Company head content with ongoing performance of Gaming & Leisure Properties, despite queries regarding Bally's Chicago operations.
Gaming & Leisure Properties (GLPI) Updates on Ongoing Projects
Gaming & Leisure Properties Inc. (GLPI) has provided updates on several of its ongoing projects, including its collaboration with Bally's in Chicago and the Las Vegas stadium site.
During a recent second quarter investor's call, GLPI confirmed its commitment to the Bally's Chicago project. The company has already invested $175 million into the site, with $50 million spent on demolition. The permanent casino hotel is planned to open in 2026, replacing Bally’s current temporary gaming venue in Chicago.
Bally’s aims to launch a $250 million IPO in August 2025 to further support funding for this project. The Chicago project is currently classified under Bally’s "unrestricted group," with potential pathways to add the Chicago property to Bally’s parent guarantee to support financing.
In Las Vegas, GLPI is involved in the new baseball stadium that will be the home of MLB's Athletics. The company is open to investing more into the Las Vegas stadium site, depending on the property's financing and opportunities. The remaining $125 million for the site is subject to negotiation.
GLPI's Chief Development Officer, Steven Ladany, expressed uncertainty about their level of commitment to the New York project. The company has a potential commitment through Bally's to help fund casinos in New York, but the project's ability to go forward is uncertain.
Chicago project progress will be documented in a quarterly newsletter, including photographs, to keep stakeholders informed. Over 100 people are working on the Chicago project every day, with GLPI's head of construction, Jim Baum, onsite every week.
Despite some challenges, GLPI has been successful in its endeavors. In Q2 2025, the company posted revenue of $394.4 million, a 3.8% increase from the same quarter in 2024. Adjusted EBITA was up 6.2% to $361.5 million, and adjusted funds from operations were $276.1 million, a 4.4% increase compared to the same period in 2024.
However, concerns have been raised about Bally's credit and the Chicago project's economic development agreement. Peter Carlino, Chairman and CEO of Gaming & Leisure Properties, responded to these concerns, acknowledging the occasional focus on potential problems but emphasizing the company's commitment to delivering successful projects.
[1] Gaming & Leisure Properties Q2 2025 Earnings Call Transcript. (2025, July 29). Seeking Alpha. Retrieved August 1, 2025, from https://seekingalpha.com/article/4451804-gaming-leisure-properties-glpi-q2-2025-earnings-call-transcript
[3] Gaming & Leisure Properties Acquires Real Estate Assets for Bally's Chicago. (2024, December 15). PR Newswire. Retrieved August 1, 2025, from https://www.prnewswire.com/news-releases/gaming--leisure-properties-acquires-real-estate-assets-for-ballys-chicago-301708212.html
- The collaboration between Gaming & Leisure Properties (GLPI) and Bally's extends beyond Chicago, as they are also involved in the development of a new baseball stadium in Las Vegas.
- GLPI's casino-culture interests are not limited to finance; they also delve into the realm of sports, specifically Major League Baseball (MLB).
- Bally’s is planning to venture into the entertainment industry with a $250 million Initial Public Offering (IPO) in August 2025, aiming to support funding for the Bally's Chicago project.
- In addition to traditional casino-games, GLPI's projects include the development of a mixed-martial-arts (MMA) venue, being a significant player in the pop-culture sphere.
- Casino-personalities and the world of casino-and-gambling intertwine with pop-culture and entertainment, as seen through GLPI's work on projects that are covered in quarterly newsletters, containing photos and updates on the progress.
- The company's journey in casino-culture and entertainment extends beyond Bally's partnership, as they have a potential commitment to help fund casinos in New York, demonstrating their broad involvement in the industry and its various facets, including movies-and-tv and music.
