The recent selloff in smid-cap casino stocks has been driven by the impact of severe weather in the regional markets as well as a challenging quarter in Las Vegas, Jefferies analyst David Katz tells investors in a research note. Following the release of positive March gross gaming revenue from several important regional markets, the context for the quarter is more positive, Katz adds. He believes the share selloff is overdone and presents opportunities in Caesars (CZR) and Penn National Gaming (PENN), among others.

Consensus $3.74. The company said, "The Company estimates AFFO for the year ending December 31, 2024 will be between $1,042 million and $1,051 million, or between $3.71 and $3.74 per diluted share and OP units. GLPI's prior guidance contemplated AFFO for the year ending December 31, 2024 of between $1,041 million and $1,050 million, or between $3.70 and $3.74 per diluted share and OP units."

Reports Q1 revenue $375.96M, consensus $370.54M. Peter Carlino, chairman and CEO of GLPI, commented, "GLPI's consistent cash flow generation, based on our work with the industry's leading operators, led to record first quarter results across key financial metrics when excluding the non-cash impact of a nearly $29 million year-over-year change in our reserve for credit losses, net. On an operating basis, first quarter total revenue rose 5.8% year over year to $376.0 million and AFFO grew 4.0%. Our first quarter growth reflects GLPI's stable portfolio of gaming operator tenants combined with our liquidity and capital markets discipline. Collectively, our strategies have set the stage for continued growth and dividend increases as highlighted by the March 2024 dividend payment of $0.76 per share, which when annualized, results in a yield of approximately 7% based on yesterday's closing share price. With our opportunistic approach to portfolio expansion, the proven long-term resiliency of our tenants' revenue streams, and comfortable rent coverage ratios across our portfolio, we expect to continue to deliver strong capital returns and yields for our shareholders."

Reports Q1 revenue $590.9M, consensus $565.42M.

In the firm's Q1 letter to investors, David Einhorn's Greenlight Capital disclosed new long positions taken during the quarter, including taking stakes in HP Inc. (HPQ), Penn Entertainment (PENN) and Roivant Sciences (ROIV). In the letter, the firm stated that it established a new "medium-sized position" in Penn at an average price of $22.69 per share, arguing that "were the market to credit PENN with merely 15% of DraftKings' value, [Penn's ESPN BET] segment alone would be worth $20 per share." On HP Inc., Greenlight stated that it had established an initial position at an average price of $30.76 per share, adding that it believes "that we are, at a minimum, on the cusp of a normal PC refresh cycle, which should drive earnings above estimates." On Roivant, Greenlight said it had established a "small long position," adding that "in addition to an exciting pipeline, ROIV has a strong track record of positive trial results and successful monetization of pharmaceutical assets." Einhorn's Greenlight Capital also noted that it reduced its Teck Resources (TECK) long position into strength during Q1 and that the firm bought a "small position" in Liberty Global (LBTYA) during Q1.