Investors

PRESS RELEASE

Feb 03, 2015

Gaming and Leisure Properties, Inc. Announces Fourth Quarter and Full Year 2014 Results

Gaming and Leisure Properties, Inc. Announces Fourth Quarter and Full Year 2014 Results 65.4 KB

- Establishes 2015 First Quarter and Full Year Guidance -
- Declares 2015 First Quarter Dividend -

WYOMISSING, Pa., Feb. 3, 2015 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (Nasdaq:GLPI) (the "Company"), the first gaming-focused REIT in North America, today announced results for the quarter and full year ended December 31, 2014.

Financial Highlights

	Three Months Ended December 31,				Year Ended December 31,
(in millions, except per share data)	2014 Actual		2014 Guidance ⁽¹⁾	2013 Actual ⁽⁵⁾	2014 Actual	2014 Guidance ⁽¹⁾	2013 Actual⁽⁵⁾
Net Revenue	$159.0	$156.6		$113.8	$635.9	$633.5	$242.1
Adjusted EBITDA ⁽²⁾	$105.1	$105.5		$58.7	$422.5	$422.8	$91.0
Net Income	$44.2	$44.9		$9.2	$185.4	$186.1	$19.8
Funds From Operations ⁽³⁾	$66.7	$69.2		$24.1	$278.1	$280.7	$34.7
Adjusted Funds From Operations ⁽⁴⁾	$75.8	$76.7		$27.9	$309.0	$309.9	$46.8

Net income, per diluted common share	$0.38	$0.38		$0.08	$1.58	$1.58	$0.17
FFO, per diluted common share	$0.57	$0.59		$0.21	$2.37	$2.38	$0.30
AFFO, per diluted common share	$0.65	$0.65		$0.24	$2.63	$2.63	$0.40

⁽¹⁾ The guidance figures in the tables above present the guidance provided on October 28, 2014, for the three months and year ended December 31, 2014.

⁽²⁾ Adjusted EBITDA is net income excluding interest, taxes on income, depreciation, (gains) or losses from sales of property, and stock based compensation expense.

⁽³⁾ Funds from operations (FFO) is net income, excluding (gains) or losses from sales of property and real estate depreciation.

⁽⁴⁾ Adjusted funds from operations (AFFO) is FFO, excluding stock based compensation expense, debt issuance costs amortization and other depreciation reduced by maintenance capital expenditures.

⁽⁵⁾ The results for the three months and year ended December 31, 2013, reflect a full three months and year of operations for the continuing businesses in the taxable REIT subsidiaries and a partial year from November 1, 2013 to December 31, 2013 for the real estate entity.

Gaming and Leisure Properties, Inc. Chief Executive Officer, Peter M. Carlino commented, "With $140 million of capital deployed in the Casino Queen acquisition and the delivery of two development projects representing $190 million in Ohio, I am pleased with the progress we've made in our first full year as a real estate investment trust. Additionally, we were able to demonstrate our ability to grow our revenue with the additional rent earned from the activation of a portion of our rent escalator in our Master Lease with Penn. On a macro level, near-term trends in regional gaming are encouraging."

Mr. Carlino continued, "Looking ahead, we will look to grow our portfolio of gaming assets in the coming year by leveraging our strong balance sheet and our deep industry knowledge and relationships. Given our significant alignment with shareholders, we will remain disciplined and selective in our evaluation of opportunities and committed to enhancing cash flow and creating value over the long term."

Financial Update

Gaming and Leisure Properties reported FFO of $66.7 million for the three months ended December 31, 2014. Net revenue for the three months ended December 31, 2014 was $159.0 million. The Company produced net income of $44.2 million for the three months ended December 31, 2014, or $0.38 per diluted common share. Results for the three months ended December 31, 2014 include approximately $2.4 million of compensation expense related to the $0.40 one-time dividend discussed below. This additional compensation expense contributed to the Company's lower net income, FFO and AFFO as compared to previously issued guidance, offset by stronger than expected operating results at the Company's Perryville and Baton Rouge properties (the "TRS properties"), additional variable rent from Toledo and Columbus and the Penn rent escalator.

When reviewing the Company's financial results it should be noted that financial results for the Company's 2014 fiscal year reflect a full year of operations for both operating segments, whereas financial results for the Company's 2013 fiscal year reflect a full year of operations for the continuing businesses in the taxable REIT subsidiaries and a partial year from November 1, 2013 to December 31, 2013 for the real estate entity.

Portfolio Update

GLPI owns approximately 3,111 acres of land and 7.2 million square feet of building space, which was 100% occupied as of December 31, 2014. At the end of the fourth quarter of 2014, the Company owns the real estate associated with 21 casino facilities and leases 18 of these facilities to Penn National Gaming, Inc. (PENN) and one to Casino Queen in East St. Louis, Illinois. Two of the gaming facilities, located in Baton Rouge, Louisiana and Perryville, Maryland, are owned and operated by a subsidiary (GLP Holdings, Inc.) of GLPI.

In November 2013, the Company entered into a "triple-net" lease with Penn, in which substantially all of Penn's former real property assets were leased back to Penn (the "Master Lease"). Following the completion of the first fiscal year of the Master Lease, the 1.8:1 rent coverage ratio required under the Master Lease for annual rent increases was exceeded. However, as the ratio achieved was not sufficient to support the entire rent escalator, commencing in November 2014, the base rental revenue the Company receives from Penn was increased by 1.3% or $3.2 million annually.

Capital project expenditures, which totaled $14.7 million and $139.2 million for the three months and year ended December 31, 2014, respectively, primarily related to the Company's two joint development properties with Penn. Mahoning Valley Race Course and Dayton Raceway both opened and began paying rent during the third quarter of 2014. Total project expenditures for Mahoning Valley Race Course and Dayton Raceway were $100 million and $89.5 million, respectively, which was in line with the planned budget for each site. Property maintenance capex at the TRS properties was $1.4 million and $1.7 million for the three months ended December 31, 2014 and 2013 respectively.

Acquisitions

In May 2014, the Company announced that it had entered into an agreement with Cannery Casino Resorts LLC ("CCR") to acquire The Meadows Racetrack and Casino located in Washington, Pennsylvania, a suburb of Pittsburgh, Pennsylvania. On October 27, 2014, the Company filed a lawsuit against CCR alleging, among other things, fraud, breach of the Membership Interest Purchase Agreement and breach of a related Consulting Agreement, which was subsequently re-filed in New York state court for procedural reasons on January 7, 2015. The Company is seeking an unspecified amount of damages. While the Company has completed and submitted the information required for its gaming and racing applications to the Pennsylvania Gaming Control Board and the Pennsylvania Racing Commission, the timing and resolution of the claims set forth in the lawsuit are unpredictable, and the Company is not able to predict any effect this suit may have on closing of the transaction. Given the filing of the lawsuit, the Company will not be in a position to provide additional commentary on the Meadows transaction at the present time.

