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Security Profile
- Security Type
- Real Estate Investment Trust (REIT)
- CUSIP
- 36467J108
- Market Cap
- Large Cap · $7 Billion
Business: Gaming and Leisure Properties, Inc. is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. GLPI expects to grow its portfolio by aggressively pursuing opportunities to acquire additional gaming facilities to lease to gaming operators. GLPI also intends to diversify its portfolio over time, including by acquiring properties outside the gaming industry to lease to third parties.
Notes: November 1, 2013 -- Penn National Gaming, Inc. (PENN:Nasdaq) announced the completion of the previously announced, tax-free spin-off to its shareholders of Gaming and Leisure Properties, Inc. (GLPI), effective today. As a result, GLPI is now a separate company which owns the real estate associated with 21 casino facilities, including two facilities currently under development in Dayton and Youngstown, Ohio and leases, or expects to lease with respect to Dayton and Youngstown, 19 of these facilities to Penn. The remaining two gaming facilities, located in Baton Rouge, Louisiana and Perryville, Maryland, are owned and operated by subsidiaries of GLPI. GLPI intends to qualify to be taxed as a real estate investment trust (REIT) for United States federal income tax purposes commencing with the 2014 taxable year and will be the first gaming-focused REIT.
Company Contact
- CEO
- Peter M. Carlino
- CAO
- Desiree A. Burke
- Headquarters
- 825 Berkshire Blvd, Suite 400, Wyomissing, PA, 19610
- Phone
- 610-401-1900
- Investor Relations
- Dan Foley, ICR · 203-682-8312 · Dan.foley@icrinc.com