Credit Rating Analysis of VICI and GLPI
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 hour ago
0mins
Should l Buy GLPI?
Source: Benzinga
- Credit Rating Comparison: Both S&P and Fitch rate VICI Properties and Gaming and Leisure Properties at BBB- with stable outlooks, while Moody's upgraded VICI to Baa3 and kept GLPI at Ba1, indicating a divergence among rating agencies that could impact investor confidence.
- Leverage Analysis: As of Q3 2025, GLPI's net debt-to-EBITDA ratio stands at 4.4x, below its management target of 5.0 to 5.5x, while VICI's ratio is at 5.0x, suggesting neither is under pressure from leverage, yet they receive different ratings.
- Tenant Concentration Impact: VICI derives approximately 74% of its leasing revenue from two operators, whereas GLPI distributes its exposure across five major tenants, with EBITDARM-to-rent coverage ranging from 1.80x to 3.14x, highlighting GLPI's advantage in revenue stability.
- Risk Transmission Structure: While both REITs operate within acceptable leverage parameters, GLPI's diversified risk structure may prove more resilient under stress, whereas VICI's concentrated risk could exacerbate credit risk if a tenant encounters issues, with future financial performance hinging on how each manages potential market pressures.
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Analyst Views on GLPI
Wall Street analysts forecast GLPI stock price to rise
12 Analyst Rating
6 Buy
5 Hold
1 Sell
Moderate Buy
Current: 46.400
Low
46.00
Averages
50.68
High
55.00
Current: 46.400
Low
46.00
Averages
50.68
High
55.00
About GLPI
Gaming and Leisure Properties, Inc. is a self-administered and self-managed Pennsylvania real estate investment trust. The Company is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. The Company’s portfolio consists of approximately 69 gaming and related facilities and amenities geographically diversified across 20 states. The Company’s properties include Ameristar Black Hawk, Bally’s Dover Casino Resort, Argosy Casino Alton, Hard Rock Casino Rockford, Casino Queen Marquette and Sunland Park.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Credit Rating Analysis of VICI and GLPI
- Credit Rating Comparison: Both S&P and Fitch rate VICI Properties and Gaming and Leisure Properties at BBB- with stable outlooks, while Moody's upgraded VICI to Baa3 and kept GLPI at Ba1, indicating a divergence among rating agencies that could impact investor confidence.
- Leverage Analysis: As of Q3 2025, GLPI's net debt-to-EBITDA ratio stands at 4.4x, below its management target of 5.0 to 5.5x, while VICI's ratio is at 5.0x, suggesting neither is under pressure from leverage, yet they receive different ratings.
- Tenant Concentration Impact: VICI derives approximately 74% of its leasing revenue from two operators, whereas GLPI distributes its exposure across five major tenants, with EBITDARM-to-rent coverage ranging from 1.80x to 3.14x, highlighting GLPI's advantage in revenue stability.
- Risk Transmission Structure: While both REITs operate within acceptable leverage parameters, GLPI's diversified risk structure may prove more resilient under stress, whereas VICI's concentrated risk could exacerbate credit risk if a tenant encounters issues, with future financial performance hinging on how each manages potential market pressures.
See More
GLPI: Structural Advantages Ensure Stable Returns
- Rent Coverage Advantage: GLPI's five major tenants maintain rent coverage ratios between 1.69x and 2.78x, ensuring that even with a 20% decline in gaming revenue, tenants can still meet their rent obligations, providing structural protection against forced selling risks.
- Optimized Debt Maturity Structure: GLPI has extended its debt maturities through recent refinancing activities, issuing $1.3 billion in senior notes, which ensures liquidity and avoids near-term refinancing pressures, contrasting sharply with MPW's concentrated maturities.
- Triple-Net Lease Model: GLPI's tenants cover property taxes, insurance, and maintenance, insulating the company's cash flow from operating cost inflation, with a 100% rent collection rate in Q3 2025, demonstrating stable cash flow performance.
- Robust Financial Performance: GLPI reported total revenue of $397.6 million and AFFO of $282.0 million in Q3 2025, a 5.1% year-over-year increase, while raising its full-year AFFO guidance to $3.86-$3.88 per share, showcasing strong performance under a BBB- credit rating.
See More
Gaming and Leisure Properties Announces $3.10 Per Share Tax Allocation for 2025 Distributions
- Total Distributions: Gaming and Leisure Properties announced a total distribution of $3.10 per share for 2025, demonstrating the company's ongoing cash flow and commitment to shareholder returns, which enhances investor confidence.
