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May 06, 2019

Gaming and Leisure Properties, Inc. Reports Record First Quarter 2019 Revenue

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- Establishes 2019 Second Quarter Guidance and Updates Full Year Guidance -

WYOMISSING, Pa., May 06, 2019 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”), North America's first gaming-focused real estate investment trust (“REIT”), today announced results for the quarter ended March 31, 2019. First quarter total revenue grew 17.9%, net income declined by 3.9%, adjusted EBITDA increased 16.8% and FFO and AFFO rose 22.0% and 8.5%, respectively.  The Company's results benefited from a full quarter's contribution from the October 2018 acquisitions of real property assets operated by Boyd Gaming Corporation (“BYD”), Eldorado Resorts, Inc. (“ERI”) and Penn National Gaming, Inc. (“PENN”).  During the quarter, shareholders received a quarterly cash dividend of $0.68 per share, which marks a 7.9% increase over the comparable period in 2018 and a 5.4% increase on a compound annual basis since the Company's formation.

Chief Executive Officer, Peter M. Carlino, commented, “During the first quarter of 2019, our portfolio generated another period of robust results across our key financial metrics.  We continue to prudently manage our balance sheet and capital structure.  We are as focused and motivated as ever in our thoughtful pursuit of portfolio enhancing, accretive transactions.  Our tenants represent the industry’s leading regional gaming operators.  These relationships position GLPI to participate in additional accretive transaction opportunities alongside our tenants while we simultaneously pursue transactions for assets owned and operated by entrepreneurs and others who can benefit from a relationship with GLPI.”

Financial Highlights

    Three Months Ended March 31,
(in millions, except per share data)   2019
Actual		   2018
Actual
Total Revenue   $ 287.9     $ 244.1  
Net Income   $ 93.0     $ 96.8  
Funds From Operations (1)   $ 148.7     $ 121.9  
Adjusted Funds From Operations (2)   $ 183.0     $ 168.7  
Adjusted EBITDA (3)   $ 258.4     $ 221.3  
         
Net income, per diluted common share   $ 0.43     $ 0.45  
FFO, per diluted common share   $ 0.69     $ 0.57  
AFFO, per diluted common share   $ 0.85     $ 0.79  

___________________

(1)   Funds from operations (“FFO”) is net income, excluding (gains) or losses from sales of property and real estate depreciation as defined by NAREIT.

(2)   Adjusted funds from operations (“AFFO”) is FFO, excluding stock based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, the amortization of land rights, straight-line rent adjustments, direct financing lease adjustments, losses on debt extinguishment, retirement costs and goodwill and loan impairment charges, reduced by capital maintenance expenditures.

(3)   Adjusted EBITDA is net income, excluding interest, taxes on income, depreciation, (gains) or losses from sales of property, stock based compensation expense, straight-line rent adjustments, direct financing lease adjustments, the amortization of land rights, losses on debt extinguishment, retirement costs and goodwill and loan impairment charges.


Portfolio Update

GLPI's primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of March 31, 2019, GLPI's portfolio consisted of interests in 46 gaming and related facilities, including Hollywood Casino Baton Rouge and Hollywood Casino Perryville, which are referred to as the "TRS Properties", the real property associated with 33 gaming and related facilities operated by PENN, the real property associated with 6 gaming and related facilities operated by ERI (including one mortgaged facility), the real property associated with 4 gaming and related facilities operated by BYD (including one mortgaged facility) and the real property associated with the Casino Queen in East St. Louis, Illinois. These facilities are geographically diversified across 16 states and contain approximately 23.5 million square feet.

During the first quarter of 2019, the operating results of Casino Queen continued to decline, resulting in the anticipated acquirer withdrawing from the sales process. Subsequent offers for the operating assets of Casino Queen have declined substantially and proceeds from the sale are not expected to generate enough cash to repay all of Casino Queen’s creditors. The Company has recorded an impairment charge of $13.0 million through the condensed consolidated statement of income for the three months ended March 31, 2019 to reflect the write-off of the Casino Queen loan.


Conference Call Details

The Company will hold a conference call on May 7, 2019 at 9:00 a.m. (Eastern Time) to discuss its financial results, current business trends and market conditions.

Webcast

The conference call will be available in the Investor Relations section of the Company's website at www.glpropinc.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. A replay of the call will also be available for 90 days on the Company’s website.

To Participate in the Telephone Conference Call:
Dial in at least five minutes prior to start time.
Domestic: 1-877/407-0784
International: 1-201/689-8560

Conference Call Playback:
Domestic: 1-844/512-2921
International: 1-412/317-6671
Passcode: 13689982
The playback can be accessed through May 14, 2019.


Guidance

The table below sets forth current guidance targets for financial results for the 2019 second quarter and full year, based on the following assumptions:

  • Includes the full year impact of the transaction closed on October 1, 2018, with ERI and the impact of the transactions closed on October 15, 2018 with PENN, PNK, and BYD;

  • Reported range of revenue from real estate of approximately $1,025.9 to $1,029.8 million for the year and $256.0 million for the second quarter consisting of:
    Three Months Ended
June 30, 2019
   Full Year Ending
December 31, 2019
(in millions)   Second Quarter   Full Year Range
Cash Revenue from Real Estate            
PENN   $ 202.7     $ 812.3     $ 816.2  
ERI   27.5     110.3     110.3  
BYD   25.8     103.6     103.6  
Casino Queen   3.6     14.5     14.5  
PENN non-assigned land lease   (0.7 )   (2.9 )   (2.9 )
Total Cash Revenue from Real Estate   $ 258.9     $ 1,037.8     $ 1,041.7  
             
Non-Cash Adjustments            
Straight-line rent   $ (8.6 )   $ (34.6 )   $ (34.6 )
Land leases paid by tenants   5.7     22.7     22.7  
Total Revenue from Real Estate as Reported   $ 256.0     $ 1,025.9     $ 1,029.8  
  • Adjusted EBITDA from the TRS Properties of approximately $29.0 million for the year and $8.5 million for the second quarter and reflects the impact of the Maryland state budget process which revoked the previously approved tax relief granted by the Maryland Lottery Commission;

  • Blended income tax rate at the TRS Properties of 33%;

  • LIBOR is based on the forward yield curve; and

  • The basic share count is approximately 214.6 million shares for the year and the second quarter and the fully diluted share count is approximately 215.4 million shares for the year and for the second quarter.
    Three Months Ended June 30,   Full Year Ending December 31,
(in millions, except per share data)   2019
Guidance		   2018 
 Actual		   2019
Guidance Range		   2018
Actual
Total Revenue   $ 289.9     $ 254.2     $ 1,154.0     $ 1,158.0     $ 1,055.7  
                     
Net Income   $ 108.0     $ 92.0     $ 417.9     $ 424.9     $ 339.5  
Losses from dispositions of property   —     0.2     —         0.3  
Real estate depreciation   55.3     24.7     220.6     220.6     125.6  
Funds From Operations (1)   $ 163.3     $ 116.9     $ 638.5     $ 645.5     $ 465.4  
Straight-line rent adjustments   8.6     16.6     34.6     34.6     61.9  
Direct financing lease adjustments   —     11.0     —     —     38.4  
Other depreciation   2.3     2.9     9.8     9.8     11.4  
Amortization of land rights   3.1     2.7     12.4     12.4     11.3  
Amortization of debt issuance costs, bond premiums and original issuance discounts   2.9     3.0     11.6     11.6     12.2  
Stock based compensation   3.9     0.6     16.1     16.1     11.2  
Losses on debt extinguishment   —     3.5     —     —     3.5  
Retirement costs   —     13.1     —     —     13.1  
Goodwill impairment charges   —     —     —     —     59.5  
Loan impairment charges   —     —     13.0     13.0     —  
Capital maintenance expenditures   (1.0 )   (1.1 )   (3.5 )   (3.5 )   (4.3 )
Adjusted Funds From Operations (2)   $ 183.1     $ 169.2     $ 732.5     $ 739.5     $ 683.6  
Interest, net   76.6     56.2     306.6     306.6     245.9  
Income tax expense   1.4     1.6     4.4     4.4     5.0  
Capital maintenance expenditures   1.0     1.1     3.5     3.5     4.3  
Amortization of debt issuance costs, bond premiums and original issuance discounts   (2.9 )   (3.0 )   (11.6 )   (11.6 )   (12.2 )
Adjusted EBITDA (3)   $ 259.2     $ 225.1     $ 1,035.4     $ 1,042.4     $ 926.6  
                     
Net income, per diluted common share   $ 0.50     $ 0.43     $ 1.94     $ 1.97     $ 1.58  
FFO, per diluted common share   $ 0.76     $ 0.54     $ 2.96     $ 3.00     $ 2.17  
AFFO, per diluted common share   $ 0.85     $ 0.79     $ 3.40     $ 3.43     $ 3.18  

_______________________________

(1) FFO is net income, excluding (gains) or losses from sales of property and real estate depreciation as defined by NAREIT.