Balance Sheet Update

The Company had $36.0 million of unrestricted cash on hand and $2.6 billion in total debt, including $300.0 million of debt outstanding under its unsecured credit facility term loan and $258.0 million on its unsecured credit facility revolver at December 31, 2014. The Company's debt structure at December 31, 2014 was as follows:

	As of December 31, 2014
	Interest Rate	Balance
		(in thousands)
Unsecured Term Loan A ⁽¹⁾	1.732%	$300,000
Unsecured $700 Million Revolver ⁽¹⁾	1.666%	258,000
Senior Unsecured Notes Due 2018	4.375%	550,000
Senior Unsecured Notes Due 2020	4.875%	1,000,000
Senior Unsecured Notes Due 2023	5.375%	500,000
Capital Lease	4.780%	1,487
Total long-term debt		2,609,487
Less current maturities of long-term debt		(81)
Long-term debt, net of current maturities		$2,609,406

⁽¹⁾ The margin on the term loan and revolver is Libor plus 1.50%. The Company's credit facility matures on October 28, 2018.

Dividends

On November 18, 2014, the Company's Board of Directors declared the fourth quarter dividend. Shareholders of record on December 2, 2014 received $0.92 per common share, which was paid on December 19, 2014. The $0.92 per share dividend included a regular quarterly dividend of $0.52 per share and a one-time dividend of $0.40 per share. The one-time dividend is related to distributions to ensure the Company appropriately allocated its historical Earnings and Profits relative to the separation from Penn, in response to the Pre-Filing Agreement requested from the Internal Revenue Service and distributed 100% of its taxable income for the 2014 year. The Company declared its 2015 first quarter dividend of $0.545 per common share, payable on March 27, 2015 to shareholders of record on March 10, 2015.

Guidance

The table below sets forth current guidance targets for financial results for the 2015 first quarter and full year, based on the following assumptions:

Total rental income of approximately $498.2 million for the year and $125.2 million for the first quarter, consisting of approximately $434.1 million for the year and $109.2 million for the first quarter from Penn, approximately $14.2 million for the year and $3.5 million for the first quarter from Casino Queen, $53.4 million for the year and $13.4 million for the first quarter of property taxes paid by tenants, and reduced by approximately $3.5 million for the year and $0.9 million for the first quarter of non-assigned land lease payments made by PENN;
Escalator on the PENN building rent component equal to $3.2 million per year effective November 1, 2014; no additional escalator anticipated to be effective November 1, 2015;
TRS EBITDA of approximately $35.0 million for the year and $9.7 million for the first quarter and maintenance capex of approximately $3.5 million for the year and $1.5 million for the first quarter;
Project capex of approximately $9.3 million for the year and $7.7 million for the first quarter;
Blended income tax rate at the TRS entities of 40%;
LIBOR is based on the forward yield curve;
Real estate depreciation of approximately $95.6 million for the year and $23.9 million in the first quarter;
Non-real estate depreciation of approximately $14.9 million for the year and $3.6 million in the first quarter;
Equity-related employee compensation affecting EBITDA includes the following:
- Expense of approximately $4.0 million for the year and $1.2 million for the first quarter related to cash-settled equity compensation awards issued pre-spin, which are fully vested by the first quarter of 2017;
- Expense of approximately $12.0 million for the year and $3.0 million for the first quarter for payments in lieu of dividends on vested stock options issued pre-spin, which are expected to be paid through October 31, 2016;
Equity-related employee compensation that does not affect EBITDA includes non-cash expense of approximately $15.8 million for the year and $3.9 million for the first quarter for amortization of stock options issued pre-spin and the issuance of new restricted stock awards;
Interest expense includes approximately $8.1 million for the year and $2.0 million for the first quarter of debt issuance costs amortization;
For the purpose of the dividend calculation, AFFO is reduced by approximately $9.3 million for the full year and $2.3 million for the first quarter prior to calculation of the dividend to account for dividends on shares that will be outstanding after options held by PENN employees are exercised; and
The basic share count is approximately 114.0 million shares for the year and 113.4 million shares for the first quarter and the fully diluted share count is approximately 118.0 million shares for the year and 117.6 million shares for the first quarter.

	Three Months Ending March 31,		Full Year Ending December 31,
(in millions, except per share data)	2015 Guidance	2014 Actual	2015 Guidance	2014 Actual
Net Revenue	$162.5	$158.3	$644.0	$635.9
Adjusted EBITDA ⁽¹⁾	$110.6	$103.0	$438.3	$422.5
Net Income	$48.3	$44.3	$190.5	$185.4
Funds From Operations ⁽²⁾	$72.3	$67.9	$286.1	$278.1
Adjusted Funds From Operations ⁽³⁾	$80.3	$74.1	$321.3	$309.0

Net income, per diluted common share	$0.41	$0.38	$1.61	$1.58
FFO, per diluted common share	$0.61	$0.58	$2.42	$2.37
AFFO, per diluted common share	$0.68	$0.63	$2.72	$2.63

⁽¹⁾ Adjusted EBITDA is net income excluding interest, taxes on income, depreciation, (gains) or losses from sales of property, and stock based compensation expense.

⁽²⁾ Funds from operations (FFO) is net income, excluding (gains) or losses from sales of property and real estate depreciation.

⁽³⁾ Adjusted funds from operations (AFFO) is FFO, excluding stock based compensation expense, debt issuance costs amortization and other depreciation reduced by maintenance capital expenditures.

Conference Call Details

The Company will hold a conference call on February 3, 2015 at 10:00 a.m. (Eastern Time) to discuss its financial results, current business trends and market conditions.

Webcast

The conference call will be available in the Investor Relations section of the Company's website at www.glpropinc.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. A replay of the call will also be available for 90 days on the Company's website.

To Participate in the Telephone Conference Call:

Dial in at least five minutes prior to start time.
Domestic: 1-877-705-6003
International: 1-201-493-6725

Conference Call Playback:

Domestic: 1-877-870-5176
International: 1-858-384-5517
Passcode: 13598803
The playback can be accessed through February 10, 2015

Disclosure Regarding Non-GAAP Financial Measures

Funds From Operations ("FFO"), Adjusted Funds From Operations ("AFFO") and Adjusted EBITDA, which are detailed in the reconciliation tables that accompany this release, are used by the Company as performance measures for benchmarking against the Company's peers and as internal measures of business operating performance. The Company believes FFO, AFFO, and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of the Company's current business. This is especially true since these measures exclude real estate depreciation, and we believe that real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time.

FFO, AFFO and Adjusted EBITDA are non-GAAP financial measures, that are considered a supplemental measure for the real estate industry and a supplement to GAAP measures. NAREIT defines FFO as net income (computed in accordance with generally accepted accounting principles), excluding (gains) or losses from sales of property and real estate depreciation. We have defined AFFO as FFO excluding stock based compensation expense, debt issuance costs amortization and other depreciation reduced by maintenance capital expenditures. Finally, we have defined Adjusted EBITDA as net income excluding interest, taxes on income, management fees, depreciation, (gains) or losses from sales of property, and stock based compensation expense.

