Investors

PRESS RELEASE

Feb 23, 2023

Gaming and Leisure Properties, Inc. Reports Record Fourth Quarter Results, Establishes 2023 Guidance and Announces 2023 First Quarter Dividend of $0.72 per Share and Special Dividend of $0.25 per Share

WYOMISSING, Pa., Feb. 23, 2023 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) today announced record results for the fourth quarter and year-ended December 31, 2022.

Financial Highlights

	Three Months Ended December 31,				Year Ended December 31,
(in millions, except per share data)	2022 Actual		2021 Actual		2022 Actual		2021 Actual
Total Revenue	$	336.4	$	298.3	$	1,311.7	$	1,216.4
Income From Operations	$	275.5	$	204.4	$	1,029.9	$	841.8
Net income	$	199.6	$	119.6	$	703.3	$	534.1
FFO^{(1) (4)}	$	258.8	$	178.0	$	887.3	$	765.7
AFFO^{(2) (4)}	$	239.1	$	205.3	$	924.4	$	812.0
Adjusted EBITDA^{(3) (4)}	$	312.0	$	277.2	$	1,221.7	$	1,096.6
Net income, per diluted common share and OP units⁽⁴⁾	$	0.75	$	0.50	$	2.70	$	2.26
FFO, per diluted common share and OP units⁽⁴⁾	$	0.97	$	0.74	$	3.40	$	3.24
AFFO, per diluted common share and OP units⁽⁴⁾	$	0.89	$	0.85	$	3.55	$	3.44

⁽¹⁾ Funds from operations ("FFO") is net income, excluding (gains) or losses from dispositions of property, net of tax and real estate depreciation as defined by NAREIT.

⁽²⁾ Adjusted Funds from Operations ("AFFO") is FFO, excluding, as applicable to the particular period, stock based compensation expense; the amortization of debt issuance costs, bond premiums and original issuance discounts; other depreciation; amortization of land rights; accretion on investment in leases, financing receivables; non-cash adjustments to financing lease liabilities; impairment charges; straight-line rent adjustments; losses or (gains) on sales of operations, net of tax; losses on debt extinguishment; and provision for credit losses, net, reduced by capital maintenance expenditures.

⁽³⁾ Adjusted EBITDA is net income, excluding, as applicable to the particular period, interest, net; income tax expense; real estate depreciation; other depreciation; (gains) or losses from dispositions of property, net of tax; (gains) or losses on sales of operations, net of tax; stock based compensation expense; straight-line rent adjustments; amortization of land rights; accretion on investment in leases, financing receivables; non-cash adjustments to financing lease liabilities; impairment charges; losses on debt extinguishment; and provision for credit losses, net.

⁽⁴⁾ Metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of non-controlling interests.

Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, “We ended 2022 with record fourth quarter results and increased dividends as our deep, long-term knowledge of the gaming sector has allowed us to continually expand and diversify our tenant base, geographic footprint and rental streams. Reflecting this ongoing expansion, since our establishment as the gaming industry’s first REIT, GLPI has grown from being a landlord with one tenant and 19 properties to become a landlord with six premiere tenants and 57 properties across 17 states as of December 31, 2022. Fourth quarter results again highlight the durability of our rental streams, including the completion of previously announced agreements in late 2021 and in 2022 with The Cordish Companies and Bally’s Corporation, combined with our initiatives to position the Company for further growth through the active management of all aspects of our business and capital structure.

“During the fourth quarter, we continued to successfully and aggressively execute on our long-term strategy to grow rental cash flows while prudently funding our ongoing growth and dividend increases. Early in the quarter we announced an agreement to establish a new master lease for seven PENN Entertainment (“PENN”) properties, including a funding option to allow PENN to pursue attractive growth opportunities in several of its existing markets including Illinois, Ohio and Nevada. The relocation of PENN’s Aurora and Joliet properties in Illinois to new land-based locations with expanded amenities will deliver a superior guest experience at sites with proximity to major thoroughfares and highly trafficked areas. In Ohio, PENN’s proposed hotel at Hollywood Casino Columbus is expected to strengthen the property’s already impressive performance and transform it into a regional destination. Consistent with the leases in our portfolio, this new master lease includes attractive rent and financing terms for both parties under a proven structure that offers GLPI downside protection, while positioning us to benefit from PENN’s long-term growth. Our active support of our leading regional gaming operator tenants through innovative transaction structures has proven to be mutually beneficial and we are confident that this new master lease with PENN will extend our record of success on this front.

