What did GLPI CEO Peter Carlino say about the regional gaming market?

During GLPI's Q2 2026 earnings call on July 31, Carlino directly countered narratives about a weak regional gaming market, saying 'Gaming revenue is bulletproof' and that consumer demand remains 'extremely strong.'

Is GLPI interested in acquiring properties from MGM, Caesars, or Churchill Downs?

GLPI executives were cautious on all three fronts. Chief Development Officer Steven Ladany said there was no reason to expect definitive M&A from the MGM or Caesars privatization deals, and that while GLPI would 'take a look' at Churchill Downs's planned divestiture of nine properties, some of those assets were described as 'a little challenging.'

What is GLPI's involvement in the Bally's Las Vegas and Bally's Bronx projects?

On Bally's Las Vegas, Ladany said the stadium is 'proceeding quite nicely' and that GLPI might invest in some infrastructure, though no commitments were made. On the $4 billion Bally's Bronx project, COO Brandon Moore said financing remains unresolved and it is 'too early' for GLPI to define its potential role.

What is GLPI's stance on stock buybacks?

CEO Peter Carlino was notably cool on the idea, saying buybacks are 'when you throw in the towel and the game is kinda over,' and adding that GLPI is 'not there yet' given the capabilities the company believes it still has.

GLPI CEO Peter Carlino Calls Gaming Revenue 'Bulletproof'

‘Write That Down’

Peter Carlino is not interested in the doom-and-gloom narrative around regional casinos. The CEO of Gaming & Leisure Properties Inc. (GLPI) made that unmistakably clear on the company’s second-quarter earnings call, held July 31, 2026.

“Gaming revenue is bulletproof. Write that down,” Carlino said, according to CDC Gaming’s reporting on the call. His comments came as a direct response to what he described as “a lot of weeping and gnashing of teeth that suggest the regional gaming market is weak.”

He wasn’t having it. “Gaming companies are as stable an investment that exists,” he said. “The consumer market is still pretty strong, despite some of the negativity you see in the press. People don’t give up their entertainments. Demand is extremely strong. We viscerally feel a lot of enthusiasm in the market.”

As for the company’s own standing, Carlino was similarly upbeat. “We feel the company’s in a terrific position, scarcely ever been better,” he said, adding that GLPI anticipates “healthy growth in the near and long term.” Capital projects financed through GLPI for Penn Entertainment were, in his words, performing “off the charts.”

Watching from the Sidelines on Big Deals

Not every question on the call got that kind of enthusiasm. Analysts pressed GLPI executives on several high-profile potential deal situations, and the answers were carefully hedged.

On MGM Resorts International and Caesars Entertainment, both currently in the process of being taken private, Chief Development Officer Steven Ladany was measured. GLPI has no existing relationship with MGM and only a modest one with Caesars, he said. “There’s no reason to believe that there’s definitive M&A that will fall out of those transactions.” He did leave the door open in the driest possible way: “We have a phone. We’re happy to answer if someone calls.”

On Churchill Downs’s planned divestiture of nine properties, Ladany acknowledged GLPI would take a look, noting that some are “quality assets” while others are “a little challenging.” He expected rival Vici Properties to get involved in the bidding but didn’t anticipate a wide field of competition, partly because no premier Las Vegas Strip casinos are part of the package.

Carlino reinforced the company’s willingness to stay patient. “There’s no deal we have to do,” he said, noting his distaste for auctions. “We’re perfectly willing to walk away and have.”

Bally’s Updates, Chicago Risk, and the Buyback Question

Several major projects in GLPI’s orbit came up during the call. On the $1.2 billion Bally’s Las Vegas development, Ladany said the stadium portion is “proceeding quite nicely” and will be “a spectacular venue,” while Bally’s Corp. is “coming close to a concrete plan” for infrastructure work. GLPI might invest in some of that infrastructure, though no commitments were made.

The $4 billion Bally’s Bronx project is a different story. COO Brandon Moore said financing for the project remains unresolved and that “not much has changed,” though he maintained optimism. GLPI’s potential role there is still undefined. “It’s too early for us to know what kind of a role we can play,” Moore said.

Moore also addressed concerns Bally’s Corp. has raised about Chicago slot routes potentially hurting the $2 billion Bally’s Chicago casino. “The VGTs were in our underwriting,” he said, referring to video gaming terminals. He noted around 7,000 sweepstakes machines are already operating in the Chicago area, but flagged that a proposed racino at Hawthorne race course appears off the table, leaving the competitive risk picture mostly manageable. “The puts and takes are mostly benign,” he said.

One topic that drew a notably sharp response was the possibility of GLPI conducting stock buybacks, a move some companies use when they believe their shares are undervalued. Carlino all but dismissed it. “That’s when you throw in the towel and the game is kinda over. We’re not there yet. We have capabilities that others don’t.”

Moore offered a broader theory on why gaming stocks have been trading low relative to company performance, suggesting much of the M&A activity in the sector reflects a persistent disconnect between how gaming businesses are actually doing and how the market perceives them. That gap, in GLPI’s view, is the market’s problem to catch up on.