- Tax Allocation Details: The tax allocation for the 2025 distributions has not yet been filed, calculated based on the best available information, indicating the company's efforts in tax transparency that may impact shareholders' tax planning.
- Composition of Dividends: The 2025 distributions include $3.00 in ordinary dividends and $0.001832 in capital gain distributions, reflecting the company's robust capital management strategy aimed at optimizing shareholder value.
- Investor Advisory: The company advises shareholders to consult tax advisors to ensure proper tax treatment of distributions under federal and local tax laws, demonstrating a commitment to shareholder interests and compliance awareness.
See More
ETF Movers on Friday: ONEV, URA
Uranium ETF Performance: The Uranium ETF is underperforming, down approximately 4.9% in Friday afternoon trading.
Weakest Components: Key contributors to this decline include Centrus Energy, which fell by about 7.6%, and Uranium Energy, which decreased by about 7.3%.
Market Context: The performance of the Uranium ETF contrasts with other ETFs on the market today.
Author's Disclaimer: The views expressed in the article are those of the author and do not necessarily reflect the opinions of Nasdaq, Inc.
See More
GLPI Appoints Michael Borofsky as New Independent Director
- Board Expansion: Gaming and Leisure Properties has appointed Michael Borofsky as a new independent director, expanding the Board to eight members, seven of whom meet Nasdaq's independence standards, thereby enhancing the company's governance structure.
- Rich Industry Experience: As the founder of Mithrandir Ventures, Borofsky focuses on investing in high cash flow businesses and innovation, which is expected to provide significant support for GLPI's strategic development in the gaming and technology sectors.
- Enhanced Leadership: GLPI Chairman Peter Carlino noted that Borofsky's deep expertise in finance, capital allocation, and legal matters will help the company create greater value as it expands its tenant base and property portfolio.
- Diverse Background: Prior to joining Mithrandir Ventures, Borofsky served as General Counsel at Gryphon Investors, managing 36 portfolio companies, and his extensive private equity experience is likely to bring strategic growth opportunities to GLPI.
See More
GLPI Appoints Michael Borofsky as Independent Director, Expanding Board to Eight Members
- Board Expansion: Gaming and Leisure Properties, Inc. (GLPI) announced the appointment of Michael Borofsky as an independent director, increasing the board to eight members, seven of whom meet Nasdaq's independence standards, thereby enhancing corporate governance.
- Diverse Industry Experience: Borofsky, founder of Mithrandir Ventures, focuses on investing in high cash flow businesses and innovation, and his extensive background in gaming, entertainment, and technology is expected to provide significant strategic support for GLPI's development.
- Leadership Enhancement: GLPI's CEO Peter Carlino noted that Borofsky's expertise in finance, capital allocation, and legal matters will complement the board's capabilities, aiding the company's ongoing growth in expanding its tenant base and property portfolio.
- Diverse Investment Background: Prior to joining GLPI, Borofsky served as General Counsel at Gryphon Investors, managing a $9 billion middle-market private equity fund with 36 controlled portfolio companies, showcasing his rich experience in multi-industry investments.
See More
Credit Rating Analysis of VICI and GLPI
- Credit Rating Comparison: Both S&P and Fitch rate VICI Properties and Gaming and Leisure Properties at BBB- with stable outlooks, while Moody's upgraded VICI to Baa3 and kept GLPI at Ba1, indicating a divergence among rating agencies that could impact investor confidence.
- Leverage Analysis: As of Q3 2025, GLPI's net debt-to-EBITDA ratio stands at 4.4x, below its management target of 5.0 to 5.5x, while VICI's ratio is at 5.0x, suggesting neither is under pressure from leverage, yet they receive different ratings.
- Tenant Concentration Impact: VICI derives approximately 74% of its leasing revenue from two operators, whereas GLPI distributes its exposure across five major tenants, with EBITDARM-to-rent coverage ranging from 1.80x to 3.14x, highlighting GLPI's advantage in revenue stability.
- Risk Transmission Structure: While both REITs operate within acceptable leverage parameters, GLPI's diversified risk structure may prove more resilient under stress, whereas VICI's concentrated risk could exacerbate credit risk if a tenant encounters issues, with future financial performance hinging on how each manages potential market pressures.
