Gaming and Leisure Properties Succeeds Despite COVID-19 Shutdowns
Despite the COVID-19 shutdowns, casino landlords like Gaming and Leisure Properties (GLPI) have been holding up surprisingly well. But the company still faces challenges in its efforts to grow.
Fortunately, the REIT has several strengths that could help it overcome those hurdles. Let’s look at some of them.
Hotels
There is no doubt that the pandemic has been devastating to the hotel industry. Globally, occupancy rates are down and cancellations are surging. However, hotel businesses ranging from bed-and-breakfasts to global chains are adjusting, refocusing and working to survive the challenge.
Whether they are in resorts where families gather, casinos where people gamble or hotels that serve as an airport convenience, these businesses are adapting to the changes and taking steps to ensure their future.
Gaming and Leisure Properties is a REIT specializing in casino properties that was spun off from Penn National Gaming in late 2013. The company’s portfolio consists of 57 property interests leased to tenants such as Penn, Bally’s, and Caesars. It is headquartered in Wyomissing, Pennsylvania.
Retail
Retail spaces are usually open, and have large glass windows, perhaps with products or mannequins displayed in them to draw people in. These spaces can also be used for restaurants or entertainment venues.
Gaming and Leisure Properties (GLPI) is a casino REIT that was spun off from Penn National Gaming in late 2013. It still counts Penn as its biggest tenant, but it has been steadily diversifying its portfolio since the spinoff. The latest addition is a trio of assets from Cordish Cos., which will help to further diversify the REIT’s business and will be immediately accretive to its FFO. With a generous yield and strong growth prospects, it’s not surprising that investors are excited about this REIT. But what’s really interesting is the company’s ability to find new growth opportunities and its plans to continue expanding outside of the gaming industry. That’s why this REIT could be a great pick in 2022.