FFO, AFFO and Adjusted EBITDA are not recognized terms under GAAP. Because certain companies do not calculate FFO, AFFO, and Adjusted EBITDA in the same way and certain other companies may not perform such calculation, those measures as used by other companies may not be consistent with the way the Company calculates such measures and should not be considered as alternative measures of operating profit or net income. The Company's presentation of these measures does not replace the presentation of the Company's financial results in accordance with GAAP.

About Gaming and Leisure Properties

GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in "triple net" lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. GLPI expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators. GLPI also intends to diversify its portfolio over time, including by acquiring properties outside the gaming industry to lease to third parties. GLPI intends to elect to be taxed as a real estate investment trust ("REIT") for United States federal income tax purposes commencing with the 2014 taxable year and is the first gaming-focused REIT.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These statements can be identified by the use of forward looking terminology such as "expects," "believes," "estimates," "intends," "may," "will," "should" or "anticipates" or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: the ability to receive, or delays in obtaining, the regulatory approvals required to own and/or operate its properties, or other delays or impediments to completing GLPI's planned acquisitions or projects (including successful resolution of outstanding litigation against the owners of the Meadows Racetrack & Casino); GLPI's ability to enter into definitive agreements with a third party operator for the Meadows Racetrack & Casino; GLPI's ability to maintain its status as a REIT; GLPI's ability to satisfy any further dividend of historical accumulated earnings and profits in order to qualify as a REIT in 2014; the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease those properties on favorable terms; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in GLPI's Annual Report on Form 10-K for the year ended December 31, 2013, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the Securities and Exchange Commission. All subsequent written and oral forward looking statements attributable to GLPI or persons acting on GLPI's behalf are expressly qualified in their entirety by the cautionary statements included in this press release. GLPI undertakes no obligation to publicly update or revise any forward looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward looking events discussed in this press release may not occur.

Contact

Investor Relations - Gaming and Leisure Properties, Inc.

Brad Cohen
T: 203-682-8211
Brad.Cohen@icrinc.com

Kara Smith
T: 646-277-1211
Email: Kara.Smith@icrinc.com

Bill Clifford
T: 610-401-2900
Email: Bclifford@glpropinc.com

GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except per share data) (unaudited)

	Three Months Ended December 31,		Year Ended December 31,
	2014	2013	2014	2013
Revenues
Rental	$110,542	$68,955	$431,280	$68,955
Real estate taxes paid by tenants ⁽¹⁾	13,578	7,602	50,534	7,602
Total rental revenue	124,120	76,557	481,814	76,557
Gaming	33,606	35,844	148,283	159,352
Food, beverage and other	2,687	2,784	11,621	12,357
Total revenues	160,413	115,185	641,718	248,266
Less promotional allowances	(1,377)	(1,409)	(5,773)	(6,137)
Net revenues	159,036	113,776	635,945	242,129
Operating expenses
Gaming	18,762	20,186	82,995	89,367
Food, beverage and other	2,208	2,536	9,734	10,775
Real estate taxes ⁽¹⁾	13,946	7,995	52,154	9,220
General and administrative ⁽²⁾	22,621	25,946	80,836	43,262
Depreciation	27,446	18,097	106,843	28,923
Total operating expenses	84,983	74,760	332,562	181,547
Income from operations	74,053	39,016	303,383	60,582

Other income (expenses)
Interest expense	(29,570)	(19,254)	(117,030)	(19,254)
Interest income	607	—	2,444	1
Management fees ⁽³⁾	—	(353)	—	(4,203)
Total other expenses	(28,963)	(19,607)	(114,586)	(23,456)

Income from operations before income taxes	45,090	19,409	188,797	37,126
Income tax expense	932	10,175	3,413	17,296
Net income	$44,158	$9,234	$185,384	$19,830

Earnings per common share:
Basic earnings per common share	$0.39	$0.08	$1.65	$0.18
Diluted earnings per common share	$0.38	$0.08	$1.58	$0.17

⁽¹⁾ According to ASC 605, Revenue Recognition, the Company is required to gross up rental income by the amount of real estate taxes paid by tenants under the triple net lease structure and also reflect an offsetting expense in operating expenses.

⁽²⁾ General and administrative expenses include payroll related expenses, insurance, utilities, supplies and other administrative costs.

⁽³⁾ Management fees are legacy charges for operating entities which were eliminated in consolidation prior to the Spin-Off. Management fees terminated as of October 31, 2013.



GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Operations
(in thousands) (unaudited)

	NET REVENUES		ADJUSTED EBITDA
	Three Months Ended December 31,		Three Months Ended December 31,
	2014	2013	2014	2013
Real estate	$124,120	$76,557	$97,483	$50,795
GLP Holdings, LLC. (TRS)	34,916	37,219	7,648	7,876
Total	$159,036	$113,776	$105,131	$58,671

	NET REVENUES		ADJUSTED EBITDA
	Year Ended December 31,		Year Ended December 31,
	2014	2013	2014	2013
Real estate	$481,821	$76,557	$386,539	$50,795
GLP Holdings, LLC. (TRS)	154,124	165,572	35,955	40,237
Total	$635,945	$242,129	$422,494	$91,032



GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
General and Administrative Expenses
(in thousands) (unaudited)

	Three Months Ended December 31,		Year Ended December 31,
	2014	2013	2014	2013
Real estate general and administrative expenses ⁽¹⁾	$16,696	$19,726	$56,852	$19,726
GLP Holdings, LLC. (TRS) general and administrative expenses	5,925	6,220	23,984	23,536
Total	$22,621	$25,946	$80,836	$43,262

⁽¹⁾ Includes stock based compensation of $10.3 million and $30.9 million for the three months and year ended December 31, 2014, respectively, and $3.0 million for the three months and year ended December 31, 2013.



Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA
Gaming and Leisure Properties, Inc. and Subsidiaries
CONSOLIDATED
(in thousands) (unaudited)

	Three Months Ended December 31,		Year Ended December 31,
	2014	2013	2014	2013
Net income	$44,158	$9,234	$185,384	$19,830
(Gains) or losses from dispositions of property	(3)	(8)	10	(39)
Real estate depreciation	22,545	14,896	92,750	14,896
Funds from operations	$66,700	$24,122	$278,144	$34,687
Other depreciation ⁽¹⁾	4,901	3,201	14,093	14,027
Debt issuance costs amortization	2,019	700	8,057	700
Stock based compensation	3,635	1,566	12,258	1,566
Maintenance CAPEX ⁽²⁾	(1,429)	(1,720)	(3,538)	(4,230)
Adjusted funds from operations	$75,826	$27,869	$309,014	$46,750
Interest, net	28,963	19,254	114,586	19,253
Management fees	—	353	—	4,203
Income tax expense	932	10,175	3,413	17,296
Maintenance CAPEX⁽²⁾	1,429	1,720	3,538	4,230
Debt issuance costs amortization	(2,019)	(700)	(8,057)	(700)
Adjusted EBITDA	$105,131	$58,671	$422,494	$91,032

⁽¹⁾ Other depreciation includes both real estate and equipment depreciation from the Company's taxable REIT subsidiaries.

