Gaming and Leisure Properties, Inc. reported record third‑quarter 2025 results for the quarter ended September 30, 2025. Total revenue rose 3.2% year over year to $397.6 million, while cash revenue increased 5.8% to $375.7 million. Adjusted Funds From Operations (AFFO) grew 5.1% to $282.0 million and Adjusted EBITDA increased 5.8%.
The company highlighted that its lease coverage remains strong, with each of its five major tenants—accounting for roughly 97% of cash rent—maintaining coverage ratios above 1.8×. GLPI also noted that its portfolio now includes 68 gaming and related facilities, including new acquisitions such as Sunland Park Racetrack & Casino, which was added to the Strategic Gaming leases at an 8.2% cap rate.
GLPI detailed ongoing development funding, including $130 million for PENN’s Hollywood Casino Joliet relocation, $150 million for PENN’s M Resort hotel tower, and $225 million for PENN’s Aurora relocation. Additional commitments include $225 million for Caesars Republic Sonoma County and $440 million for a Cordish‑affiliated Live! Casino & Hotel in Virginia. The company also announced a $225 million commitment to the Ione Band of Miwok Indians’ Acorn Ridge Casino development.
The company updated its full‑year 2025 AFFO guidance to $1.115 billion to $1.118 billion, or $3.86 to $3.88 per diluted share, and confirmed a third‑quarter dividend of $0.78 per share. A conference call to discuss the results and outlook is scheduled for Friday, Nov. 7, 2025.
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