Revenue during the quarter surged 63.09 percent to $242.71 million from $148.82 million in the previous year period.

Cost of revenue surged 30.20 percent or $10.02 million during the quarter to $43.22 million. Gross margin for the quarter expanded 450 basis points over the previous year period to 82.19 percent.

Total expenses were $92.71 million for the quarter, up 14.20 percent or $11.52 million from year-ago period. Operating margin for the quarter expanded 1635 basis points over the previous year period to 61.80 percent.

Operating income for the quarter was $150.01 million, compared with $67.64 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $219.02 million compared with $113.23 million in the prior year period. At the same time, adjusted EBITDA margin improved 1415 basis points in the quarter to 90.24 percent from 76.09 percent in the last year period.

For fiscal year 2017, Gaming and Leisure Properties, Inc. forecasts revenue to be $971.30 million. It projects net income to be $381.10 million. It expects diluted earnings per share to be $1.80 for the same period.

For the second-quarter, Gaming and Leisure Properties, Inc. forecasts revenue to be $243.50 million. It projects net income to be $95.70 million. It expects diluted earnings per share to be $0.45 for the same period.

Revenue from real estate activities during the quarter surged 82.70 percent or $92.66 million to $204.70 million.

Food and beverage revenue was $39.26 million during the quarter, up 2.89 percent or $1.10 million from year-ago period.

Chief executive officer, Peter M. Carlino, commented, "During the first quarter, we announced that we reached an agreement to acquire the real estate assets of Bally's Casino Tunica and Resorts Casino Tunica for $82.6 million, which we expect to be completed on May 1, 2017. We are excited to partner with Penn National Gaming, Inc. (NASDAQ: PENN) on this transaction as these assets will be added to the existing PENN master lease and will produce $9.0 million of incremental annual rent. We appreciate the expedient review completed by the Mississippi Gaming Commission, which approved the transaction on April 20, 2017. This acquisition demonstrates our steadfast focus on accretive growth for our shareholders. Since the beginning of 2016, we have acquired the real estate assets of 17 casinos across 8 states, which generate annual cash rental income of $411.4 million. We also recently announced an expansion of our Board of Directors with the addition of Earl Shanks and Jim Perry, who bring a wealth of relevant financial and operational experience."