⁽²⁾ Capital maintenance expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost effective to repair.



Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA
Gaming and Leisure Properties, Inc. and Subsidiaries
REAL ESTATE and CORPORATE (REIT)
(in thousands) (unaudited)

	Three Months Ended December 31,		Year Ended December 31,
	2014	2013	2014	2013
Net income	$43,109	$6,612	$177,157	$6,612
(Gains) or losses from dispositions of property	1	—	(149)	—
Real estate depreciation	22,545	14,896	92,750	14,896
Funds from operations	$65,655	$21,508	$269,758	$21,508
Other depreciation	1,832	—	1,832	—
Debt issuance costs amortization	2,019	700	8,057	700
Stock based compensation	3,635	1,566	12,258	1,566
Maintenance CAPEX	—	—	—	—
Adjusted funds from operations	$73,141	$23,774	$291,905	$23,774
Interest, net ⁽¹⁾	26,359	19,254	104,180	19,254
Management fees	—	—	—	—
Income tax (benefit) expense	2	8,467	(1,489)	8,467
Maintenance CAPEX	—	—	—	—
Debt issuance costs amortization	(2,019)	(700)	(8,057)	(700)
Adjusted EBITDA	$97,483	$50,795	$386,539	$50,795

⁽¹⁾ Interest expense, net is net of intercompany interest eliminations of $2.6 million and $10.4 million, respectively, for the three months and year ended December 31, 2014.



Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA
Gaming and Leisure Properties, Inc. and Subsidiaries
GLP HOLDINGS, LLC (TRS)
(in thousands) (unaudited)

	Three Months Ended December 31,		Year Ended December 31,
	2014	2013	2014	2013
Net income	$1,049	$2,622	$8,227	$13,218
(Gains) or losses from dispositions of property	(4)	(8)	159	(39)
Real estate depreciation	—	—	—	—
Funds from operations	$1,045	$2,614	$8,386	$13,179
Other depreciation ⁽¹⁾	3,069	3,201	12,261	14,027
Debt issuance costs amortization	—	—	—	—
Stock based compensation	—	—	—	—
Maintenance CAPEX ⁽²⁾	(1,429)	(1,720)	(3,538)	(4,230)
Adjusted funds from operations	$2,685	$4,095	$17,109	$22,976
Interest, net	2,604	—	10,406	(1)
Management fees	—	353	—	4,203
Income tax expense	930	1,708	4,902	8,829
Maintenance CAPEX ⁽²⁾	1,429	1,720	3,538	4,230
Debt issuance costs amortization	—	—	—	—
Adjusted EBITDA	$7,648	$7,876	$35,955	$40,237


⁽¹⁾ Other depreciation includes both real estate and equipment depreciation from the Company's taxable REIT subsidiaries.

⁽²⁾ Capital maintenance expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost effective to repair.

Source: Gaming and Leisure Properties, Inc.

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glpi@jcir.com

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This Website is offered and available to users who are 18 years of age or older and reside in the United States or any of its territories or possessions. By using this Website, you represent and warrant that you are of legal age to form a binding contract with the Company and meet all of the foregoing eligibility requirements. If you do not meet all of these requirements, you must not access or use the Website.

CHANGES TO WEBSITE

The Company reserves the right to modify these Terms of Use and to change, suspend or discontinue all or any portion of the Website or its content at any time, in its sole discretion, without notice. All changes are effective immediately when posted. Your continued use of or access to the Website following the posting of revised Terms of Use constitutes your acceptance of any modifications to these Terms of Use. You are responsible for remaining knowledgeable as to any modifications that the Company may make to these Terms of Use and you are expected to check this page so you are aware of any changes, as they are binding on you. Your sole remedy should you not consent to a modified term of these Terms of Use is to cease use of or access to the Website and its content. The most current Terms of Use will supersede all previous versions of these Terms of Use.

USE OF WEBSITE

The Website is for general information purposes only and is for your personal and non-commercial use. You may only use the Website in accordance with these Terms of Use and may not use the Website to engage in any unlawful activity or fraudulent purpose or to infringe on the rights of Company, its subsidiaries, affiliates or others. We will not be liable if, for any reason, all or any part of the Website is unavailable or inaccessible at any time or for any period. From time to time, we may restrict access to some parts of the Website or the entire Website.

You are responsible for both:

Making all arrangements necessary for you to have access to the Website.
Ensuring that all persons who access the Website through your internet connection are aware of these Terms of Use and comply with them.

You agree that all information you provide, including, but not limited to, through the use of any interactive features on the Website, is governed by our Privacy Policy available at www.glpropinc.com and you consent to all actions taken by the Company with respect to your information consistent with our Privacy Policy.

PROHIBITED USES

You may use the Website only for lawful purposes and in accordance with these Terms of Use. You agree not to use the Website:

In any way that violates any applicable federal, state, local, or international law or regulation (including, without limitation, any gaming regulations or laws regarding the export of data or software to and from the United States or other countries).
For the purpose of exploiting, harming, or attempting to exploit or harm minors in any way by exposing them to inappropriate content, asking for personally identifiable information, or otherwise.
To send, knowingly receive, upload, download, use, or re-use any material that does not comply with the Content Standards set out in these Terms of Use.
To transmit, or procure the sending of, any advertising or promotional material without our prior written consent, including any “junk mail,” “chain letter,” “spam,” or any other similar solicitation.
To impersonate or attempt to impersonate the Company, a Company employee, another user, or any other person or entity (including, without limitation, by using email addresses or screen names associated with any of the foregoing).
To engage in any other conduct that restricts or inhibits anyone’s use or enjoyment of the Website, or which, as determined by us, may harm the Company or users of the Website, or expose them to liability.

Additionally, you agree not to:

Directly or indirectly interfere or attempt to interfere with the proper working of the Website, and you may not take any action that imposes an unreasonable or disproportionately large load on our infrastructure or could disable, overburden, damage, or impair the Website or interfere with any other party’s use of the Website, including their ability to engage in real time activities through the Website.
In addition, you represent and warrant that, without the prior written consent from an authorized representative of the Company, you will not use any robot, spider, other automatic device, or manual process to access the Website for any purpose, including to monitor or copy our web pages or process any of the content contained herein; frame or utilize framing techniques to enclose any trademark, logo, or other proprietary information (including images, text, page layout, and forms); or use any metatags or any other “hidden text” utilizing Company’s name, trademarks, service marks, or trade names.
Use any manual process to monitor or copy any of the material on the Website, or for any other purpose not expressly authorized in these Terms of Use, without our prior written consent.
Use any device, software, or routine that interferes with the proper working of the Website.
Introduce any viruses, Trojan horses, worms, logic bombs, or other material that is malicious or technologically harmful.
Attempt to gain unauthorized access to, interfere with, damage, or disrupt any parts of the Website, the server on which the Website is stored, or any server, computer, or database connected to the Website.
Attack the Website via a denial-of-service attack or a distributed denial-of-service attack.
Otherwise attempt to interfere with the proper working of the Website.