(2) AFFO is FFO, excluding stock based compensation expense, amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, amortization of land rights, straight-line rent adjustments, direct financing lease adjustments, losses on debt extinguishment, retirement costs, goodwill impairment charges and loan impairment charges, reduced by capital maintenance expenditures.

(3) Adjusted EBITDA is net income, excluding interest, taxes on income, depreciation, (gains) or losses from sales of property, stock based compensation expense, straight-line rent adjustments, direct financing lease adjustments, the amortization of land rights, losses on debt extinguishment, retirement costs, goodwill impairment charges and loan impairment charges.


GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except per share data) (unaudited)

  Three Months Ended
 March 31,
  2019   2018
Revenues      
Rental income $ 247,678     $ 169,405  
Income from direct financing lease —     18,621  
Interest income from mortgaged real estate 7,193     —  
Real estate taxes paid by tenants —     21,278  
Total income from real estate 254,871     209,304  
Gaming, food, beverage and other 32,993     34,746  
Total revenues 287,864     244,050  
Operating expenses      
Gaming, food, beverage and other 19,022     19,658  
Real estate taxes —     21,595  
Land rights and ground lease expense 9,249     6,532  
General and administrative 17,240     16,460  
Depreciation 58,578     27,954  
Loan impairment charges 13,000     —  
Total operating expenses 117,089     92,199  
Income from operations 170,775     151,851  
       
Other income (expenses)      
Interest expense (76,728 )   (54,068 )
Interest income 89     481  
Total other expenses (76,639 )   (53,587 )
       
Income from operations before income taxes 94,136     98,264  
Income tax expense 1,126     1,492  
Net income $ 93,010     $ 96,772  
       
Earnings per common share:      
Basic earnings per common share $ 0.43     $ 0.45  
Diluted earnings per common share $ 0.43     $ 0.45  


GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Operations
(in thousands) (unaudited)

  TOTAL REVENUES   ADJUSTED EBITDA
  Three Months Ended
 March 31,		   Three Months Ended
 March 31,
  2019   2018   2019   2018
Real Estate $ 254,871     $ 209,304     $ 250,110     $ 212,029  
GLP Holdings, LLC (TRS) 32,993     34,746     8,309     9,316  
Total $ 287,864     $ 244,050     $ 258,419     $ 221,345  



GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Current Year Revenue Detail
(in thousands) (unaudited)

Three Months Ended March 31, 2019   PENN
Master Lease		   Amended
Pinnacle
Master Lease		   ERI
Master
Lease and Mortgage		   BYD
Master
Lease and Mortgage		   PENN -
Meadows
Lease		   Casino
Queen
Lease		   Total
Building base rent   $ 68,482     $ 55,781     $ 15,230     $ 18,286     $ 3,283     $ 2,275     $ 163,337  
Land base rent   23,492     17,703     3,340     2,906     —     —     47,441  
Percentage rent   21,685     7,833     3,340     2,770     2,792     1,356     39,776  
Total cash rental income   $ 113,659     $ 81,317     $ 21,910     $ 23,962     $ 6,075     $ 3,631     $ 250,554  
Straight-line rent adjustments   2,231     (6,318 )   (2,895 )   (2,234 )   572     —     (8,644 )
Ground rent in revenue   962     1,781     2,386     434     —     —     5,563  
Other rental revenue   —     —     —     —     205     —     205  
Total rental income   $ 116,852     $ 76,780     $ 21,401     $ 22,162     $ 6,852     $ 3,631     $ 247,678  
Interest income from mortgaged real estate   —     —     5,591     1,602     —     —     7,193  
Total income from real estate   $ 116,852     $ 76,780     $ 26,992     $ 23,764     $ 6,852     $ 3,631     $ 254,871  

Total cash net operating income of $257,952 for the three months ended March 31, 2019 is determined by adding cash rental income, other rental income and interest income from mortgaged real estate.


GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
General and Administrative Expense
(in thousands) (unaudited)

  Three Months Ended
 March 31,
  2019   2018
Real estate general and administrative expenses (1) $ 11,578     $ 10,986  
GLP Holdings, LLC (TRS) general and administrative expenses (1) 5,662     5,474  
Total reported general and administrative expenses $ 17,240     $ 16,460  

___________________

(1)  General and administrative expenses include payroll related expenses, insurance, utilities, professional fees and other administrative costs.


Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA
Gaming and Leisure Properties, Inc. and Subsidiaries
CONSOLIDATED
(in thousands) (unaudited)

  Three Months Ended
 March 31,
  2019   2018
Net income $ 93,010     $ 96,772  
Losses from dispositions of property 7     —  
Real estate depreciation 55,675     25,098  
Funds from operations $ 148,692     $ 121,870  
Straight-line rent adjustments 8,644     16,617  
Direct financing lease adjustments —     18,209  
Other depreciation (1) 2,903     2,856  
Amortization of land rights 3,090     2,727  
Amortization of debt issuance costs, bond premiums and original issuance discounts 2,891     3,257  
Stock based compensation 4,325     3,987  
Loan impairment charges 13,000     —  
Capital maintenance expenditures (2) (530 )   (822 )
Adjusted funds from operations $ 183,015     $ 168,701  
Interest, net 76,639     53,587  
Income tax expense 1,126     1,492  
Capital maintenance expenditures (2) 530     822  
Amortization of debt issuance costs, bond premiums and original issuance discounts (2,891 )   (3,257 )
Adjusted EBITDA $ 258,419     $ 221,345  
       
Net income, per diluted common share $ 0.43     $ 0.45  
FFO, per diluted common share $ 0.69     $ 0.57  
AFFO, per diluted common share $ 0.85     $ 0.79  
       
Weighted average number of common shares outstanding      
Diluted 215,287,995     214,681,912  

___________________

(1)  Other depreciation includes both real estate and equipment depreciation from the Company's taxable REIT subsidiaries as well as equipment depreciation from the REIT subsidiaries.

(2)  Capital maintenance expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost effective to repair.


Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA
Gaming and Leisure Properties, Inc. and Subsidiaries
REAL ESTATE and CORPORATE (REIT)
(in thousands) (unaudited)

  Three Months Ended
 March 31,
  2019   2018
Net income $ 90,763     $ 93,716  
Losses from dispositions of property 7     —  
Real estate depreciation 55,675     25,098  
Funds from operations $ 146,445     $ 118,814  
Straight-line rent adjustments 8,644     16,617  
Direct financing lease adjustments —     18,209  
Other depreciation (1) 500     517  
Amortization of land rights 3,090     2,727  
Amortization of debt issuance costs, bond premiums and original issuance discounts 2,891     3,257  
Stock based compensation 4,325     3,987  
Loan impairment charges 13,000     —  
Capital maintenance expenditures (2) (2 )   (48 )
Adjusted funds from operations $ 178,893     $ 164,080  
Interest, net (3) 74,038     50,987  
Income tax expense 68     171  
Capital maintenance expenditures (2) 2     48  
Amortization of debt issuance costs, bond premiums and original issuance discounts (2,891 )   (3,257 )
Adjusted EBITDA $ 250,110     $ 212,029  

___________________

(1)  Other depreciation includes both real estate and equipment depreciation from the Company's taxable REIT subsidiaries as well as equipment depreciation from the REIT subsidiaries.

