the long-term prosperity of the company. The Nominating and Corporate Governance Committee oversees sustainability and ESG matters, providing recommendations to the Board.