A profit of $190.1 million was realized by real estate investment trust Gaming & Leisure Properties Inc. in the third quarter, as reported late on October 24. The REIT registered cash flow of $346.4 million on revenue of $385.3 million.

During the quarter, GLPI bought Bally’s Kansas City and Bally’s Shreveport, in addition to taking over in-progress Bally’s Chicago, which CEO Peter Carlino termed an “exciting greenfield development.” The REIT also holds a two-year option to purchase Bally’s Lincoln (formerly Twin River) in Rhode Island for $735 million.

In addition to providing completion money, GLPI purchased $250 million of land underneath the Chicago megaresort-to-be. Carlino said, “The completion of the Chicago land purchase is a significant milestone toward the development of Bally’s Chicago, which is expected to be a must-visit destination casino resort in the heart of Chicago. This month, Bally’s oversaw the first stage of the important redevelopment of our blue chip 35-acre site on the Las Vegas Strip with the demolition of the Tropicana,” Carlino said. “This is a historic first step in bringing Major League Baseball’s Athletics to Las Vegas through the development of a new 30,000-seat stadium surrounded by an integrated casino resort facility.”

In another third-quarter transaction, GLPI underwrote the Ione Band of Miwok, to the tune of $110 million, for the development of a tribal casino near Sacramento. The loan may be converted into a 25- or 45-year lease.

GLPI is also underwriting the land-based replacement for Louisiana’s Belle of Baton Rouge riverboat at a cost of $111 million. The latter grossed a state-low $100,000 in September. Its successor is expected by GLPI to be on line by September of next year.

Other recent acquisitions were Silverado Franklin Hotel & Gaming Complex, the Deadwood Mountain Grand casino, and Baldini’s Casino, purchased for $105 million. Earlier in 2024, GLPI spent $175 million to buy and lease back Tioga Downs racino in New York.