(2)  Capital maintenance expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost effective to repair.

(3)   Interest expense, net is net of intercompany interest eliminations of $2.6 million for both the three months ended March 31, 2019 and 2018.


Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA
Gaming and Leisure Properties, Inc. and Subsidiaries
GLP HOLDINGS, LLC (TRS)
(in thousands) (unaudited)

  Three Months Ended
 March 31,
  2019   2018
Net income $ 2,247     $ 3,056  
(Gains) losses from dispositions of property —     —  
Real estate depreciation —     —  
Funds from operations $ 2,247     $ 3,056  
Straight-line rent adjustments —     —  
Direct financing lease adjustments —     —  
Other depreciation (1) 2,403     2,339  
Amortization of land rights —     —  
Amortization of debt issuance costs, bond premiums and original issuance discounts —     —  
Stock based compensation —     —  
Loan impairment charges —     —  
Capital maintenance expenditures (2) (528 )   (774 )
Adjusted funds from operations $ 4,122     $ 4,621  
Interest, net 2,601     2,600  
Income tax expense 1,058     1,321  
Capital maintenance expenditures (2) 528     774  
Amortization of debt issuance costs, bond premiums and original issuance discounts —     —  
Adjusted EBITDA $ 8,309     $ 9,316  

______________________________

(1)  Other depreciation includes both real estate and equipment depreciation from the Company's taxable REIT subsidiaries as well as equipment depreciation from the REIT subsidiaries.

(2)  Capital maintenance expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost effective to repair.


Gaming and Leisure Properties, Inc. and Subsidiaries
Consolidated Balance Sheets
(amounts in thousands, except share and per share data) (unaudited)

  March 31, 2019   December 31, 2018
       
Assets      
Real estate investments, net $ 7,275,596     $ 7,331,460  
Property and equipment, used in operations, net 98,513     100,884  
Mortgage loans receivable 303,684     303,684  
Right-of-use assets and land rights, net 872,656     673,207  
Cash and cash equivalents 30,334     25,783  
Prepaid expenses 3,462     30,967  
Goodwill 16,067     16,067  
Other intangible assets 9,577     9,577  
Loan receivable —     13,000  
Deferred tax assets 5,528     5,178  
Other assets 31,415     67,486  
Total assets $ 8,646,832     $ 8,577,293  
       
Liabilities      
Accounts payable $ 702     $ 2,511  
Accrued expenses 5,951     30,297  
Accrued interest 98,223     45,261  
Accrued salaries and wages 6,848     17,010  
Gaming, property, and other taxes 1,340     42,879  
Income taxes 648     —  
Lease liabilities 202,405     —  
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts 5,795,122     5,853,497  
Deferred rental revenue 302,555     293,911  
Deferred tax liabilities 258     261  
Other liabilities 25,096     26,059  
Total liabilities 6,439,148     6,311,686  
       
Shareholders’ equity      
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2019 and December 31, 2018) —     —  
Common stock ($.01 par value, 500,000,000 shares authorized, 214,645,500 and 214,211,932 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively) 2,146     2,142  
Additional paid-in capital 3,947,768     3,952,503  
Accumulated deficit (1,742,230 )   (1,689,038 )
Total shareholders’ equity 2,207,684     2,265,607  
Total liabilities and shareholders’ equity $ 8,646,832     $ 8,577,293  



Debt Capitalization

The Company had $30.3 million of unrestricted cash and $5.8 billion in total debt at March 31, 2019.  The Company’s debt structure as of March 31, 2019 was as follows:

      As of March 31, 2019
    Years to
Maturity		 Interest Rate   Balance
          (in thousands)
Unsecured $1,175 Million Revolver Due May 2023 (1)   4.1 3.988 %   $ 341,000  
Unsecured Term Loan A-1 Due April 2021 (1)   2.1 3.986 %   525,000  
Senior Unsecured Notes Due November 2020   1.6 4.875 %   1,000,000  
Senior Unsecured Notes Due April 2021   2.0 4.375 %   400,000  
Senior Unsecured Notes Due November 2023   4.6 5.375 %   500,000  
Senior Unsecured Notes Due June 2025   6.2 5.250 %   850,000  
Senior Unsecured Notes Due April 2026   7.0 5.375 %   975,000  
Senior Unsecured Notes Due June 2028   9.2 5.750 %   500,000  
Senior Unsecured Notes Due January 2029   9.8 5.300 %   750,000  
Finance lease liability   7.4 4.780 %   1,082  
Total long-term debt         $ 5,842,082  
Less: unamortized debt issuance costs, bond premiums and original issuance discounts         (46,960 )
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts         $ 5,795,122  
Weighted average   5.4 5.019 %    

___________________

(1)   The rate on the term loan facility and revolver is LIBOR plus 1.50%.

Rating Agency Update - Issue Rating

Rating Agency   Rating
Standard & Poor's   BBB-
Fitch   BBB-
Moody's   Ba1


Dividends

On February 20, 2019, the Company’s Board of Directors declared the first quarter 2019 dividend.  Shareholders of record on March 8, 2019 received $0.68 per common share, which was paid on March 22, 2019.  The Company anticipates the following schedule regarding dividends to be paid in 2019:

Payment Dates
March 22, 2019 (paid)
June 28, 2019  
September 20, 2019  
December 27, 2019  


Description Location Date Acquired Tenant/Operator
PENN Master Lease (20 Properties)      
Hollywood Casino Lawrenceburg Lawrenceburg, IN 11/1/2013 PENN
Hollywood Casino Aurora Aurora, IL 11/1/2013 PENN
Hollywood Casino Joliet Joliet, IL 11/1/2013 PENN
Argosy Casino Alton Alton, IL 11/1/2013 PENN
Hollywood Casino Toledo Toledo, OH 11/1/2013 PENN
Hollywood Casino Columbus Columbus, OH 11/1/2013 PENN
Hollywood Casino at Charles Town Races Charles Town, WV 11/1/2013 PENN
Hollywood Casino at Penn National Race Course Grantville, PA 11/1/2013 PENN
M Resort Henderson, NV 11/1/2013 PENN
Hollywood Casino Bangor Bangor, ME 11/1/2013 PENN
Zia Park Casino Hobbs, NM 11/1/2013 PENN
Hollywood Casino Gulf Coast Bay St. Louis, MS 11/1/2013 PENN
Argosy Casino Riverside Riverside, MO 11/1/2013 PENN
Hollywood Casino Tunica Tunica, MS 11/1/2013 PENN
Boomtown Biloxi Biloxi, MS 11/1/2013 PENN
Hollywood Casino St. Louis Maryland Heights, MO 11/1/2013 PENN
Hollywood Gaming Casino at Dayton Raceway Dayton, OH 11/1/2013 PENN
Hollywood Gaming Casino at Mahoning Valley Race Track Youngstown, OH 11/1/2013 PENN
Resorts Casino Tunica Tunica, MS 5/1/2017 PENN
1st Jackpot Casino Tunica, MS 5/1/2017 PENN
Amended Pinnacle Master Lease (12 Properties)      
Ameristar Black Hawk Black Hawk, CO 4/28/2016 PENN
Ameristar East Chicago East Chicago, IN 4/28/2016 PENN
Ameristar Council Bluffs Council Bluffs, IA 4/28/2016 PENN
L'Auberge Baton Rouge Baton Rouge, LA 4/28/2016 PENN
Boomtown Bossier City Bossier City, LA 4/28/2016 PENN
L'Auberge Lake Charles Lake Charles, LA 4/28/2016 PENN
Boomtown New Orleans New Orleans, LA 4/28/2016 PENN
Ameristar Vicksburg Vicksburg, MS 4/28/2016 PENN
River City Casino & Hotel St. Louis, MO 4/28/2016 PENN
Jackpot Properties (two properties) Jackpot, NV 4/28/2016 PENN
Plainridge Park Casino Plainridge, MA 10/15/2018 PENN
ERI Master Lease (5 Properties)      
Tropicana Atlantic City Atlantic City, NJ 10/1/2018 ERI
Tropicana Evansville Evansville, IN 10/1/2018 ERI
Tropicana Laughlin Laughlin, NV 10/1/2018 ERI
Trop Casino Greenville Greenville, MS 10/1/2018 ERI
Belle of Baton Rouge Baton Rouge, LA 10/1/2018 ERI
BYD Master Lease (3 Properties)      
Belterra Casino Resort Florence, IN 4/28/2016 BYD
Ameristar Kansas City Kansas City, MO 4/28/2016 BYD
Ameristar St. Charles St. Charles, MO 4/28/2016 BYD
Single Asset Leases      
The Meadows Racetrack and Casino Washington, PA 9/9/2016 PENN
Casino Queen East St. Louis, IL 1/23/2014 Casino Queen
Mortgaged Properties      
Belterra Park Gaming & Entertainment Center Cincinnati, OH N/A BYD
Lumière Place St. Louis, MO N/A ERI
TRS Properties      
Hollywood Casino Baton Rouge Baton Rouge, LA 11/1/2013 GLPI
Hollywood Casino Perryville Perryville, MD 11/1/2013 GLPI