“Our ongoing pursuit of growth continues in 2023, as earlier this quarter we completed our previously announced acquisition from Bally's of the real property assets of Bally's Tiverton Casino & Hotel in Rhode Island ("Bally's Tiverton") and Bally's Hard Rock Hotel & Casino Biloxi in Mississippi ("Bally's Biloxi") for $635 million, inclusive of $15 million in the form of OP units, both of which were added to GLPI’s existing master lease with Bally's. The initial rent for the lease was increased by $48.5 million on an annualized basis. GLPI is positioned to benefit from Bally’s long-term growth as we have the option, subject to receipt by Bally's of required consents, to acquire the real property assets of Bally's Twin River Lincoln Casino Resort in Lincoln, RI ("Bally's Lincoln") prior to December 31, 2024 for a purchase price of $771 million and additional rent of $58.8 million.

“Looking forward, we believe GLPI is well positioned to deliver long-term growth based on our gaming operator relationships, our rights and options to participate in select tenants’ future growth and expansion initiatives, and our ability to structure and fund innovative transactions at competitive rates. Our tenants' strength, combined with GLPI’s balance sheet and liquidity, position the Company to consistently grow its cash flows and build value for shareholders in 2023 and beyond.”

Recent Developments

On January 13, 2023, the Company called for redemption all of the $500 million, 5.375% Senior Notes (the "Notes") due in 2023. GLPI redeemed all of the Notes on February 12, 2023 (the "Redemption Date") for $507.5 million which represented 100% of the principal amount of the Notes plus accrued interest through the Redemption Date. GLPI funded the redemption of the Notes primarily from cash on hand.

On January 3, 2023, the Company completed its previously announced acquisition from Bally's Corporation (NYSE: BALY) ("Bally's") of the real property assets of Bally's Tiverton and Bally's Biloxi for consideration of $635 million, inclusive of $15 million in the form of OP units. These properties were added to the Company's existing Master Lease with Bally's. The initial rent for the lease was increased by $48.5 million on an annualized basis, subject to contractual escalations based on the Consumer Price Index ("CPI"), with a 1% floor and a 2% ceiling, subject to CPI meeting a 0.5% threshold.

In connection with the closing, a $200 million deposit funded by GLPI in September 2022 was returned to the Company along with a $9.0 million transaction fee that will be accounted for as a reduction of the purchase price of the assets acquired with no earnings impact. Concurrent with the closing, GLPI borrowed $600 million under its previously structured delayed draw term loan.

GLPI continues to have the option, subject to receipt by Bally's of required consents to acquire the real property assets of Bally's Lincoln prior to December 31, 2024, for a purchase price of $771 million and additional initial rent of $58.8 million.

In December 2022, the Company entered into a new continuous equity offering under which the Company may sell up to $1 billion of its common stock from time to time through a sales agent in "at the market" ("ATM") offerings. The Company continues to have the full $1 billion capacity as of the date of this release.

Other Significant Developments
On October 10, 2022, the Company announced that it agreed to create a new master lease with PENN for seven of PENN's current properties. The Company and PENN also agreed to a funding mechanism to support PENN's pursuit of relocation and development opportunities at several of the properties included in the new master lease. The transaction, including the creation of the new master lease became effective as of January 1, 2023.

Pursuant to the terms agreed upon by the parties, the current PENN master lease was amended to remove PENN's properties in Aurora and Joliet, Illinois, Columbus and Toledo, Ohio, and Henderson, Nevada. Those properties were added to the new master lease. In addition, the existing leases for the Hollywood Casino at The Meadows in Pennsylvania and Hollywood Casino Perryville in Maryland were terminated and these properties were transferred to the new master lease. GLPI agreed to fund up to $225 million for the relocation of PENN's riverboat casino in Aurora at a 7.75% cap rate. GLPI also agreed to fund, at PENN's election, up to an additional $350 million for the relocation of the Hollywood Casino Joliet as well as the construction of hotels at Hollywood Casino Columbus and a second hotel tower at the M Resort Spa Casino at then current market rates.

