WYOMISSING, Pa. - Gaming and Leisure (NASDAQ:GLPI) Properties, Inc. (NASDAQ: GLPI), a real estate investment trust (REIT) focused on gaming facilities, announced today the promotion of Brandon Moore to the role of President, while he will also maintain his current position as Chief Operating Officer. Moore, who has been instrumental in the company's growth since its inception, will continue to report to Chairman and CEO Peter Carlino.
Moore's tenure with the company dates back to its early days over ten years ago, and his leadership has been pivotal in the REIT's development. His comprehensive experience in the gaming industry spans over a decade, including his involvement in the tax-free spin that resulted in the creation of GLPI. Carlino expressed confidence in Moore's ability to steer the company through future real estate and financing transactions, project development, and collaborations with tenants.
Before joining GLPI in 2014 as Senior Vice President and General Counsel, Moore served as Vice President, Senior Corporate Counsel at Penn National Gaming (NASDAQ:PENN), Inc. (now PENN Entertainment, Inc.). His earlier career includes a stint as Of Counsel to Ballard Spahr, LLP, a Philadelphia-based law firm. Moore's academic credentials include a B.S. in Finance from Pennsylvania State University and a J.D. from the University of Pennsylvania Law School. He is also a member of the Pennsylvania Bar Association.
GLPI specializes in acquiring, financing, and owning real estate for leasing to gaming operators in triple-net lease arrangements, placing the responsibility for property maintenance, insurance, taxes, utilities, and other services on the tenant.
This press release contains forward-looking statements regarding GLPI's plans and expectations. These statements are subject to various risks and uncertainties, and actual results may differ from those projected. The company has made no commitment to update any forward-looking statements following the date of this release.
The information for this report is based on a press release statement from Gaming and Leisure Properties, Inc.
In other recent news, Gaming & Leisure Properties has seen significant action on several fronts. The company finalized a noteworthy real estate transaction, acquiring land for the future site of Bally’s Chicago for $250 million. The acquisition is part of a broader agreement with Bally’s Corporation, involving a new lease and a commitment to fund construction costs of up to $940 million for the development of Bally’s Chicago.
Gaming & Leisure Properties has also been the recipient of an upgrade from Wolfe Research, moving the company's stock from Peer Perform to Outperform. The research firm anticipates a significant increase in the company's earnings growth, driven by long-dated projects.
Additionally, Gaming & Leisure Properties announced a substantial public offering of notes valued at $1.2 billion, intended for various corporate activities including property development and debt repayment. The company reported a $24 million year-over-year increase in total income from real estate and detailed a $1.6 billion transaction with Bally's, to be funded through a mix of debt and equity.
RBC Capital Markets revised its price target for the company, raising it from $52 to $53, maintaining an Outperform rating. This adjustment followed the company's recent financial report. These are among the recent developments for Gaming & Leisure Properties.
InvestingPro Insights
As Gaming and Leisure Properties, Inc. (GLPI) promotes Brandon Moore to President, investors may find additional context from recent financial data and expert analysis. According to InvestingPro, GLPI's market capitalization stands at $14.34 billion, reflecting its significant presence in the gaming real estate sector.
The company's financial health appears robust, with an InvestingPro Tip noting that GLPI's liquid assets exceed short-term obligations. This strong liquidity position could provide the flexibility needed to pursue growth opportunities under Moore's expanded leadership.
GLPI's revenue growth of 7.47% over the last twelve months, coupled with a high gross profit margin of 96.53%, underscores the efficiency of its triple-net lease business model. This efficiency is further emphasized by an operating income margin of 74.9%, indicating effective cost management.
For income-focused investors, GLPI offers an attractive dividend yield of 5.99%. However, it's worth noting that dividend growth has seen a decline of 21.04% in the last twelve months, which may warrant attention as Moore takes on his new role.
An InvestingPro Tip highlights that GLPI stock generally trades with low price volatility, which could appeal to investors seeking stability in their REIT holdings. Additionally, the stock is trading near its 52-week high, with a price that is 96.48% of its peak, potentially signaling investor confidence in the company's direction.
For those interested in a deeper dive into GLPI's prospects, InvestingPro offers 5 additional tips that could provide valuable insights for investment decisions. These tips, along with comprehensive financial data, are available to InvestingPro subscribers, offering a more complete picture of GLPI's investment potential as it enters this new phase of leadership.
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