At a glance
Gaming & Leisure Properties is worth $11.19B, about 13 times its fiscal 2025 earnings. Revenue grew 4.1% to $1.59B in fiscal 2025, with 51.7% kept as profit; over 5 years it has grown 6.7% a year. It pays a 8.32% dividend yield, and returned $3.94B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −7.0% over the past year with dividends reinvested and +1.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 69.4% in the 2020 crash (S&P 500: 33.7%) and 16.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 2 months after the lows.
The business in plain English
Gaming & Leisure Properties (GLPI) is a real estate investment trust, or REIT. A REIT is a company that owns property, collects rent and must pay out at least 90% of its taxable income. GLPI owns the land and buildings under casinos and leases them to the companies that run the casinos. PENN Entertainment spun GLPI off as a separate company in November 2013. GLPI also lends money for casino projects, and some of those loans can turn into rent once a project is finished.
As of December 31, 2025, GLPI had interests in 69 gaming and related facilities in 20 states, and its properties were 100% occupied. PENN ran 34 of them, Bally's 15 (plus Bally's Chicago, under development), Caesars 6, Boyd 4, Strategic Gaming Management 4 and Cordish 3. About 97% of cash rent comes from five tenants: PENN, Caesars, Boyd, Cordish and Bally's. More than half of revenue comes from PENN's leases alone. Most sites are regional casinos that customers drive to, not destination resorts.
The leases are long-term and triple-net, which means the tenants pay the property taxes, insurance, upkeep and utilities. Rents rise through fixed increases, increases tied to how well the tenant's business performs, or links to inflation with floors and caps. In the year ended December 31, 2025, revenue was $1.59 billion, up 4.1%, and net income was $825 million.
Price history
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GLPI -7.0% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $435.4M, up 9.5% from a year earlier, and net income was $207.6M (-13.9%).
- For fiscal 2025, revenue was $1.59B (+4.1% year over year; +6.7% a year from FY2020 to FY2025) with a 51.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.7% good |
|---|---|
| Operating margin | 75.3% good |
| Free cash flow margin | 51.7% good |
| Return on equity (FY2025) | 17.8% good |
| Return on assets (FY2025) | 6.4% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.15B | $505.7M | $427.6M |
| FY2021 | $1.22B | $534.0M | $789.9M |
| FY2022 | $1.31B | $684.7M | $920.0M |
| FY2023 | $1.44B | $734.3M | $1.01B |
| FY2024 | $1.53B | $784.6M | $1.07B |
| FY2025 | $1.59B | $825.1M | $825.0M |
Valuation snapshot
| Market value | $11.19B |
|---|---|
| P/E ratio | 13 |
| Dividend yield | 8.32% |
Rank among 1514 US companies
Market value at each year end
Gaming & Leisure Properties’s market value went from $6.34B at the end of 2016 to $11.19B on Oct 28, 2026, up 76%; since the end of 2025 it is down 12%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $11.19B | -11.6% |
| 2025 | $12.65B | -4.3% |
| 2024 | $13.21B | +0.3% |
| 2023 | $13.18B | -1.8% |
| 2022 | $13.41B | +15.7% |
| 2021 | $11.60B | +23.9% |
| 2020 | $9.36B | +1.2% |
| 2019 | $9.24B | +33.6% |
| 2018 | $6.92B | -12.1% |
| 2017 | $7.87B | +24.0% |
| 2016 | $6.34B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| GLPI price data to Oct 28, 2026 | -9.2% | -7.0% | +1.7% | +1.2% | +8.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -9.2% |
| 2025 | -0.8% |
| 2024 | +4.0% |
| 2023 | +0.9% |
| 2022 | +13.5% |
| 2021 | +22.2% |
| 2020 | +4.2% |
| 2019 | +42.9% |
| 2018 | -6.0% |
| 2017 | +29.7% |
| 2016 | +18.8% |
| 2015 | +1.7% |
| 2014 | +7.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 59% over that stretch · deepest drop along the way 69.4%, back to its old high 13.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 0.5% over that stretch · deepest drop along the way 16.1%, back to its old high 2 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (19 read): 1 open-market purchases ($422K) and 11 sales ($3.5M), 8 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 24, 2026 | Brandon John Moore President, COO, and Secretary | sell (plan) | $811K |
| Dec 31, 2025 | Steven Ladany SVP Chief Development Officer | sell (plan) | $806K |
| Jan 7, 2026 | Steven Ladany SVP Chief Development Officer | sell (plan) | $604K |
| Feb 27, 2026 | Desiree A. Burke CFO and Treasurer | sell (plan) | $481K |
| Aug 18, 2026 | Earl C Shanks Director | buy | $422K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 8.49% | Mar 31, 2026 |
| Vanguard Capital Management | 5.09% | Mar 31, 2026 |
| Franklin Resources, Inc. | 4.5% | Sep 30, 2024 |
ETFs with the most weight in GLPI
| PJFM PGIM Jennison Focused Mid-Cap ETF | 5.78% |
| GENZ VanEck Digital Native Economy ETF | 4.84% |
| PSR Invesco Active U.S. Real Estate Fund | 4.17% |
| BYRE Principal Real Estate Active Opportunities ETF | 4.17% |
| NETL NETLease Corporate Real Estate ETF | 3.63% |
| KONG Formidable Fortress ETF | 3.45% |
| SRET Global X SuperDividend REIT ETF | 3.38% |
| ABLD Abacus FCF Real Assets Leaders ETF | 3.31% |
What could go wrong
- Heavy reliance on PENN Entertainment. Most of GLPI's revenue comes from master leases with PENN. If PENN's casinos struggle, or PENN fails to pay or renew, GLPI may not find another tenant at similar rent, or at all.
