Tropicana landowner GLPI reports boost in 2Q earnings

Gaming & Leisure Properties Inc., a real estate investment trust affiliated with Penn National Gaming Inc. reported a boost in revenue and earnings during a Friday earnings call.

At the end of the quarter, GLPI had lease agreements with 57 gaming and related properties in 17 states with agreements with Penn, Caesars Entertainment Inc., Bally’s Corp., Casino Queen and Las Vegas-based Boyd Gaming Corp.

GLPI, which owns the real estate beneath the Tropicana, will become the landlord to Bally’s when a deal between Penn and Bally’s closes later this year.

Once the deal closes, Bally’s on the Strip, which is owned by Caesars, would be renamed the Horseshoe and the corporation could redesignate the Tropicana name.

For GLPI’s second quarter that ended June 30, the company reported net income of $155.8 million, 61 cents a share, on revenue of $326.5 million. For the same period a year earlier, the company had net income of $138.2 million, 59 cents a share, on revenue of $317.8 million.

Traded on the Nasdaq exchange, GLPI shares Friday closed down 66 cents, 1.3 percent to $51.99 a share in volume just above the daily average.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.