Lease and Mortgage Information

  Master Leases   Single Asset Leases
  PENN Master
Lease		 Amended
Pinnacle
Master Lease		 ERI Master
Lease		 BYD Master
Lease		   PENN-
Meadows
Lease		 Casino Queen
Lease
Property Count 20  12  5  3    1 1 
Number of States Represented 10  8  5  2    1 1 
Commencement Date 11/1/2013 4/28/2016 10/1/2018 10/15/2018 (1)   9/9/2016 1/23/2014
Initial Term 15  10  15  10 (1)   10 15 
Renewal Terms 20 (4x5 years) 25 (5x5 years) 20 (4x5 years) 25 (5x5 years)   19 (3x5years, 1x4 years) 20 (4x5 years)
Corporate Guarantee Yes Yes Yes No   Yes No
Master Lease with Cross Collateralization Yes Yes Yes Yes   No No
Technical Default Landlord Protection Yes Yes Yes Yes   Yes Yes
Default Adjusted Rent to Revenue Coverage 1.1  1.2  1.2  1.4    1.2 1.4 
Competitive Radius Landlord Protection Yes Yes Yes Yes   Yes Yes
Escalator Details              
Yearly Base Rent Escalator Maximum 2% 2% 2% 2%   5% (2) 2%
Coverage as of Tenants' latest Earnings Report 1.88  1.83  2.2  1.9    1.99 1.39 (5)
Minimum Escalator Coverage Governor 1.8  1.8  1.2 (3) 1.8    2.0 1.8 
Yearly Anniversary for Realization November 2019 May 2019 October 2019 May 2019   October 2019 February 2019
Percentage Rent Reset Details              
Reset Frequency 5 years 2 years 2 years 2 years   2 years 5 years
Next Reset November 2023 May 2020 October 2020 May 2020   October 2020 February 2024


  Mortgages
  BYD
 (Belterra) (4)		 ERI (Lumière
Place)
Property Count 1
 1
Commencement Date 10/15/2018 10/1/2018
Current Interest Rate 11.11% 9.09%
Credit Enhancement Guarantee from Master Lease
Entity		 Corporate
Guarantee

(1) Boyd assumed Pinnacle's legacy lease initial term, which will end on April 30, 2026.
(2) Meadows yearly escalator is 5% until a breakpoint where it resets to 2%.
(3) Eldorado escalator governor is 1.2x for the initial 5 years and then 1.8x in subsequent years.
(4) The Belterra Park Mortgage is supported by the BYD Master Lease subsidiaries and its terms are consistent with the BYD Master Lease.
(5) Not a public reporting entity, number certified by tenant as of December 31, 2018.


Disclosure Regarding Non-GAAP Financial Measures

Funds From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”) and Adjusted EBITDA, which are detailed in the reconciliation tables that accompany this release, are used by the Company as performance measures for benchmarking against the Company’s peers and as internal measures of business operating performance, which is used for a bonus metric. The Company believes FFO, AFFO, and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of the Company’s current business.  This is especially true since these measures exclude real estate depreciation and we believe that real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. In addition, in order for the Company to qualify as a REIT, it must distribute 90% of its REIT taxable income annually.  The Company adjusts AFFO accordingly to provide our investors an estimate of taxable income for this distribution requirement. Direct financing lease adjustments represent the portion of cash rent we receive from tenants that is applied against our lease receivable and thus not recorded as revenue and the amortization of land rights represents the non-cash amortization of the value assigned to the Company's assumed ground leases.

FFO, AFFO and Adjusted EBITDA are non-GAAP financial measures, that are considered supplemental measures for the real estate industry and a supplement to GAAP measures. NAREIT defines FFO as net income (computed in accordance with generally accepted accounting principles), excluding (gains) or losses from sales of property and real estate depreciation.  We have defined AFFO as FFO excluding stock based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, the amortization of land rights, straight-line rent adjustments, direct financing lease adjustments, losses on debt extinguishment, retirement costs and goodwill and loan impairment charges, reduced by capital maintenance expenditures. Finally, we have defined Adjusted EBITDA as net income excluding interest, taxes on income, depreciation, (gains) or losses from sales of property, stock based compensation expense, straight-line rent adjustments, direct financing lease adjustments, the amortization of land rights, losses on debt extinguishment, retirement costs, and goodwill and loan impairment charges.

FFO, AFFO and Adjusted EBITDA are not recognized terms under GAAP. These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity.  In addition, these measures should not be viewed as an indication of our ability to fund all of our cash needs, including to make cash distributions to our shareholders, to fund capital improvements, or to make interest payments on our indebtedness.  Investors are also cautioned that FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs due to the fact that not all real estate companies use the same definitions.  Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP.

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 is the first gaming-focused REIT in North America.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our financial outlook for the second quarter of 2019 and the full 2019 fiscal year; our expectations regarding future acquisitions and expected 2019 dividend payments. Forward looking statements can be identified by the use of forward looking terminology such as “expects,” “believes,” “estimates,” “intends,” “may,” “will,” “should” or “anticipates” or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties.  Such forward looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease those properties on favorable terms; the ability to receive, or delays in obtaining, the regulatory approvals required to own and/or operate its properties, or other delays or impediments to completing acquisitions or projects; GLPI's ability to maintain its status as a REIT; our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI; the impact of our substantial indebtedness on our future operations; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2018, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI’s behalf are expressly qualified in their entirety by the cautionary statements included in this press release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward looking events discussed in this press release may not occur.

Tenant Information

Information with respect to our tenants' rent coverage is derived from the public statements and filings of PENN, BYD and ERI and from certifications provided by Casino Queen, Inc. GLPI has not independently verified the accuracy of this information and therefore makes no representation as to the accuracy of such information.

Contact

Investor Relations – Gaming and Leisure Properties, Inc.
Steven T. Snyder    Joseph Jaffoni, Richard Land, James Leahy at JCIR
T: 610/378-8215 T: 212/835-8500
Email: investorinquiries@glpropinc.com Email: glpi@jcir.com

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Source: Gaming and Leisure Properties, Inc.

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Please use this form to contact us. If you would prefer to use mail to contact us our address is below.

Gaming & Leisure Properties, Inc.
845 Berkshire Blvd.
Wyomissing, PA 19610

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Terms of Use

Please read these terms carefully before you start to use the Gaming and Leisure Properties, Inc. (the “Company”) website (the “Website”). By accessing or using the Website, www.glpropinc.com, including any content, functionality, and services offered on or through the Website, you agree to be bound by the following terms and conditions governing use of the Website (the “Terms of Use”). If you do not agree to these Terms of Use, you should not use or further access the Website.