- Five tenants pay nearly all rent. About 97% of cash rent comes from five operators. A bankrupt tenant may be able to reject its leases, and the law limits claims for unpaid future rent, so losses could be large.
- Gaming regulators can delay tenant changes. Regulators must approve transfers of casino properties. If a tenant leaves or defaults, approvals can delay or block a replacement, leaving periods when GLPI collects no rent on that property.
- Development funding and tribal loans add risk. GLPI funds casino construction, such as Bally's Chicago, and holds tribal loans. Lending carries different risks than owning property, and on tribal loans GLPI may not be able to use normal lender enforcement rights.
- Tied to the casino industry's fortunes. GLPI's tenants depend on gambling spending, which can weaken when consumers cut back. More mergers among casino operators would increase reliance on existing tenants and leave fewer operators who could replace them.
- Large debt load and interest-rate exposure. Total debt was $8.08 billion as of June 30, 2026, against $4.98 billion of equity. Higher interest rates can raise costs on existing and future debt and weigh on the share price.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Major agreement signed; Major agreement ended; New debt or financial obligation
- New debt or financial obligation
- Other company announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
GLPI pays a large dividend, with a yield of 8.32% as of October 28, 2026, but has not raised it every year. Dividends per share rose from $2.50 in fiscal 2020 to $3.15 in 2023, dipped to $3.04 in 2024 and reached $3.10 in 2025, an average growth of 4.4% a year. In fiscal 2025, dividends equaled 105.7% of both earnings and free cash flow. As a REIT, GLPI must pay out at least 90% of its taxable income. It did not buy back any shares from 2021 through 2025, and its share count grew 22.1% between October 2021 and July 2026, diluting existing holders.
In the COVID crash, the shares fell 69.4% between February 21 and March 18, 2020, and took about 13 months to recover. That happened even though GLPI says it collected all contractual rent due that year. In the 2022 bear market, the shares fell at most 16.1% and recovered within about two months. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Gaming and Leisure Properties make money?
Mostly by collecting rent from casino operators. As of December 31, 2025, GLPI had property interests in 69 gaming and related facilities in 20 states. It leases them under long-term triple-net leases, where tenants pay the taxes, insurance and upkeep. Its tenants include PENN Entertainment, Bally's, Caesars, Boyd and Cordish. GLPI also earns returns on loans for casino projects, and these may turn into rent once a project is finished. Revenue was $1.59 billion in fiscal 2025.
Does GLPI raise its dividend every year?
No. After fiscal 2025, GLPI's run of yearly dividend increases was just one year long. Dividends per share rose from $2.50 in fiscal 2020 to $3.15 in 2023, fell to $3.04 in 2024, then rose to $3.10 in 2025. Over those five years, regular dividends grew about 4.4% a year on average. Its leases include built-in rent increases, but that does not guarantee the dividend will rise every year.
What is GLPI's dividend yield?
GLPI's dividend yield was 8.32% as of October 28, 2026. REIT yields tend to be high because REITs must pay out at least 90% of their taxable income. In fiscal 2025, GLPI's dividends equaled 105.7% of both earnings and free cash flow. REIT dividends generally don't qualify for the lower tax rates available on some other dividends. That matters more in a taxable account than in a tax-deferred account such as an IRA.
How dependent is GLPI on PENN Entertainment?
Heavily. The annual report says most of GLPI's revenue comes from its master leases with PENN, which ran 34 of GLPI's 69 facilities as of December 31, 2025. GLPI was spun off from PENN in 2013. Two PENN master leases run to October 31, 2033. A third, the former Pinnacle lease that PENN now holds, runs to April 30, 2031. All three have renewal options. If PENN's business weakened or it didn't renew, GLPI might struggle to re-lease the properties at similar rents.
How much debt does GLPI have?
About $8.08 billion as of June 30, 2026. At that date GLPI had $319 million of cash, $4.98 billion of equity and $14.16 billion of total assets. All borrowing is done by its operating partnership, GLP Capital, and GLPI guarantees it. The company aims to keep a credit profile that supports investment-grade ratings, which are ratings that signal lower default risk. Higher interest rates could raise costs on existing and future debt, and a rating cut could make borrowing more expensive.