Gaming and Leisure Properties (NASDAQ: GLPI) reported Q1 EPS of $0.54, $0.01 worse than the analyst estimate of $0.55. Revenue for the quarter came in at $301.5 million versus the consensus estimate of $295.94 million.

Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, "Our record first quarter financial results highlight our long-term focus on aligning with the industry’s top regional gaming operators, expanding and diversifying our portfolio of regional gaming assets, and supporting our tenants, resulting in the predictability and growth of our rental cash flows and dividends. Our tenant roster features management teams with proven track records in highly-competitive markets which has enabled our tenants to successfully reopen their properties thereby increasing the longer-term visibility of our rental receipts.

“Our long-term strategy includes tenant diversification beyond the proven management teams with whom we currently work. In this regard, earlier this month we expanded our relationship with Bally's Corporation in a series of transactions whereby we will acquire the real estate assets of its casino properties in Rock Island, Illinois and Black Hawk, Colorado. We expect the acquisition of the Rock Island and Black Hawk real estate to close early next year and generate incremental annual rent of $12 million. These assets are expected to be added to our previously announced Bally’s master lease for their Tropicana Evansville and Dover Downs Hotel & Casino properties, which is expected to be completed mid-2021.

"We are delighted to expand and diversify our relationship with Bally’s through transactions that deliver strong rent coverage and an accretive cap rate. By adding to the planned master lease with Bally’s, securing rights of first refusal on potential future assets and converting the Tropicana Las Vegas into an income producing ground lease, we expect to drive incremental cash flows while maintaining a strong balance sheet. We expect our tenants' strength, combined with our standing as the sector's only investment-grade balance sheet, to allow GLPI to consistently grow its cash flows and build value for shareholders in 2021 and beyond.”

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