Gaming and Leisure Properties Inc. (GLPI) is a real estate investment trust (REIT) that was founded in 2013 and is headquartered in Wyomissing, Pennsylvania. The company is primarily focused on acquiring, financing, and owning real estate properties that are leased to gaming operators. These properties typically include casinos, hotels, and other entertainment venues.
GLPI was created as a spinoff from Penn National Gaming, a major casino operator in the United States. The company was formed in order to separate the real estate assets from the gaming operations, with GLPI taking on the role of the landlord while Penn National Gaming continued to run the casinos and other facilities.
As a REIT, GLPI is required to distribute at least 90% of its taxable income to shareholders in the form of dividends. The company generates revenue through the rent it charges to the various gaming operators that lease its properties. GLPI has a diversified portfolio of properties across the United States, with the majority of its assets located in the Northeast and Midwest regions.
GLPI went public in November 2013, raising $1.1 billion in its initial public offering (IPO). The company's shares are listed on the Nasdaq Stock Market under the ticker symbol "GLPI". Since going public, GLPI has grown to become one of the largest REITs in the gaming and hospitality industry, with a market capitalization of over $10 billion as of May 2023.
In addition to its core business of owning and leasing gaming properties, GLPI has also expanded into other areas of real estate, including office buildings and industrial properties. The company has a strong track record of growth and has made a number of strategic acquisitions in recent years to expand its portfolio and diversify its revenue streams.