PROPRIETARY INFORMATION

The Website, including text, design, graphics, interfaces and code, and the selection and arrangement thereof, is owned by the Company, our licensors, or other providers of such material and are protected by United States and international copyright, trademark, patent, trade secret, and other intellectual property or proprietary rights laws. The Company name and its trademarks, logos, service marks product and service names are displayed on this site are registered and unregistered trademarks of the Company, its licensors or content providers, or other third parties. You must not use such marks without our prior written permission. Nothing on this site shall be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trademark, logo or service mark displayed on the site without the owner's prior written permission. You may not modify, copy, distribute, transmit, display, publicly display, publicly perform, republish, download, store, perform or create derivative works of the Website or any part thereof, except as follows:

Your computer may temporarily store copies of such materials in RAM incidental to your accessing and viewing those materials.
You may store files that are automatically cached by your Web browser for display enhancement purposes.
You may print or download one copy of a reasonable number of pages of the Website for your own personal, non-commercial use and not for further reproduction, publication, or distribution.

If we provide social media features with certain content, you may take such actions as are enabled by such features. You must not:

Modify copies of any materials from the Website.
Use any illustrations, photographs, video or audio sequences, or any graphics separately from the accompanying text.
Delete or alter any copyright, trademark, or other proprietary rights notices from copies of materials from this site.
You must not access or use for any commercial purposes any part of the Website or any services or materials available through the Website.

If you wish to make any use of material on the Website other than that set out in this section, please address your request to: Kevin Hitt (khitt@glpropinc.com).

If you print, copy, modify, download, or otherwise use or provide any other person with access to any part of the Website in breach of the Terms of Use, your right to use the Website will stop immediately and you must, at our option, return or destroy any copies of the materials you have made. No right, title, or interest in or to the Website or any content on the Website is transferred to you, and all rights not expressly granted are reserved by the Company. Any use of the Website not expressly permitted by these Terms of Use is a breach of these Terms of Use and may violate copyright, trademark, and other laws. The Company reserves all rights not expressly granted in and to the Website and its content

USER CONTRIBUTIONS

The Website may contain features (collectively, “Interactive Services”) that allow users to post, submit, publish, display, or transmit (hereinafter, “post”) content or materials (collectively, “User Contributions”) on or through the Website.

All User Contributions must comply with the Content Standards set out in these Terms of Use.

You understand and acknowledge that you are solely responsible for any and all User Contributions that you provide to the Company, and the Company, is not responsible nor liable for any User Contributions. Any User Contribution you post to the site will be considered non-confidential and non-proprietary. When you post or transmit information through the Website, you grant the Company an irrevocable, non-exclusive, royalty-free, sublicensable, world-wide license to use reproduce, modify, perform, display, distribute, and otherwise disclose to third parties such User Contributions for any purpose.

You represent and warrant that:

You own or control all rights in and to the User Contributions and have the right to grant the license granted above to us and our affiliates and service providers, and each of their and our respective licensees, successors, and assigns.
All of your User Contributions do and will comply with these Terms of Use.
You understand and acknowledge that you are responsible for any User Contributions you submit or contribute, and you, not the Company, have full responsibility for such content, including its legality, reliability, accuracy, and appropriateness.
You understand and acknowledge that the Company is not responsible or liable to any third party for the content or accuracy of any User Contributions posted by you or any other user of the Website.

We have the right to:

Remove or refuse to post any User Contributions for any or no reason in our sole discretion.
Take any action with respect to any User Contribution that we deem necessary or appropriate in our sole discretion, including if we believe that such User Contribution violates the Terms of Use, including the Content Standards, infringes any intellectual property right or other right of any person or entity, threatens the personal safety of users of the Website or the public, or could create liability for the Company.
Disclose your identity or other information about you to any third party who claims that material posted by you violates their rights, including their intellectual property rights or their right to privacy.
Take appropriate legal action, including without limitation, referral to law enforcement, for any illegal or unauthorized use of the Website.
Terminate or suspend your access to all or part of the Website for any or no reason, including without limitation, any violation of these Terms of Use.

Without limiting the foregoing, we have the right to cooperate fully with any law enforcement authorities or court order requesting or directing us to disclose the identity or other information of anyone posting any materials on or through the Website. YOU WAIVE AND HOLD HARMLESS THE COMPANY AND ITS AFFILIATES, LICENSEES, AND SERVICE PROVIDERS FROM ANY CLAIMS RESULTING FROM ANY ACTION TAKEN BY ANY OF THE FOREGOING PARTIES DURING, OR TAKEN AS A CONSEQUENCE OF, INVESTIGATIONS BY EITHER SUCH PARTIES OR LAW ENFORCEMENT AUTHORITIES.

However, we do not undertake to review material before it is posted on the Website and cannot ensure prompt removal of objectionable material after it has been posted. Accordingly, we assume no liability for any action or inaction regarding transmissions, communications, or content provided by any user or third party. We have no liability or responsibility to anyone for performance or nonperformance of the activities described in this section.

CONTENT STANDARDS

These content standards apply to any and all User Contributions and use of Interactive Services. User Contributions must in their entirety comply with all applicable federal, state, local, and international laws and regulations. Without limiting the foregoing, User Contributions must not:

Contain any material that is offensive, abusive, harassing, unlawful, defamatory, obscene, indecent, violent, hateful, inflammatory, or otherwise objectionable material on the Website.
Promote sexually explicit or pornographic material, violence, or discrimination based on race, sex, religion, nationality, disability, sexual orientation, or age.
Infringe any patent, trademark, trade secret, copyright, or other intellectual property or other rights of any other person.
Violate the legal rights (including the rights of publicity and privacy) of others or contain any material that could give rise to any civil or criminal liability under applicable laws or regulations or that otherwise may be in conflict with these Terms of Use and our Privacy Policy.
Be likely to deceive any person.
Promote any illegal activity, or advocate, promote, or assist any unlawful act.
Cause annoyance, inconvenience, or needless anxiety or be likely to upset, embarrass, alarm, or annoy any other person.
Impersonate any person or misrepresent your identity or affiliation with any person or organization.
Involve commercial activities or sales, such as contests, sweepstakes, and other sales promotions, barter, or advertising.
Give the impression that they emanate from or are endorsed by us or any other person or entity, if this is not the case.

Company reserves the right, but does not assume the obligation, to remove, edit or relocate any user supplied content User Contributions at its sole discretion.

USE BY UNITED STATES RESIDENTS

This Website has been published in the United States and is provided for use only by persons located in the United States. We make no claims that the Website or any of its content is accessible or appropriate outside of the United States. Access to the Website may not be legal by certain persons or in certain countries. If you access the Website from outside of the United States, you do so at your own risk and are responsible for complying with all applicable local laws.

