Owner of M Resort reports flat quarterly earnings

The real estate investment trust that owns the M Resort in Henderson on Tuesday reported flat first-quarter earnings that still exceeded Wall Street profit expectations.

Wyomissing, Pennsylvania-based Gaming and Leisure Properties Inc. reported net earnings of $32.7 million, 27 cents a share, on revenue of $148.8 million for the quarter that ended March 31. For the same quarter a year earlier, the company reported earnings of $33.1 million, 28 cents a share, on revenue of $148.7 million.

Earnings from operations were 70 cents a share, barely beating analysts’ projections of 69 cents. The company fell short of Wall Street’s revenue target.

GLPI is a real estate investment trust that is a subsidiary of Penn National Gaming. REITs monitor funds from operations closely, adding depreciation and amortization back to net income in their profitability analysis.

GLPI owns or owns and operates casinos and race tracks in 11 states in addition to owning the M Resort.

Shares were unchanged at $32.20.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Find him on Twitter: @RickVelotta