Gaming & Leisure Properties (GLPI)
Official siteREAL ESTATE • REIT - SPECIALTY • NASDAQ
Market Cap: $12.75B
Last updated: Sep 01, 2026 at 10:00 AM ET
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Two 7% Casino Landlords. I Like Both - But One Wins
Gaming REITs behave like inflation-linked bonds - 30-50 year triple-net master leases with CPI floors, ~7% yields, contractually growing cash flows and downside protection VICI preferred, owns ~100 properties incl 61 casinos, ~660 acres and 2.6 of 4 miles frontage on the Las Vegas Strip, largest private convention-space owner and ~66,000 hotel rooms VICI financial strengths, average rent ~ $33M per property, Venetian pays > $300M annually, high triple-net margins, EBITDA up ~400% since 2017, investment grade at all three agencies Master leases force portfolio transfer or a new operator if a tenant fails, tenants pay taxes/insurance/upkeep, both landlords collected ~100% of rent during the 2020 shutdown Both yield ~7% and suit income allocations; VICI wins on scale, irreplaceable Strip assets and credit profile - TOLL+M favors VICI by 8 points, a clear but modest advantage
VICI Properties: The 6.3% Yield Casino Landlord Trading Like the House Always Loses
Valuation Disconnect VICI trades at 11.94x P/AFFO vs 15.93x historical normal. FastGraphs projects 21.72% annualized total returns through Dec 2027 if multiple simply normalizes. Rate math created the entry, fundamentals Income Security 6.36% yield with only 63% payout ratio. Interest coverage at 4.4x. Five-year dividend CAGR of 6.14%. Most peers pay out 75-80% of FFO. VICI has headroom to grow the dividend, not cut it. Fortress Business Model 92.6% operating margins from triple-net leases. Tenants pay maintenance, insurance, taxes. VICI collects rent. 13.5-year average lease terms with 2% annual escalators baked in. Zero e-commerce dis Irreplaceable Assets Portfolio includes Caesars Palace, MGM Grand, and Venetian Resort. 127 million square feet, 60,300 hotel rooms across 93 properties. You cannot Amazon a trip to Vegas. Replacement cost measured in bi Technical Base Forming Sequential exhaustion signals printed near December lows. Selling pressure exhausted, not accelerating. Support at $27.60, confirmation above $29.60. Falling knife has become base candidate. Risk-Reward Asymmetry 26% margin of safety to $35.34 fair value. Downside limited by 6.3% yield floor. $10,000 invested today projects to $14,827 by Dec 2027 including $1,472 in dividends collected.
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Frequently Asked Questions About GLPI
- What is GLPI's current dividend yield?
- Gaming & Leisure Properties (GLPI) has a current dividend yield of 7.51%.
- Does GLPI pay dividends?
- Yes, Gaming & Leisure Properties pays dividends with a current yield of 7.51%.
- What is GLPI's P/E ratio?
- Gaming & Leisure Properties has a price-to-earnings (P/E) ratio of 11.62.
- What is GLPI's market cap?
- Gaming & Leisure Properties (GLPI) has a market capitalization of $12.75B with a current stock price of $42.07.
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