The owner of Baton Rouge’s Bell plans to move its operations inland. (Colin Ritchie)
Gaming and Leisure Properties, Inc., the Pennsylvania-based real estate investment trust that owns the assets of all three Baton Rouge casinos, reports record third-quarter financial results in the third quarter of 2024 did.
GLPI reported total revenue of $385.3 million for the third quarter of 2024, up from $359.6 million in the third quarter of 2023 and a 6.9% increase year over year.
GLPI Chairman and CEO Peter Carlino said in a statement that the trust’s third-quarter results reflected the “consistent performance” of its tenant portfolio.
Locally, GLPI is financing and overseeing a $111 million hotel renovation and land development project in Belle of Baton Rouge. As of September 30, $15 million in funding has been allocated to the project. The project is expected to be completed by September 2025.
GLPI’s agreement to finance and oversee Bell’s landside development project follows the trust’s successful landside development in Queen Baton Rouge.
This isn’t the end of GLPI’s recent moves in Louisiana. In September, the trust acquired the real estate assets of Bally’s Shreveport Casino and Hotel, among other Bally’s properties.
“Our investment activity of nearly $2 billion in 2024 at an attractive blended yield of 8.4% strongly supports GLPI’s disciplined capital investment approach,” Carlino’s statement said. It is written.
