WYOMISSING, Pa., March 23, 2020 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI), today provided an update on its business given the evolving situation surrounding the nationwide spread of COVID-19 and the related efforts to contain the virus. The Company’s properties reported strong Gross Gaming Revenue in January and February that exceeded its internal projections. However, management is currently monitoring ongoing events to better understand the timeline and geographic footprint of interruptions to the operations of properties since state and regulatory authorities began mandating the closure of its tenants’ gaming facilities on March 13, 2020. In addition, the Company’s wholly-owned and operated TRS operating properties - Hollywood Casino Baton Rouge and Hollywood Casino Perryville - are following government directives for closure and will continue to follow precautionary guidelines once they re-open. Given the current operating environment and the need to have a clearer understanding of the timeline and impact related to the interruption to property operations, the Company today is withdrawing the 2020 guidance it provided on February 20, 2020.
The Company’s focus remains on maintaining a strong balance sheet, liquidity, and financial flexibility through an indefinite period of property closures and it recently drew just over $530 million on its revolving credit facility to provide additional near-term liquidity.
Peter Carlino, Chairman and Chief Executive Officer, commented, “Our management team has a long track record of managing through challenging market conditions, as do the management teams at our portfolio of 42 gaming and related facilities where we own the underlying real estate. In addition, our assets remain a strong and integral component of state budgets across the country given their relevance and significance to tax revenue generation. As the properties in our portfolio begin to open and start the process of returning to normalized operations, our geographically diversified portfolio stands to play an important role in the recovery process, providing a significant source of employment and an equally significant source of state tax revenue generation.”
About Gaming and Leisure Properties
GLPI 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 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. GLPI elected to be taxed as a REIT for United States federal income tax purposes commencing with the 2014 taxable year and was the first gaming-focused REIT in North America.
