Gaming and Leisure (2GL) Q3 2026 Earnings Report
CH:2GL Q3 2026 EPS Results
- Actual EPS
- CHF 0.58
- Consensus EPS
- CHF 0.66
- Beat/Miss
- Missed by -CHF 0.08
- One Year Ago EPS
- CHF 0.70
CH:2GL Q3 2026 Revenue Results
- Actual Revenue
- CHF 358.74M
- Expected Revenue
- CHF 359.44M
- Beat/Miss
- Missed by -CHF 699.44K
- YoY Revenue Growth
- +9.52%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- After Close
- Conference Call
- Thursday, October 29, 2026
CH:2GL Upcoming Earnings
Gaming and Leisure's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
CH:2GL Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive. Management reported AFFO growth above 10%, higher real estate income, stable or improving lease coverage across most properties, strong regional gaming trends, a well-positioned balance sheet and multiple development and transaction opportunities. The main challenges were unfavorable capital-market conditions, higher capital costs, Bally’s going-concern disclosure and potential timing delays at Bally’s Chicago, but management expressed confidence in the underlying assets, tenant coverage and pipeline.
Company Guidance
For full year 2026, GLPI guided to between $1.22 billion and $1.225 billion, or $4.11 to $4.12 per diluted share and OP unit; the guidance does not include the impact of future transactions but includes additional development funding of approximately $265 million, bringing total development spend for 2026 to $800 million. Management expects Bally’s Chicago to open in the first half of 2027, with the overall project roughly 2/3 complete and the hotel structure and casino expected to be weather tight by December, and expects the A’s stadium to open in 2028; GLPI will fund $467 million for the Cordish Live! Virginia project and has $125 million remaining for the A’s project. Management continues to target 5 to 5.5x leverage, expects to remain at the low end of 5 to 5.5x after funding transactions through '27 and '28, and has no intention of going above 5.5x; there are no rent resets in 2028, and the percentage rent decline for 2027 is $3.3 million, of which $2.2 million will happen in '26.
- AFFO Growth Exceeded 10%Management reported another strong quarter, with AFFO growth exceeding 10% in the third quarter despite volatility in the debt and equity capital markets. Tenant operations and businesses remained stable.
- Most Lease Coverage Ratios Stable or ImprovedNine of the company’s 13 properties had rent coverage that either exceeded or equaled the prior quarter, with healthy growth across the regional gaming environment.
- Real Estate Income Increased by Nearly $38 MillionThird-quarter total income from real estate exceeded the third quarter of 2025 by almost $38 million, driven primarily by a $47 million increase in cash income from acquisitions and escalations.
- Acquisitions and Funding Increased Cash IncomeBally’s Lincoln increased cash income by $14 million, the Chicago lease added $12 million, the Belle development added $1 million, PENN-related Joliet, Aurora and M Resort funding added $8 million, Sunland Park added $3.8 million, Dry Creek, Ione and Cordish Virginia loans added $4 million, and escalators and percentage rent adjustments added approximately $3.8 million.
- Full-Year 2026 Guidance ReaffirmedThe company provided full-year 2026 guidance of between $1.22 billion and $1.225 billion, or $4.11 to $4.12 per diluted share and OP unit. The guidance includes approximately $265 million of additional development funding, bringing total 2026 development spend to $800 million, and excludes the impact of future transactions.
- Bally’s Chicago Remains on ScheduleFunding for the Bally’s Chicago casino remains on schedule, with the casino expected to open in the first half of 2027. The overall project was described as roughly two-thirds complete, with more than 1,000 daily workers on site, and the hotel structure and casino expected to be weather tight by December.
- Chicago Underwriting Remains UnchangedManagement said the underwriting for Bally’s Chicago has not changed despite the hotel construction being slowed. VLTs were included in the original underwriting, and management continues to expect the incremental amenities to be developed, potentially over a longer period.
- Cordish Virginia Development ProgressingGLPI acquired the land for the Cordish Live! Virginia project in the first quarter and began funding the entire project in the third quarter. Management said the temporary facility’s performance supports the underwriting for the development, toward which GLPI will fund $467 million.