The terms of the new master lease and the amended PENN master lease are substantially similar to the current PENN master lease with the following key differences;
- The new master lease is cross-defaulted and co-terminus with the existing PENN master lease.
- The initial term of the new master lease expires on October 31, 2033, with three 5-year extensions at PENN’s option.
- All rent in the new master lease is fixed with annual escalation of 1.50%, with the first escalation occurring for the lease year beginning on November 1, 2023.
- The rent for the new lease is $232.2 million in base rent. The rent for the original PENN master lease is $284.1 million, consisting of $208.2 million of building base rent, $43.0 million of land base rent, and $32.9 million of percentage rent.
On September 26, 2022, the Company closed on its previously announced transaction whereby Bally's acquired both GLPI's non-land real estate assets and PENN's outstanding equity interests in Tropicana Las Vegas Hotel and Casino, Inc. ("Tropicana Las Vegas") for an aggregate cash acquisition price, net of fees and expenses, of approximately $145 million, which resulted in a pre-tax gain of $67.4 million. GLPI retained ownership of the land and concurrently entered into a 50-year ground lease with Bally's for an initial annual cash rent of $10.5 million. The ground lease is supported by a Bally’s corporate guarantee and cross-defaulted with the Bally’s Master Lease.
On August 19, 2022, the Company entered into a forward sale agreement (the "August 2022 Forward Sale Agreement"), for up to $105 million. No amounts have been or will be recorded on the Company's balance sheet with respect to the August 2022 Forward Sale Agreement until settlement. The Company settled the August 2022 Forward Sale Agreement in February 2023, utilizing the proceeds of $64.6 million to partially fund the redemption of the Notes that were redeemed as described above.
In addition to the ATM shares sold pursuant to the forward agreement, during the fourth quarter and third quarter of 2022, the Company sold 3,171,776 shares and 2,034,723 shares of its common stock, respectively, under its regular way ATM program raising net proceeds of $156.4 million and $104.4 million, respectively.
On July 1, 2022, the Company issued 7,935,000 shares of its common stock, generating proceeds of approximately $350.8 million.
On May 13, 2022, GLP Capital terminated its credit facility that was scheduled to mature on May 21, 2023 that was guaranteed by the Company and entered into a new credit agreement that provides for a $1.75 billion revolving credit facility with a maturity of four years, subject to two six-month extensions at GLP Capital's option, and that is guaranteed by the Company. The Company recorded a debt extinguishment charge of $2.2 million in connection with this transaction.
On April 1, 2022, GLPI completed its previously announced acquisition from Bally's of the land and real estate assets of Bally's three casinos in Black Hawk, Colorado, and Bally's Quad Cities Casino & Hotel in Rock Island, Illinois, for total consideration of $150 million. These properties were added to the Bally's Master Lease, with the rent for the Bally's Master Lease increased by $12.0 million on an annual basis. The rent is subject to contractual escalations based on the CPI, with a 1% floor and a 2% ceiling, subject to the CPI meeting a 0.5% threshold.
On March 1, 2022, GLPI completed the acquisition of the land and real estate assets of Live! Casino & Hotel Philadelphia ("Live! Philadelphia") and Live! Casino Pittsburgh ("Live! Pittsburgh") from The Cordish Companies ("Cordish") for total consideration of approximately $689 million (inclusive of transaction costs). The Company funded the acquisition by assuming approximately $423 million in debt (which the Company repaid) and issuing approximately $137 million of operating partnership units (approximately 3.0 million total units), with the balance paid from cash on hand, which was in part generated by its December 2021 issuance of senior unsecured notes and common stock.
Simultaneous with the March 1, 2022 closing of the above transaction, the Company entered into a master lease with Cordish (the "Pennsylvania Live! Master Lease"), pursuant to which Cordish will continue its ownership, control and management of the operations of Live! Philadelphia and Live! Pittsburgh. The Pennsylvania Live! Master Lease has an initial annual rent of $50.0 million and an initial term of 39 years, with a maximum term of 60 years, inclusive of tenant renewal options, as well as a fixed annual lease escalation of 1.75% on the entirety of rent commencing on the lease's second anniversary.
On December 29, 2021, the Company completed the acquisition of the land and real estate assets of Live! Casino & Hotel Maryland ("Live! Maryland") from Cordish for total consideration of $1.16 billion (inclusive of transaction costs). Cordish and the Company entered into a lease with Cordish (the "Maryland Live! Lease"), pursuant to which Cordish will continue its ownership, control and management of the operations of Live! Maryland. The Maryland Live! Lease has an initial annual rent of $75 million and an initial term of 39 years, with a maximum term of 60 years, inclusive of tenant renewal options, as well as a fixed annual lease escalation of 1.75% on the entirety of rent commencing on the lease's second anniversary. The transaction also includes a partnership on future Cordish casino developments, as well as potential financing partnerships between GLPI and Cordish in other areas of Cordish's portfolio of real estate and operating businesses. GLPI funded the transaction by assuming $363 million in debt, which was repaid, and issuing $205 million of operating partnership units (4.35 million total units), with the balance of the consideration from cash on hand, which in part was generated by GLPI's December 2021 issuance of senior unsecured notes and common stock.

