EVERBAY CAPITAL SENDS LETTER TO THE BOARD OF DIRECTORS OF GOLDEN ENTERTAINMENT
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 06 2025
0mins
Source: Newsfilter
Sale-Leaseback Proposal: Everbay Capital LP urges Golden Entertainment to pursue a sale-leaseback of its casino real estate, using the proceeds to repay debt and distribute a special dividend to shareholders, potentially amounting to 150% of the current stock price.
Underperformance of Stock: The letter highlights Golden Entertainment's significant underperformance in total shareholder returns compared to market indices and peers, suggesting that the company's real estate value is not reflected in its stock price.
Value Realization for Shareholders: Everbay estimates that after the sale-leaseback, shareholders could realize a total value of at least $42 per share, combining the special dividend and the retained value of the casino operations and tavern business.
Strategic Alternatives Committee: Following the proposed transaction, Everbay recommends that the Board establish a special committee of independent directors to explore strategic alternatives for the remaining company, ensuring that any potential sale is conducted transparently and fairly.
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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: 46.200
Low
46.00
Averages
50.68
High
55.00
Current: 46.200
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 (REIT). 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 71 gaming and related facilities and amenities geographically diversified across 21 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.
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- Dividend Increase: Gaming and Leisure Properties has declared a quarterly dividend increase from $0.78 to $0.82 per share, representing a 5.1% rise, which indicates the company's ongoing improvement in cash flow and profitability, thereby boosting investor confidence.
- Yield Advantage: The forward yield of 6.95% not only attracts income-seeking investors but also reflects the company's competitiveness in the current market environment, potentially leading to further stock price appreciation.
- Shareholder Return Plan: The dividend will be payable on June 26, with a record date of June 12 and an ex-dividend date also on June 12, ensuring that shareholders receive timely returns and strengthening the trust relationship between the company and its investors.
- Future Outlook: GLPI outlines a 2026 AFFO guidance range of $1.212 billion to $1.223 billion amid a development spend plan of $750 million to $800 million, indicating the company's confidence in future growth and clarity in strategic planning.
See More
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- Dividend Growth Expectation: Gaming and Leisure Properties (GLPI) is likely to announce a dividend increase in May, continuing its five-year streak of consecutive growth, with analysts predicting an annual dividend of $3.18 per share, implying a quarterly dividend of approximately $0.795, representing a nearly 1.9% increase from the prior payout of $0.7800.
- Historical Dividend Performance: The company last declared a dividend of $0.7800 per share in February 2026, yielding 6.59%, and raised its dividend by 2.6% from $0.7600 in May 2024, demonstrating a consistent ability to grow dividends.
- Sustained Growth Rate: GLPI has delivered a five-year dividend growth rate of approximately 4.95% while maintaining a 77.40% annual payout ratio, indicating robust performance in profitability and cash flow management.
- Ratings and Financial Outlook: The company holds a C- rating for safety, B- for growth, A for yield, and B for dividend consistency, with fiscal Q2 2026 financial results scheduled for July 23, 2026, which will further validate its financial health.
See More
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- Strong GLPI Performance: Gaming and Leisure Properties (GLPI) reported adjusted funds from operations (AFFO) slightly exceeding Wall Street estimates and raised its 2026 guidance, indicating that its 6.59% dividend yield is not a yield trap and has growth potential.
- Liquidity Assurance: GLPI concluded the first quarter with $2.4 billion in liquidity, including $275 million in cash, and with spending unlikely to exceed $850 million this year, demonstrating financial stability and reducing the need for capital market financing.
- Regional Market Advantage: GLPI's management prefers the relative stability of regional markets, and while it owns some Las Vegas assets, it is not rushing to expand in that area, reflecting cautious management of investor capital and strategic thinking for long-term growth.
See More
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- Attractive Dividend Yield: With a dividend yield of 6.59%, significantly higher than the Vanguard Real Estate Index Fund's 3.66%, this REIT appeals to income-seeking investors, underscoring its competitive position in the real estate dividend stock sector.
- Robust Balance Sheet: The company reported liquidity of $2.4 billion, including $275 million in cash, with expected spending not exceeding $850 million this year, indicating that Gaming and Leisure Properties is unlikely to seek additional debt through capital markets, thereby boosting investor confidence.
- Strong Tenant Performance: Penn Entertainment, the largest tenant of Gaming and Leisure Properties, also posted strong first-quarter results, confirming its ability to meet rent obligations and further solidifying the REIT's revenue base.
See More
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- Optimistic AFFO Guidance: The company expects its 2026 AFFO to range between $1.212 billion and $1.223 billion, translating to diluted earnings per share of $4.08 to $4.12, reflecting management's confidence in future cash flows and commitment to shareholder returns.
- Increased Development Spending: GLPI raised its 2026 development spending outlook to between $750 million and $800 million, mainly due to accelerated spending cadence visibility in the Chicago project, indicating the company's strategic investment decisions and execution capabilities in key markets.
- Strong Financial Leverage: The company's leverage ratio remains at the low end of its target level at 5x, showcasing its cautious approach to capital deployment while ensuring future growth and dividend payment capacity.
See More
GLPI Q1 2026 Earnings Call Transcript
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