Gaming & Leisure Properties is holding its ground and posting growth, even as questions swirl around its partnership with Bally’s and the sluggish pace of the Chicago casino project.
On the company’s Q2 2025 earnings call, CEO Peter Carlino didn’t mince words. Investors often ask what could go wrong — but rarely what’s going right. That, he suggested, might be missing the bigger picture.
“We’re Happy Where We Are,” Says CEO Carlino
The conversation took a sharp turn during the investor call when a question zeroed in on risks tied to the Chicago development. Specifically, why so much concern about potential pitfalls?
Carlino leaned in.
He acknowledged there were “questions” — a diplomatic way of pointing to the delayed timeline and financial jitters surrounding Bally’s.
“But we’re sensitive to that,” he said. “And… we’re happy with kind of where we find ourselves.”
That off-the-cuff confidence is classic Carlino. The Chicago casino project, which has slipped from a 2026 to a 2027 opening, is understandably drawing heat. But from Carlino’s point of view, it’s not the whole story.
Bally’s in Chicago? Still a Bit of a Puzzle
It’s not all sunshine and slot machines in the Windy City.
The Bally’s Chicago project was billed as a blockbuster. A high-profile casino in a major U.S. city? Huge opportunity. But now, it’s dragging its feet.
• The original timeline had the project opening in September 2026.
• Bally’s now says it’ll launch “sometime” in 2027.
• Construction is slow. Financing questions linger.
These aren’t small hiccups. They’re the kind that make analysts and shareholders furrow their brows. Especially with Bally’s debt load and credit profile in focus.
Still, Carlino’s not spooked. He made it clear GLPI evaluates investments “unit-by-unit.” So even if one project hits turbulence, the others might be cruising.
GLPI’s Other Bally’s Bets Are Paying Off
If Chicago is the worry, Louisiana is the win.
Carlino pointed to the Queen Baton Rouge and Belle of Baton Rouge properties — also in partnership with Bally’s — as success stories. Unlike Chicago, these sites aren’t stuck in traffic. They’re running, performing, and, crucially, bringing in money.
Two quick sentences, then pause.
He didn’t offer many numbers here, but his tone said plenty. He’s got confidence in the underlying partnership, even if one project feels like a gamble.
By The Numbers, GLPI Is Quietly Winning
The company’s second-quarter financials tell a calm and steady story. Not flashy. But solid.
Here’s how Q2 2025 looked compared to the same quarter in 2024:
| Metric | Q2 2024 | Q2 2025 | % Change |
|---|---|---|---|
| Revenue | $380.6 million | $394.4 million | +3.8% |
| Adjusted Funds from Ops (AFFO) | $264.4 million | $276.1 million | +4.4% |
| Adjusted EBITDA | $340.3 million | $361.5 million | +6.2% |
These aren’t headline-grabbing jumps, but they matter. In a sector where consistency beats chaos, GLPI is hitting its marks.
One sentence paragraph, just to break things up.
The AFFO growth is particularly important, as it signals GLPI’s ability to sustain dividends — a key investor focus.
The Bigger Picture? Chicago Isn’t the Whole Story
Zoom out, and it’s clearer: GLPI isn’t a one-casino story.
Carlino knows the Chicago casino project has become something of a lightning rod. Every delay becomes a headline. Every financing rumour becomes an analyst talking point.
But the company’s core portfolio is humming. Its approach is measured. Its tone, confident — but not smug.
GLPI isn’t building or running the casinos themselves; it’s a landlord. The income is stable. Its risk exposure to Bally’s credit issues? Real, but limited.
And Carlino reminded everyone of that — in just a few well-placed lines.
Analysts Still Cautious — But Not Panicking
Analysts listening to the call had a mixed read. Some see potential storm clouds; others see a seasoned REIT operator simply riding out the weather.
One thing’s certain: the delay in Chicago won’t go away quietly.
Still, there’s a kind of weary optimism in how GLPI is handling it — like a poker player with a decent hand, just waiting for the next card.
That metaphor might not be far off. In gaming, as in investing, timing is everything.
