GLPI Reports Record Revenues In Fourth Quarter And Full Year 2025

By Kolade Abisoye - 24 Feb, 2026 More about the author

Business, Analysis, Companies, Finance, Reports

Gaming and Leisure Properties has announced record net revenue for both Q4 and full-year 2025. The figures for Q4 increased 4.5% to $407m, while net revenue rose 4.1% to nearly $1.6bn for the full year. Chairman and CEO Peter Carlino said the results were achieved “despite the difficult transaction and financing period in 2025,” and reflect expansion driven by regional gaming tenants and Tribal partnerships.

Net income in the fourth quarter climbed 23.2% to $275.4m. Income from operations went up 17.9% to $363.4m during the same period. Adjusted EBITDA for Q4 increased 7.1% to $379m, while GLPI’s adjusted funds from operations rose 7.5% to $290m.

Also, rental income reached $346.4m in the quarter, representing a 3.7% increase. Revenue from investments in lease financing receivables grew 8.9% to $51.9m. For operating expenses, the revenue fell 46.4% to $43.6m in Q4.

Full Year Performance Reflects Steady Operational Momentum

For the full year, GLPI recorded net revenue of $1.4bn, up 4.1% from the prior year. Net income increased 5.3% to $850.4m.

Adjusted EBITDA for 2025 reached $1.5bn with 6.7% growth, while income from operations rose 6.3% to just over $1.2bn. But adjusted funds from operations for the year totaled approximately $1.1bn, marking a 5.6% increase. Rental income also generated across 2025 amounted to $1.4bn.

Income from financing receivables investments contributed $195.6m during the year..

$700m Bally’s Lincoln Acquisition Expands Master Lease Portfolio

On 11 February, GLPI completed the acquisition of the real estate assets of Bally’s Lincoln for $700m. The property was added to the existing master lease agreement with Bally’s Corporation.

The facility includes 165,000 square feet of casino space, housing 3,900 slot machines, 118 table games and a sportsbook. Bally’s Lincoln becomes the fifth property covered under GLPI’s master lease with Bally’s. This transaction adds another income generating asset to the company’s portfolio.