CZR vs GLPI: How Caesars Entertainment and Gaming and Leisure Properties Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: GLPI is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CZR and GLPI share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CZR and GLPI exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Caesars Entertainment operates roughly 50 domestic gaming properties spread across the Las Vegas Strip and regional US markets, along with hotels, restaurants, entertainment venues, and its Caesars Digital segment (Caesars Sportsbook plus online iGaming across dozens of jurisdictions). Las Vegas and regional casinos each contribute close to half of property EBITDAR, and the digital business, though smaller, is the main growth engine: Q1 2026 digital net revenue set a first-quarter record near $374 million with adjusted EBITDA up sharply year over year. The company carries a heavy balance sheet, roughly $11.9 billion of gross debt and about $11.0 billion net, plus large annual lease obligations, so deleveraging has been a central management priority.

Full CZR guide

Gaming and Leisure Properties is a real estate investment trust that owns the physical property, land, buildings, and parking, underneath casinos and gaming facilities, then leases it back to the companies that actually run the gaming operations. It uses long-term triple-net master leases, meaning tenants cover taxes, insurance, and maintenance, and most leases carry fixed or CPI-linked rent escalators plus rent-coverage covenants. As of the end of 2025, GLPI owned interests in 69 gaming and related facilities across 20 states, all 100% occupied, making it one of the two dominant landlords in US gaming real estate alongside VICI Properties. Roughly 97% of its cash rent comes from five tenants: PENN Entertainment (its largest, spun off from in 2013), Caesars, Boyd, Cordish, and Bally's.

Full GLPI guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• CZR drivers: Pending Fertitta cash acquisition; Caesars Digital growth.
• GLPI drivers: High, contractually backed dividend; Escalator-linked rent and 100% occupancy.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The largest risk is deal-specific: a failure or renegotiation of the Fertitta acquisition, driven by regulatory or financing setbacks, could send shares back toward the lower unaffected pre-rumor level. For GLPI, gLPI depends on a small number of tenants, with about 97% of cash rent coming from just five operators, so financial trouble at PENN, Caesars, Boyd, Cordish, or Bally's would directly threaten rent collection.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick CZR if you believe its drivers more; GLPI if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the CZR and GLPI guides.

CZR. CZR trades close to the $31.00 all-cash offer from Fertitta, so its market value of roughly $6 billion reflects deal terms more than a standalone multiple. On an enterprise basis the transaction values the company near $17.6 billion including assumed debt. Reported net income remains negative because interest and lease costs exceed operating profit, so investors focus on adjusted EBITDA, leverage, and deal-completion probability.

GLPI. GLPI is valued like an income-focused net-lease REIT, trading around 10.5x forward AFFO with a yield near 7%, roughly in line with peer VICI on multiple but at a persistent discount that reflects its heavier regional-casino tenant mix. Because it distributes most of its rental cash flow, the durability of tenant rent and the level of interest rates drive the shares far more than headline growth. Figures are approximate and based on Q1 2026 results and 2026 guidance.

Headline figures (approximate, July 2026): CZR shows revenue (ttm) ~$11.5B, q1 2026 net revenue ~$2.9B, q1 2026 adjusted ebitda ~$887M, net debt ~$11.0B; GLPI shows total revenue (q1 2026) ~$420 million (up ~6.3% YoY), affo (q1 2026) ~$297 million (~$1.02 per diluted share), 2026 affo guidance ~$4.08 to $4.12 per share, dividend ~$3.12 annualized (~$0.78/quarter).

CZR and GLPI are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CZR and GLPI exposure against your real portfolio. It is not an investment adviser.