- Healthy Development Pipeline and Transaction ActivityManagement said the company continues to see a healthy runway of growth from its development pipeline and is evaluating a range of potential transactions. The majority of current discussions are traditional sale-leaseback opportunities, with some greenfield and redevelopment discussions also underway.
- Balance Sheet Provides Transaction FlexibilityThe company’s leverage ratio was 4.8x, slightly below its 5 to 5.5x target range. Management said that after funding transactions through 2027 and 2028, leverage would still be at the low end of that range, leaving dry powder for additional accretive deals without intending to exceed 5.5x.
- Strong Master Lease CoverageRent coverage ratios on the company’s master leases ranged from 1.61x to 2.46x at the end of the prior quarter. Management described the coverage levels as strong and said they were not far from levels seen a year earlier or before COVID.
- Regional Gaming Performance Remained PositiveGaming revenue was up a little over 2% in the third quarter, following growth of a little over 2% in the first quarter and closer to 3% in the second quarter. Reported third-quarter property EBITDAR increased approximately 4% at Caesars, close to 3% on a same-store basis at Boyd, 2% at Monarch and 4% at Churchill Downs.
- Prologis Joint Venture Monetizes Non-Earning LandThe Prologis joint venture uses the former Joliet site, a non-earning land asset already on GLPI’s balance sheet. GLPI received a $61 million capital account credit for the land at a 20% ownership interest and retains the right to invest up to 30%. Management characterized the transaction as a net positive and expects it to create value over time.
- Bally’s Lease Coverage Remains StrongManagement said Bally’s two leases with annual rental streams in the nine figures have coverage of 1.98x and 2.13x. The company said the leases were nowhere near default levels and that its investments are in specific operating assets rather than in Bally’s corporate entity.
- Potential for Regional Asset TransactionsManagement said private regional gaming processes are developing in addition to Churchill’s publicly announced process. It cited solid EBITDAR performance from regional portfolios and stated that the company is maintaining relationships with potential sellers while cultivating relationships with smaller private operators.
- Accretive Transactions Can Be Structured Without EquityManagement said it can pursue accretive transactions using free cash flow, debt and other structures because the current equity price is too low. The company said it remains open for business and can focus on qualitative features such as new tenant relationships, demographics, geographic diversification and properties with limited competition.
- Potential Expansion of Prologis RelationshipManagement said it is excited about the Joliet opportunity and may pursue additional opportunities with Prologis, although it characterized the initial transaction as a unique, primarily one-off opportunity and noted that most other land is leased to existing tenants.
- A’s Stadium Project ProgressingManagement said the A’s stadium project is progressing nicely and appears on track for a 2028 opening if there is a first pitch that year. GLPI has $125 million remaining under its existing commitment and remains ready to fund when needed.
- Continued Focus on Gaming While Evaluating Nongaming OpportunitiesManagement said it has not run out of gaming opportunities and intends to remain focused on its core business. It continues to evaluate nongaming opportunities, but would require them to be accretive and supported by partners with relevant expertise, as in the Prologis transaction.
CH:2GL Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 25, 2027 | 2026 (Q4) | 0.68- | 0.77 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 0.660.58 | 0.7 | -16.47% (-0.12) | |
| Jul 30, 2026 | 2026 (Q2) | 0.660.66 | 0.44 | 48.15% (+0.21) | |
| Apr 23, 2026 | 2026 (Q1) | 0.630.68 | 0.49 | 36.67% (+0.18) | |
| Feb 19, 2026 | 2025 (Q4) | 0.610.77 | 0.65 | 18.99% (+0.12) | |
| Oct 30, 2025 | 2025 (Q3) | 0.610.70 | 0.55 | 26.87% (+0.15) | |
| Jul 24, 2025 | 2025 (Q2) | 0.620.44 | 0.63 | -29.87% (-0.19) | |
| Apr 24, 2025 | 2025 (Q1) | 0.610.49 | 0.53 | -6.25% (-0.03) | |
| Feb 20, 2025 | 2024 (Q4) | 0.600.65 | 0.64 | 1.28% (+0.01) | |
| Oct 24, 2024 | 2024 (Q3) | 0.610.55 | 0.58 | -4.29% (-0.02) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
