Business
Gaming and Leisure Properties, Inc. Reports First Quarter 2020 Results
Provides Update on Initiatives Undertaken to Address the Impact of the COVID-19 OutbreakDeclares 2020 Second Quarter Dividend of $0.60 per Common Share
About this update from Gaming And Leisure Properties, Inc.
[{"type":"text","content":"Provides Update on Initiatives Undertaken to Address the Impact of the COVID-19 OutbreakDeclares 2020 Second Quarter Dividend of $0.60 per Common Share\n WYOMISSING, Pa., April 30, 2020 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) today announced financial results for the quarter ended March 31, 2020. As a result of COVID-19 all of GLPI's tenant's properties as well as the Company's Hollywood Casino Baton Rouge and Hollywood Casino Perryville (the taxable REIT subsidiaries, or \"TRS Properties\") were closed in mid-March and their re-openings are subject to factors outside of the Company's control. We have collected cash rent in full for the month of April from all of our tenants other than Casino Queen with whom we are currently negotiating a deferred rent agreement. Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, \"In the face of the COVID-19 outbreak, GLPI management quickly took several prudent measures to bolster our already strong balance sheet, enhance liquidity, and provide incremental financial flexibility. Although COVID-19 has had an unprecedented impact on our tenants’ operations and the national economy at large, the future performance of our national platform of regional gaming real estate remains a critical component of state budgets across the country given their significant generation of gaming and other tax revenues and source of employment. We are well prepared for when the properties in our portfolio re-open and start the process of returning to normalized operations and believe our geographically diversified regional portfolio will play an important role in the recovery process.” Current Updates and Measures Taken to Mitigate Impact of COVID-19 Outbreak On April 16, 2020, the Company and certain of its subsidiaries acquired the real property associated with the Tropicana Las Vegas (\"Tropicana\") from Penn National Gaming, Inc. in exchange for rent credits of $307.5 million, which is expected to be applied to rent due under the parties’ existing leases for the months of May, June, July, August, October and a portion of November 2020 assuming the completion of the Morgantown transaction described below. PENN will otherwise be obligated to continue making cash rent payments to GLPI, including cash rent in April (which was received in f...