Gaming and Leisure Properties, Inc. (GLPI) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

October 28, 2022 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Greetings. Welcome to Gaming and Leisure Properties Third 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 Joe Jaffoni, Investor Relations. Thank you. You may begin.

Joe Jaffoni

Thank you, Sherry, and good morning, everyone, and thank you for joining Gaming and Leisure Properties third quarter 2021 earnings call and webcast. The press release distributed yesterday afternoon is available on the Investor Relations section on our website 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 Brandon Moore, our Chief Operating Officer, General Counsel and Secretary; Desert Burke, Chief Financial Officer and Treasurer; Steve Ladany, Senior Vice President and Chief Development Officer; and Matthew Demchyk, Senior Vice President and Chief Investment Officer.

With that, and as always, it's my pleasure to turn the call over to Peter Carlino. Peter, please go ahead.

Peter Carlino

Well, thank you, Joe, and good morning, everyone. Here with our entire team, as usual, hopefully, to answer your questions thoroughly. We're very happy to report another eventful quarter. And as always, this is all well detailed in our press release.

But notably, we have closed on the Tropicana property in Las Vegas with Bally's, and begun our 50-year ground lease. Pretty excited to finally put that one to bed. And we're working to close what will likely be a combination of Tiverton and Biloxi also with Bally's, of course, subject to a final approval in Rhode Island, which we are hopeful will happen fairly soon.