Gaming and Leisure Properties reported total revenue at $315m in the quarter ending 31 March 2022. This is an increase of 4 percent year-on-year.
Real estate investment trust also saw an increase of 10% in adjusted EBITDA. It rose from $266.6m Q1 last year to $293.3m the first quarter 2022.
However, the company’s net income is lower this time around ($121.7m) compared to Q1 2021, where the figure stood at $127.2m.
Gaming and Leisure Properties attributes the lower number to several land and property acquisitions, which include two properties acquired from Cordish Companies: Live! Casino & Philadelphia Hotel and Live! Casino Pittsburgh.
The Q1 2022 operating income total was fairly stable at $199.8 million, down only $300,000 from the previous year.
On these results, Peter Carlino, Chairman and CEO of Gaming and Leisure Properties, said: “Our solid first-quarter financial results reflect our ongoing initiatives to expand the company’s high-quality, top-performing regional gaming portfolio managed by the industry’s leading operators.
“In this regard, during Q1 we completed the acquisition of the land and real estate assets of Live! Casino & Philadelphia Hotel and Live! Casino Pittsburgh from The Cordish Companies, one of the nation’s most capable developers of large-scale experiential real estate projects, casinos, hospitality and entertainment districts.
He added: “We began the second quarter with the completion of the previously announced acquisition from Bally’s Corporation of the land and real estate assets of their three casinos in Black Hawk, Colorado as well as Bally’s Quad Cities Casino & Hotel in Rock Island, Illinois, and added these properties to the existing Bally’s master lease.
“We are pleased to broaden our relationship with Bally’s and expand our presence in Black Hawk, one of the nation’s fastest-growing regional gaming markets.”
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