By james art 
Gaming and Leisure Properties Inc.The Pennsylvania-based real estate investment trust, which owns all three Baton Rouge casinos, reported record third-quarter financial results in Q3 2024.
GLPI reported $385.3 million in total revenue in the third quarter of 2024, compared to $359.6 million reported in the third quarter of 2023—a 6.9% year-over-year increase.
In a statement, GLPI chairman and chief executive Peter Carlino said the trust’s third-quarter results reflected the “consistent performance” of its tenant portfolio.
At the local level, GLPI funds and monitors Belle of Baton Rouge’s $111 million hotel renovation and neighborhood development project. As of September 30, $15 million has been allocated for the project. The project is expected to be completed by September 2025.
GLPI’s agreement to finance and oversee the Bell Territory Development Project is a continuation of the Trust successful development of The Queen Baton Rouge grounds.
GLPI’s recent moves to Louisiana don’t end there. In September, the trust acquired the real estate assets of Bally’s Shreveport Casino & Hotel, among other assets of Bally’s Corp.
“Our 2024 investment activity of nearly $2 billion at an attractive blended yield of 8.4% is a firm endorsement of GLPI’s disciplined capital investment approach,” Carlino said in the statement.