This Website is offered and available to users who are 18 years of age or older and reside in the United States or any of its territories or possessions. By using this Website, you represent and warrant that you are of legal age to form a binding contract with the Company and meet all of the foregoing eligibility requirements. If you do not meet all of these requirements, you must not access or use the Website.

CHANGES TO WEBSITE

The Company reserves the right to modify these Terms of Use and to change, suspend or discontinue all or any portion of the Website or its content at any time, in its sole discretion, without notice. All changes are effective immediately when posted. Your continued use of or access to the Website following the posting of revised Terms of Use constitutes your acceptance of any modifications to these Terms of Use. You are responsible for remaining knowledgeable as to any modifications that the Company may make to these Terms of Use and you are expected to check this page so you are aware of any changes, as they are binding on you. Your sole remedy should you not consent to a modified term of these Terms of Use is to cease use of or access to the Website and its content. The most current Terms of Use will supersede all previous versions of these Terms of Use.

USE OF WEBSITE

The Website is for general information purposes only and is for your personal and non-commercial use. You may only use the Website in accordance with these Terms of Use and may not use the Website to engage in any unlawful activity or fraudulent purpose or to infringe on the rights of Company, its subsidiaries, affiliates or others. We will not be liable if, for any reason, all or any part of the Website is unavailable or inaccessible at any time or for any period. From time to time, we may restrict access to some parts of the Website or the entire Website.

You are responsible for both:

  • Making all arrangements necessary for you to have access to the Website.
  • Ensuring that all persons who access the Website through your internet connection are aware of these Terms of Use and comply with them.

You agree that all information you provide, including, but not limited to, through the use of any interactive features on the Website, is governed by our Privacy Policy available at www.glpropinc.com and you consent to all actions taken by the Company with respect to your information consistent with our Privacy Policy.

PROHIBITED USES

You may use the Website only for lawful purposes and in accordance with these Terms of Use. You agree not to use the Website:

  • In any way that violates any applicable federal, state, local, or international law or regulation (including, without limitation, any gaming regulations or laws regarding the export of data or software to and from the United States or other countries).
  • For the purpose of exploiting, harming, or attempting to exploit or harm minors in any way by exposing them to inappropriate content, asking for personally identifiable information, or otherwise.
  • To send, knowingly receive, upload, download, use, or re-use any material that does not comply with the Content Standards set out in these Terms of Use.
  • To transmit, or procure the sending of, any advertising or promotional material without our prior written consent, including any “junk mail,” “chain letter,” “spam,” or any other similar solicitation.
  • To impersonate or attempt to impersonate the Company, a Company employee, another user, or any other person or entity (including, without limitation, by using email addresses or screen names associated with any of the foregoing).
  • To engage in any other conduct that restricts or inhibits anyone’s use or enjoyment of the Website, or which, as determined by us, may harm the Company or users of the Website, or expose them to liability.

Additionally, you agree not to:

  • Directly or indirectly interfere or attempt to interfere with the proper working of the Website, and you may not take any action that imposes an unreasonable or disproportionately large load on our infrastructure or could disable, overburden, damage, or impair the Website or interfere with any other party’s use of the Website, including their ability to engage in real time activities through the Website.
  • In addition, you represent and warrant that, without the prior written consent from an authorized representative of the Company, you will not use any robot, spider, other automatic device, or manual process to access the Website for any purpose, including to monitor or copy our web pages or process any of the content contained herein; frame or utilize framing techniques to enclose any trademark, logo, or other proprietary information (including images, text, page layout, and forms); or use any metatags or any other “hidden text” utilizing Company’s name, trademarks, service marks, or trade names.
  • Use any manual process to monitor or copy any of the material on the Website, or for any other purpose not expressly authorized in these Terms of Use, without our prior written consent.
  • Use any device, software, or routine that interferes with the proper working of the Website.
  • Introduce any viruses, Trojan horses, worms, logic bombs, or other material that is malicious or technologically harmful.
  • Attempt to gain unauthorized access to, interfere with, damage, or disrupt any parts of the Website, the server on which the Website is stored, or any server, computer, or database connected to the Website.
  • Attack the Website via a denial-of-service attack or a distributed denial-of-service attack.
  • Otherwise attempt to interfere with the proper working of the Website.

PROPRIETARY INFORMATION

The Website, including text, design, graphics, interfaces and code, and the selection and arrangement thereof, is owned by the Company, our licensors, or other providers of such material and are protected by United States and international copyright, trademark, patent, trade secret, and other intellectual property or proprietary rights laws. The Company name and its trademarks, logos, service marks product and service names are displayed on this site are registered and unregistered trademarks of the Company, its licensors or content providers, or other third parties. You must not use such marks without our prior written permission. Nothing on this site shall be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trademark, logo or service mark displayed on the site without the owner's prior written permission. You may not modify, copy, distribute, transmit, display, publicly display, publicly perform, republish, download, store, perform or create derivative works of the Website or any part thereof, except as follows:

  • Your computer may temporarily store copies of such materials in RAM incidental to your accessing and viewing those materials.
  • You may store files that are automatically cached by your Web browser for display enhancement purposes.
  • You may print or download one copy of a reasonable number of pages of the Website for your own personal, non-commercial use and not for further reproduction, publication, or distribution.

If we provide social media features with certain content, you may take such actions as are enabled by such features. You must not:

  • Modify copies of any materials from the Website.
  • Use any illustrations, photographs, video or audio sequences, or any graphics separately from the accompanying text.
  • Delete or alter any copyright, trademark, or other proprietary rights notices from copies of materials from this site.
  • You must not access or use for any commercial purposes any part of the Website or any services or materials available through the Website.

If you wish to make any use of material on the Website other than that set out in this section, please address your request to: Kevin Hitt (khitt@glpropinc.com).

If you print, copy, modify, download, or otherwise use or provide any other person with access to any part of the Website in breach of the Terms of Use, your right to use the Website will stop immediately and you must, at our option, return or destroy any copies of the materials you have made. No right, title, or interest in or to the Website or any content on the Website is transferred to you, and all rights not expressly granted are reserved by the Company. Any use of the Website not expressly permitted by these Terms of Use is a breach of these Terms of Use and may violate copyright, trademark, and other laws. The Company reserves all rights not expressly granted in and to the Website and its content

USER CONTRIBUTIONS

The Website may contain features (collectively, “Interactive Services”) that allow users to post, submit, publish, display, or transmit (hereinafter, “post”) content or materials (collectively, “User Contributions”) on or through the Website.

All User Contributions must comply with the Content Standards set out in these Terms of Use.

You understand and acknowledge that you are solely responsible for any and all User Contributions that you provide to the Company, and the Company, is not responsible nor liable for any User Contributions. Any User Contribution you post to the site will be considered non-confidential and non-proprietary. When you post or transmit information through the Website, you grant the Company an irrevocable, non-exclusive, royalty-free, sublicensable, world-wide license to use reproduce, modify, perform, display, distribute, and otherwise disclose to third parties such User Contributions for any purpose.

You represent and warrant that:

  • You own or control all rights in and to the User Contributions and have the right to grant the license granted above to us and our affiliates and service providers, and each of their and our respective licensees, successors, and assigns.
  • All of your User Contributions do and will comply with these Terms of Use.
  • You understand and acknowledge that you are responsible for any User Contributions you submit or contribute, and you, not the Company, have full responsibility for such content, including its legality, reliability, accuracy, and appropriateness.
  • You understand and acknowledge that the Company is not responsible or liable to any third party for the content or accuracy of any User Contributions posted by you or any other user of the Website.
 

We have the right to:

  • Remove or refuse to post any User Contributions for any or no reason in our sole discretion.
  • Take any action with respect to any User Contribution that we deem necessary or appropriate in our sole discretion, including if we believe that such User Contribution violates the Terms of Use, including the Content Standards, infringes any intellectual property right or other right of any person or entity, threatens the personal safety of users of the Website or the public, or could create liability for the Company.
  • Disclose your identity or other information about you to any third party who claims that material posted by you violates their rights, including their intellectual property rights or their right to privacy.
  • Take appropriate legal action, including without limitation, referral to law enforcement, for any illegal or unauthorized use of the Website.
  • Terminate or suspend your access to all or part of the Website for any or no reason, including without limitation, any violation of these Terms of Use.

