Gaming & Leisure Properties, Inc.: Penn's acquisition of Pinnacle is credit negative
FINANCIAL INSTITUTIONS ISSUER COMMENT 20 December 2017 Analyst Contacts Lori Marks +1.212.553.1098 VP-Sr Credit Officer [email protected] Reed Valutas +1.212.553.4169 Associate Analyst [email protected] Philip Kibel +1.212.553.4402 Associate Managing Director [email protected] CLIENT SERVICES Americas 1-212-553-1653 Asia Pacific 852-3551-3077 Japan 81-3-5408-4100 EMEAGaming & Leisure Properties is a self-administered and self-managed Pennsylvania real estate investment trust. The company's primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. The company has two reportable segments: GLP Capital, L.P. (GLP Capital), which is a wholly-owned subsidiary of the company; and the TRS Properties. The GLP Capital reportable segment consists of the leased real property and represents the majority of the company's business. The TRS Properties reportable segment consists of Hollywood Casino Perryville and Hollywood Casino Baton Rouge.
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