AGE POLICY

Company strongly supports parental control of the internet and, if you are a parent and do not want your children viewing this Website, consult the filtering software companies, such as: Net Nanny and Cybersitter. Net Nanny and Cybersitter are third party service providers that are not affiliated with the Company or any of its subsidiaries or affiliates, and the Company does not assume any obligation with respect to the services provided by such providers.

RESPONSIBILITY FOR ACCOUNTS

This Website may have links to the websites of the properties owned and operated by us and our subsidiaries or tenants in the United States. If you have created an account on one of the property’s website, you are responsible for maintaining the confidentiality of your sign-in information and password. You are responsible for all uses of your account, whether or not authorized by you. You agree to immediately notify such property of any unauthorized uses of your account. Further, you agree to follow all applicable outlined cancellation procedures to cancel any such accounts.

NO WARRANTY AND DISCLAIMER

THE WEBSITE, CONTENT AND OTHER MATERIALS CONTAINED IN THE WEBSITE ARE PROVIDED “AS IS” AND, TO THE MAXIMUM EXTENT PERMITTED BY LAW, COMPANY, ITS SUBSIDIARIES AND AFFILIATES AND THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, SUBCONTRACTORS, SUPPLIERS AND REPRESENTATIVES HEREBY DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, COMPLETENESS, SECURITY, RELIABILITY, QUALITY, ACCURACY, AVAILABILITY, OR THAT THE WEBSITE’S CONTENT, FUNCTIONS, OPERATION OR AVAILABILITY WILL BE UNINTERRUPTED OR ERROR FREE, THAT DEFECTS WILL BE CORRECTED OR THAT THE WEBSITE OR THE SYSTEMS THAT MAKE IT AVAILABLE WILL BE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS, OR FOR ERRORS OR OMISSIONS IN THE CONTENT CONTAINED ON THE WEBSITE.

ANY TRANSACTIONS, COMMUNICATIONS OR OTHER DEALINGS YOU HAVE WITH THIRD PARTIES FOUND ON OR THROUGH THE WEBSITE ARE SOLELY BETWEEN YOU AND THE THIRD PARTY. THE COMPANY MAKES NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO SUCH THIRD PARTIES OFFERING SERVICES ON THE WEBSITE. THE COMPANY SHALL NOT BE RESPONSIBLE NOR LIABLE FOR OR IN CONNECTION WITH ANY SUCH THIRD-PARTY TRANSACTIONS, COMMUNICATIONS OR OTHER DEALINGS.

THE FOREGOING DOES NOT AFFECT ANY WARRANTIES THAT CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.

LIMITATION OF LIABILITY

THE COMPANY SHALL NOT BE LIABLE FOR ANY LOSS, EXPENSE OR DAMAGE, INCLUDING BUT NOT LIMITED TO CONSEQUENTIAL, INCIDENTAL, SPECIAL, DIRECT, INDIRECT OR PUNITIVE DAMAGES OF ANY KIND, INCLUDING LOST PROFIT OR REVENUE ARISING OUT OF OR RELATED TO THESE TERMS OF USE OR USE OF THE WEBSITE, HOWEVER SUCH DAMAGES ARISE, WHETHER IN CONTRACT OR TORT, EVEN IF THE COMPANY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, UNLESS SUCH EXCLUSION OF LIABILITY IS NOT ENFORCEABLE UNDER APPLICABLE LAW, IN WHICH CASE OUR LIABILITY WITH RESPECT TO THESE TERMS OF USE SHALL NOT EXCEED $100.00.

LINKS FROM THE WEBSITE

If the Website contains links to other sites and resources provided by third parties, these links are provided for your convenience only. This includes links contained in advertisements, including banner advertisements and sponsored links. We have no control over the contents of those sites or resources and accept no responsibility for them or for any loss or damage that may arise from your use of them. If you decide to access any of the third-party websites linked to this Website, you do so entirely at your own risk and subject to the terms and conditions of use for such websites.

Linking to the Website and Social Media Features

You may link to our homepage provided you do so in a way that is fair and legal and does not damage our reputation or take advantage of it, but you must not establish a link in such a way as to suggest any form of association, approval, or endorsement on our part.

This Website may provide certain social media features that enable you to:

Link from your own or certain third-party websites to certain content on this Website.
Send emails or other communications with certain content, or links to certain content, on this Website.
Cause limited portions of content on this Website to be displayed or appear to be displayed on your own or certain third-party websites.

You may use these features solely as they are provided by us and solely with respect to the content they are displayed with and otherwise in accordance with any additional terms and conditions we provide with respect to such features. Subject to the foregoing, you must not:

Establish a link from any website that is not owned by you.
Cause the Website or portions of it to be displayed on, or appear to be displayed by, any other site, for example, framing, deep linking, or in-line linking.
Link to any part of the Website other than the homepage.
Otherwise take any action with respect to the materials on this Website that is inconsistent with any other provision of these Terms of Use.

The website from which you are linking, or on which you make certain content accessible, must comply in all respects with the Content Standards set out in these Terms of Use.

You agree to cooperate with us in causing any unauthorized framing or linking immediately to stop. We reserve the right to withdraw linking permission without notice.

We may disable all or any social media features and any links at any time without notice in our discretion.

POLICY FOR MAKING CLAIMS OF COPYRIGHT INFRINGEMENT

If you believe that any content has been posted on the Website in a manner that constitutes copyright infringement, please notify the Company by providing our designated Copyright Agent with the written information specified below:

A physical or electronic signature of a person authorized to act on behalf of the owner of an exclusive right that is allegedly infringed;
Identification of the copyrighted work claimed to have been infringed, or, if multiple copyrighted works are covered at the Website by a single notification, a representative list of such works at the Website;
Identification of the material that is claimed to be infringing or to be the subject of infringing activity and that is to be removed or access to which is to be disabled, and information reasonably sufficient to permit the Company to locate the material;
Information reasonably sufficient to permit the Company to contact you, such as an address, telephone number, and, if available, an electronic mail address at which you may be contacted;
A statement that you have a good faith belief that use of the material in the manner complained of is not authorized by the copyright owner, its agent, or the law; and
A statement that the information in the notification is accurate, and under penalty of perjury, that you are authorized to act on behalf of the owner of an exclusive right that is allegedly infringed.

The Company’s designated Copyright Agent for notice of claims of copyright infringement is:

Legal Department, Gaming and Leisure Properties, Inc.
845 Berkshire Blvd., Suite 200
Wyomissing, PA 19610
Phone: 610-401-2900

PRIVACY

The Company’s Privacy Policy, found on this Website, applies to use of the Website, and its terms are incorporated by reference into these Terms of Use. All information we collect on this Website is subject to our Privacy Policy. By using the Website, you consent to all actions taken by us with respect to your information in compliance with the Privacy Policy.

TERMINATION OF ACCESS

You acknowledge that the Company may terminate your access to this Website at any time, for any reason, with or without cause.

