GLPI appoints Carlo Santarelli as SVP of corporate strategy and investor relations

Gaming and Leisure Properties, Inc. (GLPI) has announced the appointment of Carlo Santarelli as Senior Vice President, Corporate Strategy and Investor Relations, a new position at the company.

Santarelli is set to assume his new role on August 18, 2025, reporting directly to GLPI President and Chief Operating Officer, Brandon Moore. He joins GLPI with more than 25 years of Wall Street experience in equity research and investment banking.

Most recently, Santarelli served as Managing Director of Gaming & Lodging Equity Research at Deutsche Bank. His career also includes senior roles at Bear Stearns, JP Morgan, and Wells Fargo. Known for his data-driven insights and strong stock-picking acumen, Santarelli has been consistently recognized in Institutional Investor and other top analyst rankings, said GLPI.

A 2000 graduate of the University of Pennsylvania with a B.A. in Economics, Santarelli brings deep industry knowledge and a robust network of institutional investor and operator relationships to GLPI. He has been a long-time observer of the company and was actively engaged from the research and capital markets side during GLPI’s formation as a gaming-focused triple-net REIT, the company said.

“We’ve known and respected Carlo’s research work on the gaming, lodging and gaming REIT sectors for many years,” said Peter Carlino, Chairman and Chief Executive Officer of GLPI. “Carlo brings to GLPI an in-depth knowledge of the industry and its participants, having experienced GLPI’s original formation of the gaming triple-net-REIT structure from a research analyst and capital markets perspective.”

GLPI shares are down 1.92% year to date and 2.12% over the past 12 months, as per a Casino.org report. In contrast, rival VICI Properties has outperformed significantly over both periods.

In his new role, Santarelli will help shape GLPI’s corporate strategy and manage investor relations. While it is not solely up to incoming executive Santarelli to lift GLPI’s stock, investor relations plays a key role in shaping perception. 

Santarelli has the opportunity to shift the narrative by spotlighting GLPI’s strengths: steady revenue, reliable dividend growth, and a solid balance sheet. Fortunately for Santarelli, GLPI already has solid fundamentals to promote. The company has a healthy project pipeline and a stable financial position.

A recent note from Citizens analyst Mitch Germain highlighted over $2 billion in capital commitments as of Q1, mostly tied to Bally’s and Penn Entertainment. GLPI’s balance sheet remains strong, with a net debt/EBITDA ratio of 4.7x — or 4.4x when factoring in unsettled equity — well below the company’s long-term target in the mid-5x range.

Germain added that about $410 million in equity should be settled by mid-2025, giving GLPI ample liquidity to fund the $375 million in capital deployment already baked into its guidance.