Without limiting the foregoing, we have the right to cooperate fully with any law enforcement authorities or court order requesting or directing us to disclose the identity or other information of anyone posting any materials on or through the Website. YOU WAIVE AND HOLD HARMLESS THE COMPANY AND ITS AFFILIATES, LICENSEES, AND SERVICE PROVIDERS FROM ANY CLAIMS RESULTING FROM ANY ACTION TAKEN BY ANY OF THE FOREGOING PARTIES DURING, OR TAKEN AS A CONSEQUENCE OF, INVESTIGATIONS BY EITHER SUCH PARTIES OR LAW ENFORCEMENT AUTHORITIES.

However, we do not undertake to review material before it is posted on the Website and cannot ensure prompt removal of objectionable material after it has been posted. Accordingly, we assume no liability for any action or inaction regarding transmissions, communications, or content provided by any user or third party. We have no liability or responsibility to anyone for performance or nonperformance of the activities described in this section.

CONTENT STANDARDS

These content standards apply to any and all User Contributions and use of Interactive Services. User Contributions must in their entirety comply with all applicable federal, state, local, and international laws and regulations. Without limiting the foregoing, User Contributions must not:

  • Contain any material that is offensive, abusive, harassing, unlawful, defamatory, obscene, indecent, violent, hateful, inflammatory, or otherwise objectionable material on the Website.
  • Promote sexually explicit or pornographic material, violence, or discrimination based on race, sex, religion, nationality, disability, sexual orientation, or age.
  • Infringe any patent, trademark, trade secret, copyright, or other intellectual property or other rights of any other person.
  • Violate the legal rights (including the rights of publicity and privacy) of others or contain any material that could give rise to any civil or criminal liability under applicable laws or regulations or that otherwise may be in conflict with these Terms of Use and our Privacy Policy.
  • Be likely to deceive any person.
  • Promote any illegal activity, or advocate, promote, or assist any unlawful act.
  • Cause annoyance, inconvenience, or needless anxiety or be likely to upset, embarrass, alarm, or annoy any other person.
  • Impersonate any person or misrepresent your identity or affiliation with any person or organization.
  • Involve commercial activities or sales, such as contests, sweepstakes, and other sales promotions, barter, or advertising.
  • Give the impression that they emanate from or are endorsed by us or any other person or entity, if this is not the case.

Company reserves the right, but does not assume the obligation, to remove, edit or relocate any user supplied content User Contributions at its sole discretion.

USE BY UNITED STATES RESIDENTS

This Website has been published in the United States and is provided for use only by persons located in the United States. We make no claims that the Website or any of its content is accessible or appropriate outside of the United States. Access to the Website may not be legal by certain persons or in certain countries. If you access the Website from outside of the United States, you do so at your own risk and are responsible for complying with all applicable local laws.

AGE POLICY

Company strongly supports parental control of the internet and, if you are a parent and do not want your children viewing this Website, consult the filtering software companies, such as: Net Nanny and Cybersitter. Net Nanny and Cybersitter are third party service providers that are not affiliated with the Company or any of its subsidiaries or affiliates, and the Company does not assume any obligation with respect to the services provided by such providers.

RESPONSIBILITY FOR ACCOUNTS

This Website may have links to the websites of the properties owned and operated by us and our subsidiaries or tenants in the United States. If you have created an account on one of the property’s website, you are responsible for maintaining the confidentiality of your sign-in information and password. You are responsible for all uses of your account, whether or not authorized by you. You agree to immediately notify such property of any unauthorized uses of your account. Further, you agree to follow all applicable outlined cancellation procedures to cancel any such accounts.

NO WARRANTY AND DISCLAIMER

THE WEBSITE, CONTENT AND OTHER MATERIALS CONTAINED IN THE WEBSITE ARE PROVIDED “AS IS” AND, TO THE MAXIMUM EXTENT PERMITTED BY LAW, COMPANY, ITS SUBSIDIARIES AND AFFILIATES AND THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, SUBCONTRACTORS, SUPPLIERS AND REPRESENTATIVES HEREBY DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, COMPLETENESS, SECURITY, RELIABILITY, QUALITY, ACCURACY, AVAILABILITY, OR THAT THE WEBSITE’S CONTENT, FUNCTIONS, OPERATION OR AVAILABILITY WILL BE UNINTERRUPTED OR ERROR FREE, THAT DEFECTS WILL BE CORRECTED OR THAT THE WEBSITE OR THE SYSTEMS THAT MAKE IT AVAILABLE WILL BE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS, OR FOR ERRORS OR OMISSIONS IN THE CONTENT CONTAINED ON THE WEBSITE.

ANY TRANSACTIONS, COMMUNICATIONS OR OTHER DEALINGS YOU HAVE WITH THIRD PARTIES FOUND ON OR THROUGH THE WEBSITE ARE SOLELY BETWEEN YOU AND THE THIRD PARTY. THE COMPANY MAKES NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO SUCH THIRD PARTIES OFFERING SERVICES ON THE WEBSITE. THE COMPANY SHALL NOT BE RESPONSIBLE NOR LIABLE FOR OR IN CONNECTION WITH ANY SUCH THIRD-PARTY TRANSACTIONS, COMMUNICATIONS OR OTHER DEALINGS.

THE FOREGOING DOES NOT AFFECT ANY WARRANTIES THAT CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.

LIMITATION OF LIABILITY

THE COMPANY SHALL NOT BE LIABLE FOR ANY LOSS, EXPENSE OR DAMAGE, INCLUDING BUT NOT LIMITED TO CONSEQUENTIAL, INCIDENTAL, SPECIAL, DIRECT, INDIRECT OR PUNITIVE DAMAGES OF ANY KIND, INCLUDING LOST PROFIT OR REVENUE ARISING OUT OF OR RELATED TO THESE TERMS OF USE OR USE OF THE WEBSITE, HOWEVER SUCH DAMAGES ARISE, WHETHER IN CONTRACT OR TORT, EVEN IF THE COMPANY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, UNLESS SUCH EXCLUSION OF LIABILITY IS NOT ENFORCEABLE UNDER APPLICABLE LAW, IN WHICH CASE OUR LIABILITY WITH RESPECT TO THESE TERMS OF USE SHALL NOT EXCEED $100.00.

LINKS FROM THE WEBSITE

If the Website contains links to other sites and resources provided by third parties, these links are provided for your convenience only. This includes links contained in advertisements, including banner advertisements and sponsored links. We have no control over the contents of those sites or resources and accept no responsibility for them or for any loss or damage that may arise from your use of them. If you decide to access any of the third-party websites linked to this Website, you do so entirely at your own risk and subject to the terms and conditions of use for such websites.

Linking to the Website and Social Media Features

You may link to our homepage provided you do so in a way that is fair and legal and does not damage our reputation or take advantage of it, but you must not establish a link in such a way as to suggest any form of association, approval, or endorsement on our part.

This Website may provide certain social media features that enable you to:

  • Link from your own or certain third-party websites to certain content on this Website.
  • Send emails or other communications with certain content, or links to certain content, on this Website.
  • Cause limited portions of content on this Website to be displayed or appear to be displayed on your own or certain third-party websites.

You may use these features solely as they are provided by us and solely with respect to the content they are displayed with and otherwise in accordance with any additional terms and conditions we provide with respect to such features. Subject to the foregoing, you must not:

  • Establish a link from any website that is not owned by you.
  • Cause the Website or portions of it to be displayed on, or appear to be displayed by, any other site, for example, framing, deep linking, or in-line linking.
  • Link to any part of the Website other than the homepage.
  • Otherwise take any action with respect to the materials on this Website that is inconsistent with any other provision of these Terms of Use.

The website from which you are linking, or on which you make certain content accessible, must comply in all respects with the Content Standards set out in these Terms of Use.

You agree to cooperate with us in causing any unauthorized framing or linking immediately to stop. We reserve the right to withdraw linking permission without notice.