WAIVER

Any waiver of any provision of the Terms of Use will be effective only if in writing and signed by the Company. Any waiver of any provision of these Terms of Use shall not be held to be a waiver of any other provision or any subsequent application of the same provision unless explicitly agreed to by the Company in such signed written waiver.

GOVERNING LAW

These Terms of Use shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without giving effect to any principles of conflicts of laws, and the federal laws of the United States, regardless of where the user is based.

ARBITRATION

At our sole discretion, we may require you to submit any disputes arising from these Terms of Use or use of the Website, including disputes arising from or concerning their interpretation, violation, invalidity, non-performance, or termination, to final and binding arbitration under the Rules of Arbitration of the American Arbitration Association applying Pennsylvania law.

LIMITATION ON TIME TO FILE CLAIMS

UNLESS PROHIBITED BY APPLICABLE LAW, ANY CAUSE OF ACTION OR CLAIM YOU MAY HAVE ARISING OUT OF OR RELATING TO THESE TERMS OF USE OR THE WEBSITE MUST BE COMMENCED WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES; OTHERWISE, SUCH CAUSE OF ACTION OR CLAIM IS PERMANENTLY BARRED.

CLASS ACTION WAIVER

You and the Company agree not to bring any dispute on a class basis. Accordingly, there will be no right or authority for any dispute to be brought or heard as a class action.

INVALIDITY OF TERMS

If any part of these Terms of Use is found to be invalid or unenforceable pursuant to applicable law, then the invalid or unenforceable provision will be deemed superseded by a valid, enforceable provision that most clearly matches the intent of the original provision and the remainder of these Terms of Use shall continue in effect.

RESPONSIBLE GAMING

The Company is committed to a policy of Responsible Gaming. While the Company recognizes that the overwhelming majority of customers participate in our various forms of recreation and amenities in a responsible and rational manner, there are a very small proportion who do not. For those seeking more information on responsible gambling/betting, or assistance with these issues, please visit our Responsible Gaming page.

ENTIRE AGREEMENT

The Terms of Use, our Privacy Policy, and the Accessibility Statement constitute the sole and entire agreement between you and the Company regarding the Website and supersede all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, regarding the Website.

QUESTIONS, COMMENTS, COMPLAINTS OR SERVICE ISSUES

If you have any questions, comments, complaints or service issues pertaining to the Website, please contact the Company at:

Gaming and Leisure Properties, Inc.
845 Berkshire Blvd. Suite 200
Wyomissing, PA 19610
610-401-2900

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Privacy Policy

February 2021

Gaming and Leisure Properties, Inc. (“GLP”) has created this Privacy Policy (“Policy”) to help demonstrate our commitment to privacy.

This Policy describes the types of information we may collect from you or that you may provide when you visit the GLP website at www.glpropinc.com (our “Website”) and our practices for collecting, using, maintaining, protecting, and disclosing that information.

This Policy applies to information about you and about your use of our Website and information collected from our website and in email, text and other electronic messages between you and our Website.

It does not apply to information collected by:

GLP offline or through any other means, including on any other website operated by GLP or any third party (including our affiliates and subsidiaries); or

Any third party (including our affiliates and subsidiaries), including through any application or content (including advertising) that may link to or be accessible from or on our Website.

We value your trust and respect your privacy. As a general practice we do not provide any online information or any information gathered through forms, applications or other means to outside third parties, unless otherwise designated. We do not sell or rent any information gathered online to any outside organization.

We urge you to read this Policy carefully to understand our policies and practices regarding your information and how we will treat it. If you do not agree with our policies and practices, your choice is not to access or use our Website. By accessing or using our Website, you agree to this Policy. This Policy may change from time to time (see Changes to the Policy). Your continued use of our Website after we make changes is deemed to be acceptance of those changes, so please check the Policy periodically for updates.

AGE POLICY

We do not knowingly or intentionally collect any personally identifiable information from, or market to or target, individuals under the age of 18, and with regard to GLP’s casinos, persons under the age 21. Our Website is not intended for children under 16 years of age. No one under age 16 may provide any information to or on the Website. If you are under 16, do not use or provide any information on this Website or through any of its features or use any of the interactive or public comment features of this Website. If we learn we have collected or received personal information from a child under 16 without verification of parental consent, we will delete that information. If you believe we might have any information from or about a child under 16, please contact us (see Contact GLP). California residents under 16 years of age may have additional rights regarding the collection and sale of their personal information. Please see Your California Privacy Rights for more information.

INFORMATION WE COLLECT ABOUT YOU AND HOW WE COLLECT IT

We collect several types of information from and about users of our Website, including information:

By which you may be personally identified, such as name, postal address, email address, telephone number, any other identifier by which you may be contacted online or offline (“personal information”);
That is about you but individually does not identify you; or
About your internet connection, the equipment you use to access our Website, and usage details.

We collect this information:

Directly from you when you provide it to us.
- Such personal information may be gathered.
  - In information that you provide by filling in forms on our Website. This includes information provided at the time of requesting further services. We may also ask you for information when you report a problem with our Website.
  - In records and copies of your correspondence (including email addresses), if you contact us.
Automatically as you navigate through the site. Information collected automatically may include usage details, IP addresses, and information collected through cookies, web beacons, and other tracking technologies.
- Data such as domain names or e-mail and IP addresses may be automatically collected through the standard operation of our internet servers or at our discretion through the use of “cookies.” “Cookies” are small text files we can use to recognize repeat visitors, facilitate a visitor’s ongoing access to and use of our Website, track usage behavior and compile aggregate data that can allow content and speed of access improvements and targeted offers. We do not link non-personal information from cookies to personally identifiable information without your permission and do not use cookies to collect or store personal information about you.
- If a visitor does not want information collected through the use of cookies, there is a simple procedure in most browsers that allows the visitor to deny or accept the cookie feature.
- We may also use other standard Internet technologies, such as Flash technologies, Web beacons or pixel tags, and other similar technologies, to deliver or communicate with cookies and track your use of our Website. For example, we may include Web beacons in email messages or newsletters to determine whether messages have been opened and acted upon. The information obtained with such technology enables us to customize the services offered and measure the overall effectiveness of our online content, advertising campaigns, and the products and services we offer through our Website.
From third parties, for example, our business partners.

HOW WE USE YOUR INFORMATION

We use information that we collect about you or that you provide to us, including any personal information:

To present our Website and its contents to you.
To provide you with information, products, or services that you request from us.
To fulfill any other purpose for which you provide it.
To notify you about changes to our Website or any products or services we offer or provide though it.
To inform you about special discounts, promotions, products offered and other matters relevant to the service or the information collected.
In any other way we may describe when you provide the information.
For any other purpose with your consent.

DISCLOSURE OF INFORMATION

We may disclose personal information that we collect, or you provide as described in this Policy:

To our subsidiaries and affiliates.
To contractors, service providers, and other third parties we use to support our business.
To a buyer or other successor in the event of a merger, divestiture, restructuring, reorganization, dissolution, or other sale or transfer of some or all of GLP’s assets, whether as a going concern or as part of bankruptcy, liquidation, or similar proceeding, in which personal information held by GLP about our Website users is among the assets transferred.
To fulfill the purpose for which you provide it.
For any other purpose disclosed by us when you provide the information.
With your consent.

