GLPI achieves new revenue record in Q3 2023
GLPI has recently published its latest quarterly financial report, showcasing record revenue in the third quarter of the year.
The report’s headline revenue figure was recorded at just under 360 million dollars in the period, up from 334 million dollars the firm generated in the third quarter of last year. In contrast to its record revenue figure, GLPI’s operating income saw a sizable decline, going from 317 million dollars to 268 million dollars.
This decline was also reflected in the company’s net income and net income per share statistics, which went from 226 million dollars to 190 million dollars and from 0.85 dollars to 0.70 dollars respectively. GLPI also reported its adjusted EBITDA, which went up from a bit less than 309 million dollars last year to 327 million dollars in 2023.
The main reason behind the decline in the company’s income figures is the continued expansion of GLPI’s property catalog in the third quarter of the year. One of the firm’s most prominent acquisitions in the period involved the land of the in-development Hard Rock Casino in Rockford, Illinois, which cost the firm 100 million dollars and is going to result in a lease income of 8 million dollars per year for the forthcoming century.