We may disable all or any social media features and any links at any time without notice in our discretion.

POLICY FOR MAKING CLAIMS OF COPYRIGHT INFRINGEMENT

If you believe that any content has been posted on the Website in a manner that constitutes copyright infringement, please notify the Company by providing our designated Copyright Agent with the written information specified below:

  • A physical or electronic signature of a person authorized to act on behalf of the owner of an exclusive right that is allegedly infringed;
  • Identification of the copyrighted work claimed to have been infringed, or, if multiple copyrighted works are covered at the Website by a single notification, a representative list of such works at the Website;
  • Identification of the material that is claimed to be infringing or to be the subject of infringing activity and that is to be removed or access to which is to be disabled, and information reasonably sufficient to permit the Company to locate the material;
  • Information reasonably sufficient to permit the Company to contact you, such as an address, telephone number, and, if available, an electronic mail address at which you may be contacted;
  • A statement that you have a good faith belief that use of the material in the manner complained of is not authorized by the copyright owner, its agent, or the law; and
  • A statement that the information in the notification is accurate, and under penalty of perjury, that you are authorized to act on behalf of the owner of an exclusive right that is allegedly infringed.

The Company’s designated Copyright Agent for notice of claims of copyright infringement is:

Legal Department, Gaming and Leisure Properties, Inc.
845 Berkshire Blvd., Suite 200
Wyomissing, PA 19610
Phone: 610-401-2900

PRIVACY

The Company’s Privacy Policy, found on this Website, applies to use of the Website, and its terms are incorporated by reference into these Terms of Use. All information we collect on this Website is subject to our Privacy Policy. By using the Website, you consent to all actions taken by us with respect to your information in compliance with the Privacy Policy.

TERMINATION OF ACCESS

You acknowledge that the Company may terminate your access to this Website at any time, for any reason, with or without cause.

WAIVER

Any waiver of any provision of the Terms of Use will be effective only if in writing and signed by the Company. Any waiver of any provision of these Terms of Use shall not be held to be a waiver of any other provision or any subsequent application of the same provision unless explicitly agreed to by the Company in such signed written waiver.

GOVERNING LAW

These Terms of Use shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without giving effect to any principles of conflicts of laws, and the federal laws of the United States, regardless of where the user is based.

ARBITRATION

At our sole discretion, we may require you to submit any disputes arising from these Terms of Use or use of the Website, including disputes arising from or concerning their interpretation, violation, invalidity, non-performance, or termination, to final and binding arbitration under the Rules of Arbitration of the American Arbitration Association applying Pennsylvania law.

LIMITATION ON TIME TO FILE CLAIMS

UNLESS PROHIBITED BY APPLICABLE LAW, ANY CAUSE OF ACTION OR CLAIM YOU MAY HAVE ARISING OUT OF OR RELATING TO THESE TERMS OF USE OR THE WEBSITE MUST BE COMMENCED WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES; OTHERWISE, SUCH CAUSE OF ACTION OR CLAIM IS PERMANENTLY BARRED.

CLASS ACTION WAIVER

You and the Company agree not to bring any dispute on a class basis. Accordingly, there will be no right or authority for any dispute to be brought or heard as a class action.

INVALIDITY OF TERMS

If any part of these Terms of Use is found to be invalid or unenforceable pursuant to applicable law, then the invalid or unenforceable provision will be deemed superseded by a valid, enforceable provision that most clearly matches the intent of the original provision and the remainder of these Terms of Use shall continue in effect.

RESPONSIBLE GAMING

The Company is committed to a policy of Responsible Gaming. While the Company recognizes that the overwhelming majority of customers participate in our various forms of recreation and amenities in a responsible and rational manner, there are a very small proportion who do not. For those seeking more information on responsible gambling/betting, or assistance with these issues, please visit our Responsible Gaming page.

ENTIRE AGREEMENT

The Terms of Use, our Privacy Policy, and the Accessibility Statement constitute the sole and entire agreement between you and the Company regarding the Website and supersede all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, regarding the Website.

QUESTIONS, COMMENTS, COMPLAINTS OR SERVICE ISSUES

If you have any questions, comments, complaints or service issues pertaining to the Website, please contact the Company at:

Gaming and Leisure Properties, Inc.
845 Berkshire Blvd. Suite 200
Wyomissing, PA 19610
610-401-2900

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Privacy Policy

February 2021

Gaming and Leisure Properties, Inc. (“GLP”) has created this Privacy Policy (“Policy”) to help demonstrate our commitment to privacy.

This Policy describes the types of information we may collect from you or that you may provide when you visit the GLP website at www.glpropinc.com (our “Website”) and our practices for collecting, using, maintaining, protecting, and disclosing that information.

This Policy applies to information about you and about your use of our Website and information collected from our website and in email, text and other electronic messages between you and our Website.

It does not apply to information collected by:

GLP offline or through any other means, including on any other website operated by GLP or any third party (including our affiliates and subsidiaries); or

Any third party (including our affiliates and subsidiaries), including through any application or content (including advertising) that may link to or be accessible from or on our Website.

We value your trust and respect your privacy. As a general practice we do not provide any online information or any information gathered through forms, applications or other means to outside third parties, unless otherwise designated. We do not sell or rent any information gathered online to any outside organization.

We urge you to read this Policy carefully to understand our policies and practices regarding your information and how we will treat it. If you do not agree with our policies and practices, your choice is not to access or use our Website. By accessing or using our Website, you agree to this Policy. This Policy may change from time to time (see Changes to the Policy). Your continued use of our Website after we make changes is deemed to be acceptance of those changes, so please check the Policy periodically for updates.

AGE POLICY

We do not knowingly or intentionally collect any personally identifiable information from, or market to or target, individuals under the age of 18, and with regard to GLP’s casinos, persons under the age 21. Our Website is not intended for children under 16 years of age. No one under age 16 may provide any information to or on the Website. If you are under 16, do not use or provide any information on this Website or through any of its features or use any of the interactive or public comment features of this Website. If we learn we have collected or received personal information from a child under 16 without verification of parental consent, we will delete that information. If you believe we might have any information from or about a child under 16, please contact us (see Contact GLP). California residents under 16 years of age may have additional rights regarding the collection and sale of their personal information. Please see Your California Privacy Rights for more information.

INFORMATION WE COLLECT ABOUT YOU AND HOW WE COLLECT IT

We collect several types of information from and about users of our Website, including information:

  • By which you may be personally identified, such as name, postal address, email address, telephone number, any other identifier by which you may be contacted online or offline (“personal information”);
  • That is about you but individually does not identify you; or
  • About your internet connection, the equipment you use to access our Website, and usage details.

We collect this information:

  • Directly from you when you provide it to us.
    • Such personal information may be gathered.
      • In information that you provide by filling in forms on our Website. This includes information provided at the time of requesting further services. We may also ask you for information when you report a problem with our Website.
      • In records and copies of your correspondence (including email addresses), if you contact us.
  • Automatically as you navigate through the site. Information collected automatically may include usage details, IP addresses, and information collected through cookies, web beacons, and other tracking technologies.
    • Data such as domain names or e-mail and IP addresses may be automatically collected through the standard operation of our internet servers or at our discretion through the use of “cookies.” “Cookies” are small text files we can use to recognize repeat visitors, facilitate a visitor’s ongoing access to and use of our Website, track usage behavior and compile aggregate data that can allow content and speed of access improvements and targeted offers. We do not link non-personal information from cookies to personally identifiable information without your permission and do not use cookies to collect or store personal information about you.
    • If a visitor does not want information collected through the use of cookies, there is a simple procedure in most browsers that allows the visitor to deny or accept the cookie feature.
    • We may also use other standard Internet technologies, such as Flash technologies, Web beacons or pixel tags, and other similar technologies, to deliver or communicate with cookies and track your use of our Website. For example, we may include Web beacons in email messages or newsletters to determine whether messages have been opened and acted upon. The information obtained with such technology enables us to customize the services offered and measure the overall effectiveness of our online content, advertising campaigns, and the products and services we offer through our Website.
  • From third parties, for example, our business partners.

