GLPI is the original gaming REIT — spun out of Penn National in 2013, it owns the land and buildings under ~69 casinos and racetracks and leases them straight back to the operators on triple-net terms. It never deals a card or spins a wheel: the tenants run the casinos and pay all taxes, insurance and upkeep, so almost every dollar of GLPI's ~$1.5B revenue is contractual rent that it pays out to shareholders as a ~6% dividend.
What Gaming and Leisure Properties, Inc. really sells
GLPI is the original gaming REIT — spun out of Penn National in 2013, it owns the land and buildings under ~69 casinos and racetracks and leases them straight back to the operators on triple-net terms. It never deals a card or spins a wheel: the tenants run the casinos and pay all taxes, insurance and upkeep, so almost every dollar of GLPI's ~$1.5B revenue is contractual rent that it pays out to shareholders as a ~6% dividend.