Gaming and Leisure Properties combines high-quality financials, best-in-class margins, and three consecutive earnings beats, but a 97% NOI concentration in just five tenants triggers a hard structural block and the 5% headroom to the $49.07 target leaves thin asymmetry for new entry.
Thesis pillars
- Tenant Concentration Hard Block↓Deteriorating
- High Quality Fundamentals→Stable
- Earnings Beat Streak→Stable
- +1 more pillar — see the Why tab for full reasoning
Gaming and Leisure Properties, (GLPI) Stock Analysis
Real Estate · REIT - Specialty
Wait for pullback to $44.43. BUY gates pass at $45.04, but rEIT tenant concentration cliff: 97% of NOI from top-5 tenants (PENN, Caesars, Boyd, Cordish, Bally's) (≥40% threshold). Single-tenant churn risk dominates spot FFO. and concentration risk — Tenant: PENN argue for a more patient entry. Engine's entry $44.43 (Ma200 Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum.
Gaming and Leisure Properties is a Pennsylvania REIT that owns interests in 69 gaming facilities across 20 states, leasing them to operators including PENN, Caesars, Boyd, Cordish, and Bally's under triple-net leases. All properties were 100% occupied at December 31, 2025, with... Read more
Wait for pullback to $44.43. BUY gates pass at $45.04, but rEIT tenant concentration cliff: 97% of NOI from top-5 tenants (PENN, Caesars, Boyd, Cordish, Bally's) (≥40% threshold). Single-tenant churn risk dominates spot FFO. and concentration risk — Tenant: PENN argue for a more patient entry. Engine's entry $44.43 (Ma200 Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Chart setup: No clear chart pattern; technical signals are mixed. Earnings in 3 days. Wait until post-earnings. Score 6.2/10, moderate confidence.
Passes 6/8 gates (positive momentum, favorable risk/reward ratio, clean insider activity, no SEC red flags, semi cycle peak clear, materials cycle peak clear). Fails on earnings proximity 3d<=7d and reit tenant cliff hard block. Suitability: moderate.
About Gaming and Leisure Properties,
About Gaming and Leisure Properties,
Gaming and Leisure Properties holds interests in 69 gaming and related facilities across 20 states, all 100% occupied at December 31, 2025, covering more than 6,600 acres. Roughly 97% of cash rent flows from PENN Entertainment, Caesars Entertainment, Boyd Gaming, The Cordish Companies, and Bally's Corporation under long-term triple-net leases. The company completed $3.7 billion in transactions since January 1, 2024 and held unfunded development commitments exceeding $2.1 billion at year-end.
Gaming and Leisure Properties earns revenue from rental income under triple-net leases in which tenants bear all operating costs — maintenance, insurance, taxes, and utilities. Leases carry fixed base rent escalators of up to 2% annually, conditional on coverage ratio thresholds, plus percentage rent components reset periodically based on tenant net revenues. Lease initial terms range from April 2031 to December 2039 across the master leases, with multiple 5-year renewal options exercisable by tenants. The company supplements rental income with construction and development loans; the largest single commitment is up to $940 million for Bally's Chicago — of which $201.6 million had been advanced at December 31, 2025 — with an additional $467 million committed for The Cordish Companies' Live! Virginia Casino & Hotel in Petersburg, Virginia. All indebtedness is issued by GLP Capital, L.P., fully and unconditionally guaranteed by GLPI.
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The majority of GLPI's revenues flow from PENN, whose two master leases — the Amended Penn Master Lease and the Penn 2023 Master Lease — expire October 31, 2033, with three remaining 5-year renewal options. The Amended Penn Master Lease carried a coverage ratio of 2.12 at September 30, 2025, above the 1.8 minimum escalator governor, while the Penn 2023 Master Lease showed 1.86. Continued gaming-industry consolidation could make it increasingly difficult to find alternative tenants should PENN fail to renew, and federal bankruptcy law could limit eviction rights while statutory caps on unpaid future rent claims may result in recoveries substantially below contractual rent.
See also: Real Estate · REIT - Specialty
From Gaming and Leisure Properties, 's most recent 10-K filing, extracted June 10, 2026.
Recent developments
updated 2026-07-27Recent Developments — Gaming and Leisure Properties,
Latest news
- NEWS Gaming and Leisure Properties (GLPI) Q1 2026 Preview: EPS Est. $0.77, Reports April 24 - AlphaStreet — AlphaStreet positive
- NEWS Is Gaming and (GLPI) stock forming a breakout today (-0.98%) 2026-04-22 - Shared Momentum Picks - Xã Vĩnh Công — Xã Vĩnh Công neutral
- NEWS Is Gaming and (GLPI) stock forming a breakout today (-0.98%) 2026-04-22 - Shared Momentum Picks - UBND thành phố Hải Phò — UBND thành phố Hải Phòng neutral
- NEWS Is Gaming and (GLPI) stock forming a breakout today (-0.98%) 2026-04-22 - Shared Momentum Picks - Xã Thanh Hà — Xã Thanh Hà neutral
- NEWS After plunging 10.2% in 4 weeks, here's why the trend might reverse for Gaming and Leisure Properties (GLPI) - MSN — MSN positive
Generated 2026-07-28T00:32:42Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHTenantPENN10-K Item 1A: 'The majority of our revenues are dependent on PENN and its subsidiaries.'
- HIGHTenanttop-5 tenants (PENN, Caesars, Boyd, Cordish, Bally's)97%10-K Item 1: 'Approximately 97% of our cash rent comes from five of the company's tenants, PENN, Caesars, Boyd, Cordish and Bally's'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
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Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Wait for pullback to $44.43. BUY gates pass at $45.04, but rEIT tenant concentration cliff: 97% of NOI from top-5 tenants (PENN, Caesars, Boyd, Cordish, Bally's) (≥40% threshold). Single-tenant churn risk dominates spot FFO. and concentration risk — Tenant: PENN argue for a more patient entry. Engine's entry $44.43 (Ma200 Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Chart setup: No clear chart pattern; technical signals are mixed. Earnings in 3 days. Wait until post-earnings. Target $48.72 (+8.2%), stop $42.78 (−5.3%), A.R:R 1.6:1. Score 6.2/10, moderate confidence.
Take-profit target: $48.72 (+8.2% upside). Target $48.72 (+8.2%), stop $42.78 (−5.3%), A.R:R 1.6:1. Stop-loss: $42.78.
REIT tenant concentration cliff: 97% of NOI from top-5 tenants (PENN, Caesars, Boyd, Cordish, Bally's) (≥40% threshold). Single-tenant churn risk dominates spot FFO.; Concentration risk — Tenant: PENN; Concentration risk — Tenant: top-5 tenants (PENN, Caesars, Boyd, Cordish, Bally's) (97.0%).
Gaming and Leisure Properties, trades at a P/E of 14.2 (forward 13.6). TrendMatrix value score: 5.8/10. Verdict: Buy (Wait for Entry).
30 analysts cover GLPI with a consensus score of 3.8/5. Average price target: $54.
What does Gaming and Leisure Properties, do?Gaming and Leisure Properties is a Pennsylvania REIT that owns interests in 69 gaming facilities across 20 states,...
Gaming and Leisure Properties is a Pennsylvania REIT that owns interests in 69 gaming facilities across 20 states, leasing them to operators including PENN, Caesars, Boyd, Cordish, and Bally's under triple-net leases. All properties were 100% occupied at December 31, 2025, with roughly 97% of cash rent concentrated among those five tenants.