Gaming and Leisure Properties, Inc. (GLPI) operates as a self-administered and self-managed real estate investment trust (REIT) focused on the gaming and hospitality sector. The company's primary business model involves acquiring, financing, and owning real estate assets that are leased back to gaming operators through long-term, triple-net lease arrangements. Under these agreements, tenants are responsible for all property-related expenses, including facility maintenance, insurance, and taxes, which provides GLPI with highly predictable, bond-like rental cash flows. The company's portfolio consists of over 70 premier gaming and related facilities geographically diversified across more than 20 U.S. states. GLPI's major tenants include prominent casino operators such as PENN Entertainment, Caesars Entertainment, Boyd Gaming, and Bally's Corporation. While the vast majority of its revenue is derived from fixed contractual base rent, the company also extends loans and financing to operators that may convert into leased rent upon project completion. By focusing exclusively on institutional-grade casino real estate—a sector characterized by high regulatory barriers to entry and captive customer bases—GLPI maintains near-100% portfolio occupancy and steady rent coverage.
