Gaming and Leisure Properties, Inc. (GLPI) Q2 2022 Earnings Call Transcript

For the period ending June 30, 2022

July 29, 2022 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Greetings. Welcome to the Gaming and Leisure Properties' Second Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

I will now turn the conference over to your host, Joe Jaffoni. You may now begin.

Joe Jaffoni

Thank you, Kyle. Good morning, everyone, and thank you for joining Gaming and Leisure Properties' second quarter 2022 earnings call and webcast. The press release distributed yesterday afternoon is available on the Investor Relations section on our Web site at www.glpropinc.com.

On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ materially from those discussed today. Forward-looking statements may include those related to revenue, operating income, and financial guidance, as well as non-GAAP financial measures such as FFO and AFFO. As a reminder, forward-looking statements represent management's current estimates and the company assumes no obligation to update any forward-looking statements in the future.

We encourage listeners to review the more detailed discussions related to risk factors and forward-looking statements contained in the company's filings with the SEC, including its 10-Q and in the earnings release, as well as the definitions and reconciliations of non-GAAP financial measures contained in the company's earnings release.

On this morning's call, we are joined by Peter Carlino, Chairman and Chief Executive Officer at Gaming and Leisure Properties. Also joining today's call are Desiree Burke, Senior Vice President, Chief Accounting Officer and Treasurer; Brandon Moore, Executive Vice President, General Counsel and Secretary; Steve Ladany, Senior Vice President and Chief Development Officer; and Matthew Demchyk, Senior Vice President and Chief Investment Officer.

With that, it's my pleasure to turn the call over to your host, Peter Carlino. Peter, please go ahead.

Peter Carlino

Thank you, Joe, and good morning to everyone who has dialed in with us today. Happy to report another excellent and impactful quarter and I'll highlight, as I always do, that we have outlined all the activities this quarter pretty thoroughly in our release. And rather than have me go through or read in detail all the stuff that's available there, I think if you look at the bottom of page one right through page four you'll have a perfect idea of everything that we have accomplished this quarter. Notably, we announced significant transactions with Bally's that is in the range of or over $1 billion, which combined with the Cordish transaction in the last eight months, aggregates about $2.7 billion in new business, and potentially as much as $3.1 billion depending upon how the Bally's transactions shakes out.