GLPI
Gaming and Leisure Properties, Inc.
Is GLPI Halal?
Casino-and-gaming real estate is a core maysir exposure, and GLPI's current debt/assets ratio is above the examined asset-based Sharia limits.
What You Should Know
Gaming and Leisure Properties' March 31, 2026 Form 10-Q reports $13,765.406 million of total assets, $8,075.014 million of interest-bearing debt, $274.513 million of cash, $3,113.090 million of financing receivables and real-estate loans, and $419.985 million of total income from real estate. Those inputs produce debt/assets of 58.66%, cash plus interest-bearing securities/assets of 24.60%, receivables plus cash/assets of 2.00% and disclosed interest income/revenue of 2.30%. GLPI states its primary business is owning real estate leased to gaming operators; $356.522 million of rental income is retained as a conservative lower-bound casino-rent proxy. This is a current ZakatInvest calculation, not an index-membership claim.
⚠️ Concerns
- •GLPI's primary business is leasing gaming real estate to operators including PENN, Caesars, Boyd, Bally's, Cordish and Hard Rock; the retained look-through analysis treats core casino rent as a material maysir concern
- •Debt/assets of 58.66% exceeds the examined 33% asset-based limits; the calculation uses reported long-term debt net of issuance costs and does not silently add operating leases
- •The filing separately reports financing receivables, sales-type lease investments and real-estate loans; contract-level riba treatment and collateral remain qualitative review topics
- •The portfolio, tenant concentration, development commitments and gaming demand can change the business-activity perimeter
- •Disclosed interest income is 2.30% of total real-estate income, but no fixed scholar-approved purification percentage is asserted
- •Market-cap denominator methods are not calculated without a licensed historical market-cap series
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
8,075.014 / 13,765.406
3,387.603 / 13,765.406
274.513 / 13,765.406
9.66 / 419.985
- Financial
- Fails
- Overall
- Fails
Debt is 58.66%, above the examined 33.333% asset limit; liquidity is 24.60%, receivables plus cash are 2.00%, disclosed interest income is 2.30%, and the conservative gaming-rent proxy fails the business screen.
- Financial
- Fails
- Overall
- Fails
Debt is 58.66%, above the examined MSCI 33.33% total-assets limit, and the casino-rent business screen independently fails. This is a calculation against the named method, not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt is 58.66%, above the examined 33% Malaysia SAC financial limit; identifiable liquidity is 24.60% and the conservative gaming-rent proxy fails the activity screen. This is a calculation against SAC ratios, not an official classification of a U.S.-listed security.
- Financial
- Not calculated
- Overall
- Fails
A properly licensed and reproducible historical market-cap series is not stored, and a different denominator cannot cure the failed gaming-rent business review or the high total-assets debt ratio.
Business-activity disclosure
GLPI is a REIT whose primary business is acquiring, financing and owning real estate leased to gaming operators. Its Q1 2026 portfolio included 71 gaming and related facilities, and the conservative rental-income proxy captures $356.522 million of casino-and-gaming tenant rent. Under the retained look-through analysis, rent derived from core gambling operations is a material maysir concern.
Limitation: The filing provides tenant, property and revenue detail but does not allocate every tenant, property, loan or experiential stream into a universal prohibited-revenue taxonomy. The entered rental figure is a conservative disclosed lower-bound proxy, not an index-membership claim or a claim that every non-rental line is permissible.
Purification
The casino-rent business-activity failure is not resolved by purification. Disclosed interest income is 2.30% of total real-estate income, but no scholar-approved purification percentage is asserted for gaming rent, loan income or other returns.
Inputs, assumptions and primary sources
- Assets use GLPI's consolidated total assets of $13,765.406 million at March 31, 2026.
- Interest-bearing debt uses $8,075.014 million of reported long-term debt net of unamortized debt issuance costs, bond premiums and original issue discounts. Operating and financing lease liabilities are not silently added.
- Cash uses $274.513 million of cash and cash equivalents.
- Interest-bearing securities use $2,562.869 million of investment-in-leases financing receivables, $250.512 million of sales-type lease investments and $299.709 million of real-estate loans. These financing balances are not also counted as trade receivables.
- Total income from real estate is $419.985 million. The filing separately reports $6.923 million of interest income from real-estate loans and $2.737 million of other interest income, or $9.660 million in total disclosed interest income.
- The business-activity input is a conservative lower-bound proxy: $356.522 million of rental income is entered as casino-and-gaming tenant rent exposure. GLPI states its primary business is owning real estate leased to gaming operators, but this proxy does not claim every financing or other income line is prohibited.
- The Q1 2026 portfolio comprised 71 gaming and related facilities across 21 states, including properties operated by PENN, Caesars, Boyd, Bally's, Cordish, American Racing, Strategic and Hard Rock. Development funding and tenant loans can change the perimeter.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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