We may also disclose your personal information:

If requested or required by law, court order, other legal processes, or government or law enforcement authority.
To enforce or apply our Terms of Use.
If we believe in that disclosure is necessary or advisable for any reason, including, without limitation, to protect the rights of any third party.

Additionally, we may share your information, whether individually or in the aggregate, with our subsidiaries or affiliates for marketing or promotional purposes or to improve the products or services offered by us and our subsidiaries and affiliates.

We may disclose aggregated information about our users and information that does not identify any individual without restriction.

COLLECTION OF AGGREGATED INFORMATION

We reserve the right to perform statistical analyses of visitors’ behavior and characteristics in order to measure interest in and use of the various areas of our Website. We may provide aggregated data from these sources to third parties for purposes of research and evaluation.

SECURITY

We have in place certain commercially reasonable technological and procedural security measures in an attempt to protect and safeguard the security of the personal information provided by our visitors.

Unfortunately, the transmission of information via the internet is not completely secure. Although we endeavor to protect your personal information, we cannot guarantee the security of your personal information transmitted to our Website. Any transmission of personal information is at your own risk. We are not responsible for circumvention of any privacy settings or security measures contained on the Website.

LINKS

We may have links to outside websites. By accessing another website from our Website, you hereby release us from any and all liability for your use of such link and website. We are not responsible for the content that appears on these other websites. We have no control over the content of outside websites. Once you access another website, be aware that we are not responsible for the privacy practices of such other websites. You should always use extreme caution when disclosing private or personal information to such websites. We encourage you to look for and review the privacy policy of each and every website that you visit through a link.

CHANGES TO THE POLICY

We reserve the right to amend this Policy at any time, so please review it periodically. We may make non-significant changes to the Policy of which we may not notify users. The date the Policy was last revised is identified at the top of the page.

YOUR CALIFORNIA PRIVACY RIGHTS

If you are a California resident, the California Consumer Protection Act (the “CCPA”) provides you with additional rights regarding our use of your personal information. Among other rights under the CCPA, you may have the right to request that we: (i) disclose to you any personal information that we have about you; (ii) delete personal information that we have about you (subject to certain exceptions); or (iii) not “sell” your information to a third party (excluding qualified service providers), as that term is interpreted under the CCPA. If you are a California resident, you can submit such requests to us via the contact information provided below and we will complete the request within the timeframe permitted by law. It is unlawful for us to discriminate against you because you exercised any of your rights under the CCPA. We do not offer financial incentives in return for the collection or use of your personal information. California's "Shine the Light" law (Civil Code Section § 1798.83) permits users of our App that are California residents to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes. You can submit such requests to us via the contact information below.

ACCESSING, REMOVING, AND CORRECTING YOUR INFORMATION

You may remove, correct, and access your personal information from our systems by sending us a request via the contact information below. We will accommodate such requests in our reasonable discretion.

CONTACTING GLP

If you have a privacy concern or question regarding this Policy, please contact us through one of the following methods:

Email: Send an email to corporate@glpropinc.com

Mail:

Gaming and Leisure Properties, Inc.
845 Berkshire Blvd. Suite 200
Wyomissing, PA 19610
Attn: Legal

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Responsible Gaming

PROMOTING RESPONSIBLE GAMING IS A CORE VALUE OF GAMING AND LEISURE PROPERTIES, INC.

Gaming and Leisure Properties Inc. (“GLPI”) wants all of our casinos’ customers to have fun and to enjoy the casinos safely. We are committed to a policy of responsible gaming. While we recognize that the overwhelming majority of customers at our casinos enjoy our various forms of gambling and non-gambling amenities responsibly, we also understand that there is a small proportion of the population who do not.

To protect them, and others affected by their behavior, our casinos have established a set of policies and guidelines modeled after the American Gaming Association’s Code of Conduct for Responsible Gaming. The “Code” establishes minimum standards that address problem gambling, underage gambling, improper use of alcohol, responsible marketing and advertising and the prevention of unattended minors.

Our casinos use a variety of approaches to promote Responsible Gaming including employee training programs, customer awareness campaigns, self-exclusion and financial restriction programs, written procedures for recognizing and managing these issues, use of outside experts, and ongoing monitoring and review to gauge the effectiveness of these programs.

RECOGNIZING THE PROBLEM

It is widely believed that 1-2% of all gamblers are compulsive and that most experience varying degrees of depression and problems in their lives. Participating in games of chance becomes a self-medicating distraction, providing only temporary relief from underlying problems associated with compulsive behavior.

HOW DO YOU KNOW IF YOU HAVE A GAMBLING PROBLEM?

Review the following questions:

You have often gambled longer than you had planned.
You have often gambled until your last dollar was gone.
Thoughts of gambling have caused you to lose sleep.
You have used your income or savings to gamble while letting bills go unpaid.
You have made repeated, unsuccessful attempts to stop gambling.
You have broken the law or considered breaking the law to finance your gambling.
You have borrowed money to finance your gambling.
You have felt depressed or suicidal because of your gambling losses.
You have been remorseful after gambling.
You have gambled to get money to meet your financial obligations.

We value your trust and respect your confidentiality. As a general practice we do not provide any online information, or any information gathered through forms, applications or other means to outside third parties, unless otherwise designated. We do not sell or rent any information gathered online, or in individual property players’ clubs, to any outside organization.

This Privacy Policy will tell you what information we collect about you and about your use of the websites and services. We urge you to read this Privacy Policy carefully.

RESOURCES AVAILABLE

Besides the National Problem Gambling Helpline, individual states also run free confidential problem gambling help lines and provide on-line information on problem gambling. For those seeking more information, or assistance with these issues the following individual state resources are available:

Illinois
(800) GAMBLER

Louisiana
(877) 770-STOP
www.helpforgambling.org

Nevada
(800) 522-4700
www.nevadacouncil.org

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Accessibility Statement

Gaming and Leisure Properties, Inc. (“GLP”) is committed to ensuring equal access for people with disabilities. GLP will endeavor to maximize the access of people with disabilities to this website.

GLP aims to have our authoring tools and processes meet WAVE (Web Accessibility Evaluation Tool) and Web Accessibility (Level Access) standards.

Below are a few of the accessibility features on glpropinc.com

HTML5 semanic coding for accurate page readibility
Screen-reader compatibility adjustments for ease of browsing
Color contrast that assists reading for people who are color blind or have vision impairments
ALT tags for image identification

For the best experience, please keep your technology up to date

Use the latest version of your web browser.
Use the latest version of your assistive technology.

If you have any questions, please contact GLP’s Information Technology accessibility coordinator, who can be reached at 610.378.8218 or khitt@glpropinc.com.

If you do encounter an accessibility issue, please let us know so we can make all reasonable efforts to make that page accessible..

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