See More
GLPI: Structural Advantages Ensure Stable Returns
- Rent Coverage Advantage: GLPI's five major tenants maintain rent coverage ratios between 1.69x and 2.78x, ensuring that even with a 20% decline in gaming revenue, tenants can still meet their rent obligations, providing structural protection against forced selling risks.
- Optimized Debt Maturity Structure: GLPI has extended its debt maturities through recent refinancing activities, issuing $1.3 billion in senior notes, which ensures liquidity and avoids near-term refinancing pressures, contrasting sharply with MPW's concentrated maturities.
- Triple-Net Lease Model: GLPI's tenants cover property taxes, insurance, and maintenance, insulating the company's cash flow from operating cost inflation, with a 100% rent collection rate in Q3 2025, demonstrating stable cash flow performance.
- Robust Financial Performance: GLPI reported total revenue of $397.6 million and AFFO of $282.0 million in Q3 2025, a 5.1% year-over-year increase, while raising its full-year AFFO guidance to $3.86-$3.88 per share, showcasing strong performance under a BBB- credit rating.
See More
Gaming and Leisure Properties Announces $3.10 Per Share Tax Allocation for 2025 Distributions
- Total Distributions: Gaming and Leisure Properties announced a total distribution of $3.10 per share for 2025, demonstrating the company's ongoing cash flow and commitment to shareholder returns, which enhances investor confidence.
- Tax Allocation Details: The tax allocation for the 2025 distributions has not yet been filed, calculated based on the best available information, indicating the company's efforts in tax transparency that may impact shareholders' tax planning.
- Composition of Dividends: The 2025 distributions include $3.00 in ordinary dividends and $0.001832 in capital gain distributions, reflecting the company's robust capital management strategy aimed at optimizing shareholder value.
- Investor Advisory: The company advises shareholders to consult tax advisors to ensure proper tax treatment of distributions under federal and local tax laws, demonstrating a commitment to shareholder interests and compliance awareness.
See More
ETF Movers on Friday: ONEV, URA
Uranium ETF Performance: The Uranium ETF is underperforming, down approximately 4.9% in Friday afternoon trading.
Weakest Components: Key contributors to this decline include Centrus Energy, which fell by about 7.6%, and Uranium Energy, which decreased by about 7.3%.
Market Context: The performance of the Uranium ETF contrasts with other ETFs on the market today.
Author's Disclaimer: The views expressed in the article are those of the author and do not necessarily reflect the opinions of Nasdaq, Inc.
See More
GLPI Appoints Michael Borofsky as New Independent Director
- Board Expansion: Gaming and Leisure Properties has appointed Michael Borofsky as a new independent director, expanding the Board to eight members, seven of whom meet Nasdaq's independence standards, thereby enhancing the company's governance structure.
- Rich Industry Experience: As the founder of Mithrandir Ventures, Borofsky focuses on investing in high cash flow businesses and innovation, which is expected to provide significant support for GLPI's strategic development in the gaming and technology sectors.
- Enhanced Leadership: GLPI Chairman Peter Carlino noted that Borofsky's deep expertise in finance, capital allocation, and legal matters will help the company create greater value as it expands its tenant base and property portfolio.
- Diverse Background: Prior to joining Mithrandir Ventures, Borofsky served as General Counsel at Gryphon Investors, managing 36 portfolio companies, and his extensive private equity experience is likely to bring strategic growth opportunities to GLPI.
See More
GLPI Appoints Michael Borofsky as Independent Director, Expanding Board to Eight Members
- Board Expansion: Gaming and Leisure Properties, Inc. (GLPI) announced the appointment of Michael Borofsky as an independent director, increasing the board to eight members, seven of whom meet Nasdaq's independence standards, thereby enhancing corporate governance.
- Diverse Industry Experience: Borofsky, founder of Mithrandir Ventures, focuses on investing in high cash flow businesses and innovation, and his extensive background in gaming, entertainment, and technology is expected to provide significant strategic support for GLPI's development.
- Leadership Enhancement: GLPI's CEO Peter Carlino noted that Borofsky's expertise in finance, capital allocation, and legal matters will complement the board's capabilities, aiding the company's ongoing growth in expanding its tenant base and property portfolio.
- Diverse Investment Background: Prior to joining GLPI, Borofsky served as General Counsel at Gryphon Investors, managing a $9 billion middle-market private equity fund with 36 controlled portfolio companies, showcasing his rich experience in multi-industry investments.
See More