HOW WE USE YOUR INFORMATION

We use information that we collect about you or that you provide to us, including any personal information:

  • To present our Website and its contents to you.
  • To provide you with information, products, or services that you request from us.
  • To fulfill any other purpose for which you provide it.
  • To notify you about changes to our Website or any products or services we offer or provide though it.
  • To inform you about special discounts, promotions, products offered and other matters relevant to the service or the information collected.
  • In any other way we may describe when you provide the information.
  • For any other purpose with your consent.

DISCLOSURE OF INFORMATION

We may disclose personal information that we collect, or you provide as described in this Policy:

  • To our subsidiaries and affiliates.
  • To contractors, service providers, and other third parties we use to support our business.
  • To a buyer or other successor in the event of a merger, divestiture, restructuring, reorganization, dissolution, or other sale or transfer of some or all of GLP’s assets, whether as a going concern or as part of bankruptcy, liquidation, or similar proceeding, in which personal information held by GLP about our Website users is among the assets transferred.
  • To fulfill the purpose for which you provide it.
  • For any other purpose disclosed by us when you provide the information.
  • With your consent.

We may also disclose your personal information:

  • If requested or required by law, court order, other legal processes, or government or law enforcement authority.
  • To enforce or apply our Terms of Use.
  • If we believe in that disclosure is necessary or advisable for any reason, including, without limitation, to protect the rights of any third party.

Additionally, we may share your information, whether individually or in the aggregate, with our subsidiaries or affiliates for marketing or promotional purposes or to improve the products or services offered by us and our subsidiaries and affiliates.

We may disclose aggregated information about our users and information that does not identify any individual without restriction.

COLLECTION OF AGGREGATED INFORMATION

We reserve the right to perform statistical analyses of visitors’ behavior and characteristics in order to measure interest in and use of the various areas of our Website. We may provide aggregated data from these sources to third parties for purposes of research and evaluation.

SECURITY

We have in place certain commercially reasonable technological and procedural security measures in an attempt to protect and safeguard the security of the personal information provided by our visitors.

Unfortunately, the transmission of information via the internet is not completely secure. Although we endeavor to protect your personal information, we cannot guarantee the security of your personal information transmitted to our Website. Any transmission of personal information is at your own risk. We are not responsible for circumvention of any privacy settings or security measures contained on the Website.

LINKS

We may have links to outside websites. By accessing another website from our Website, you hereby release us from any and all liability for your use of such link and website. We are not responsible for the content that appears on these other websites. We have no control over the content of outside websites. Once you access another website, be aware that we are not responsible for the privacy practices of such other websites. You should always use extreme caution when disclosing private or personal information to such websites. We encourage you to look for and review the privacy policy of each and every website that you visit through a link.

CHANGES TO THE POLICY

We reserve the right to amend this Policy at any time, so please review it periodically. We may make non-significant changes to the Policy of which we may not notify users. The date the Policy was last revised is identified at the top of the page.

YOUR CALIFORNIA PRIVACY RIGHTS

If you are a California resident, the California Consumer Protection Act (the “CCPA”) provides you with additional rights regarding our use of your personal information. Among other rights under the CCPA, you may have the right to request that we: (i) disclose to you any personal information that we have about you; (ii) delete personal information that we have about you (subject to certain exceptions); or (iii) not “sell” your information to a third party (excluding qualified service providers), as that term is interpreted under the CCPA. If you are a California resident, you can submit such requests to us via the contact information provided below and we will complete the request within the timeframe permitted by law. It is unlawful for us to discriminate against you because you exercised any of your rights under the CCPA. We do not offer financial incentives in return for the collection or use of your personal information. California's "Shine the Light" law (Civil Code Section § 1798.83) permits users of our App that are California residents to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes. You can submit such requests to us via the contact information below.

ACCESSING, REMOVING, AND CORRECTING YOUR INFORMATION

You may remove, correct, and access your personal information from our systems by sending us a request via the contact information below. We will accommodate such requests in our reasonable discretion.

CONTACTING GLP

If you have a privacy concern or question regarding this Policy, please contact us through one of the following methods:

Email: Send an email to corporate@glpropinc.com

Mail:

Gaming and Leisure Properties, Inc.
845 Berkshire Blvd. Suite 200
Wyomissing, PA 19610
Attn: Legal

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Responsible Gaming

PROMOTING RESPONSIBLE GAMING IS A CORE VALUE OF GAMING AND LEISURE PROPERTIES, INC.

Gaming and Leisure Properties Inc. (“GLPI”) wants all of our casinos’ customers to have fun and to enjoy the casinos safely. We are committed to a policy of responsible gaming. While we recognize that the overwhelming majority of customers at our casinos enjoy our various forms of gambling and non-gambling amenities responsibly, we also understand that there is a small proportion of the population who do not.

To protect them, and others affected by their behavior, our casinos have established a set of policies and guidelines modeled after the American Gaming Association’s Code of Conduct for Responsible Gaming. The “Code” establishes minimum standards that address problem gambling, underage gambling, improper use of alcohol, responsible marketing and advertising and the prevention of unattended minors.

Our casinos use a variety of approaches to promote Responsible Gaming including employee training programs, customer awareness campaigns, self-exclusion and financial restriction programs, written procedures for recognizing and managing these issues, use of outside experts, and ongoing monitoring and review to gauge the effectiveness of these programs.

RECOGNIZING THE PROBLEM

It is widely believed that 1-2% of all gamblers are compulsive and that most experience varying degrees of depression and problems in their lives. Participating in games of chance becomes a self-medicating distraction, providing only temporary relief from underlying problems associated with compulsive behavior.

HOW DO YOU KNOW IF YOU HAVE A GAMBLING PROBLEM?

Review the following questions:

  • You have often gambled longer than you had planned.
  • You have often gambled until your last dollar was gone.
  • Thoughts of gambling have caused you to lose sleep.
  • You have used your income or savings to gamble while letting bills go unpaid.
  • You have made repeated, unsuccessful attempts to stop gambling.
  • You have broken the law or considered breaking the law to finance your gambling.
  • You have borrowed money to finance your gambling.
  • You have felt depressed or suicidal because of your gambling losses.
  • You have been remorseful after gambling.
  • You have gambled to get money to meet your financial obligations.

We value your trust and respect your confidentiality. As a general practice we do not provide any online information, or any information gathered through forms, applications or other means to outside third parties, unless otherwise designated. We do not sell or rent any information gathered online, or in individual property players’ clubs, to any outside organization.

This Privacy Policy will tell you what information we collect about you and about your use of the websites and services. We urge you to read this Privacy Policy carefully.

RESOURCES AVAILABLE

Besides the National Problem Gambling Helpline, individual states also run free confidential problem gambling help lines and provide on-line information on problem gambling. For those seeking more information, or assistance with these issues the following individual state resources are available:

Illinois
(800) GAMBLER

Louisiana
(877) 770-STOP
www.helpforgambling.org

Nevada
(800) 522-4700
www.nevadacouncil.org

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Accessibility Statement

Gaming and Leisure Properties, Inc. (“GLP”) is committed to ensuring equal access for people with disabilities. GLP will endeavor to maximize the access of people with disabilities to this website.

GLP aims to have our authoring tools and processes meet WAVE (Web Accessibility Evaluation Tool) and Web Accessibility (Level Access) standards.

Below are a few of the accessibility features on glpropinc.com

  • HTML5 semanic coding for accurate page readibility
  • Screen-reader compatibility adjustments for ease of browsing
  • Color contrast that assists reading for people who are color blind or have vision impairments
  • ALT tags for image identification

For the best experience, please keep your technology up to date

  • Use the latest version of your web browser.
  • Use the latest version of your assistive technology.

If you have any questions, please contact GLP’s Information Technology accessibility coordinator, who can be reached at 610.378.8218 or khitt@glpropinc.com.

If you do encounter an accessibility issue, please let us know so we can make all reasonable efforts to make that page accessible..

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