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↑Improving
- High Quality Fundamentals→Stable
- Earnings Beat Streak→Stable
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 19, 2026
Gaming and Leisure Properties, (GLPI) Stock Analysis
Recovery setup · Sector Rotation edge
Real Estate · REIT - Specialty
Wait for pullback to $37.64. Weak momentum; also below 200-day MA (death cross) — blocks BUY_NOW at $38.45. Engine's entry $37.64 (Atr Pullback Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risks: 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.
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 $37.64. Weak momentum; also below 200-day MA (death cross) — blocks BUY_NOW at $38.45. Engine's entry $37.64 (Atr Pullback Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risks: 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. Chart setup: Death cross but MACD improving, RSI 51. Earnings today. Wait until post-earnings. Score 6.3/10, moderate confidence.
Passes 5/9 gates (favorable risk/reward ratio, clean insider activity, no SEC red flags, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and death cross (50MA < 200MA) and earnings proximity 0d<=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.
Show full overview
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 2026-10-29Recent Developments — Gaming and Leisure Properties,
Latest news
- NEWS Is Gaming and Leisure Properties (GLPI) Trading At A Discount After New Deals? - Simply Wall St — Simply Wall St positive
- NEWS Gaming and Leisure Properties, Inc. Enters Joint Venture with Prologis, Inc. to Develop the Former Hollywood Casino Joli — marketscreener.com positive
- NEWS Gaming and Leisure Properties enters Hollywood Casino Joliet JV with Prologis - TipRanks — TipRanks positive
- 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
Generated 2026-10-29T11:08:51Z.
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. How we score · Editorial policy
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. People who build TrendMatrix, or entities they control, may hold positions, long or short, in securities it covers, and may trade them at any time. Positions are not disclosed individually. Verdicts are generated by an automated model applied by the same rules to every covered stock, and are not adjusted for any position held by the people who build TrendMatrix. We do not accept payment from issuers for coverage.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Rating Breakdown
1 floor-breaker
Price action weak — below key moving averages, no momentum carry. Needs a base before trend-continuation setups apply.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Wait for pullback to $37.64. Weak momentum; also below 200-day MA (death cross) — blocks BUY_NOW at $38.45. Engine's entry $37.64 (Atr Pullback Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risks: 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. Chart setup: Death cross but MACD improving, RSI 51. Earnings today. Wait until post-earnings. Target $45.94 (+19.5%), stop $36.21 (−6.2%), A.R:R 3.9:1. Score 6.3/10, moderate confidence.
Take-profit target: $45.94 (+19.5% upside). Target $45.94 (+19.5%), stop $36.21 (−6.2%), A.R:R 3.9:1. Stop-loss: $36.21.
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 11.2 (forward 11.5). TrendMatrix value score: 7.0/10. Verdict: Buy (Wait for Entry).
30 analysts cover GLPI with a consensus score of 3.8/5. Average price target: $51.
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.