Gaming and Leisure Properties Inc., a Pennsylvania-based real estate investment trust that owns the property of all three of Baton Rouge’s casinos, reported record third-quarter financial results in Q3 2024.
GLPI reported $385.3 million in total revenue in Q3 2024, up from the $359.6 million it reported in Q3 2023—a 6.9% year-over-year rise.
In a statement, GLPI Chair and CEO Peter Carlino says the trust’s third-quarter results reflect the “consistent performance” of its tenant portfolio.
Locally, GLPI is funding and overseeing the Belle of Baton Rouge’s $111 million hotel renovation and landside development project. Funding of $15 million had been allocated to the project as of Sept. 30. The project is expected to be completed by September 2025.
GLPI’s agreement to fund and oversee the Belle’s landside development project follows up on the trust’s successful landside development of The Queen Baton Rouge.
GLPI’s recent moves in Louisiana don’t end there. In September, the trust acquired the property assets of Bally’s Shreveport Casino & Hotel, among other Bally’s Corp. assets.
“Our investment activity in 2024 of nearly $2 billion at an attractive blended yield of 8.4% is a firm affirmation of GLPI’s disciplined capital investment approach,” Carlino’s statement reads.