Dividends

On November 23, 2022, the Company's Board of Directors declared a fourth quarter dividend of $0.705 per share on the Company's common stock. The dividend was paid on December 23, 2022 to shareholders of record on December 9, 2022.

On February 22, 2023, the Company's Board of Directors declared a first quarter dividend of $0.72 per share on the Company's common stock as well as a special earnings and profit dividend of $0.25 per share related to the sale of the Tropicana Las Vegas building. These dividends will be payable on March 24, 2023 to shareholders of record on March 10, 2023.

2023 Guidance

Reflecting the current operating and competitive environment, the Company is providing AFFO guidance for the full year 2023 based on the following assumptions and other factors:

The guidance does not include the impact on operating results from any pending or possible future acquisitions or dispositions, future capital markets activity, or other future non-recurring transactions.
The guidance assumes there will be no material changes in applicable legislation, regulatory environment, world events, including another COVID-19 or other new pandemic outbreak, weather, recent consumer trends, economic conditions, oil prices, competitive landscape or other circumstances beyond our control that may adversely affect the Company's results of operations.

The Company estimates AFFO for the year ending December 31, 2023 will be between $980 million and $997 million, or between $3.61 and $3.67 per diluted share and OP units.

The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, including the information above, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, provision for credit losses, net, acquisition costs and other non-core items that have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. In particular, the Company is unable to predict with reasonable certainty the amount of the change in the provision for credit losses, net, under ASU No. 2016-13 - Financial Instruments - Credit Losses ("ASC 326") in future periods. The non-cash change in the provision for credit losses under ASC 326 with respect to future periods is dependent upon future events that are entirely outside of the Company's control and may not be reliably predicted, including the performance and future outlook of our tenant's operations for our leases that are accounted for as investment in leases, financing receivables, as well as broader macroeconomic factors and future predictions of such factors. As a result, forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Portfolio Update

GLPI's primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of December 31, 2022, GLPI's portfolio consisted of interests in 57 gaming and related facilities, the real property associated with 34 gaming and related facilities operated by PENN, the real property associated with 7 gaming and related facilities operated by Caesars Entertainment, Inc. (NASDAQ: CZR), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation (NYSE: BYD), the real property associated with 7 gaming and related facilities operated by Bally's, the real property associated with 3 gaming and related facilities operated by Cordish and the real property associated with 2 gaming and related facilities operated by Casino Queen. These facilities are geographically diversified across 17 states and contain approximately 27.8 million square feet of improvements. The figures above do not reflect the January 3, 2023 acquisition of the real property assets of Bally's Biloxi and Bally's Tiverton, which added 2.4 million of property square footage and diversified the Company into Rhode Island.

Conference Call Details

The Company will hold a conference call on February 24, 2023 at 10:00 a.m. (Eastern Time) to discuss its financial results, current business trends and market conditions.

To Participate in the Telephone Conference Call:
Dial in at least five minutes prior to start time.
Domestic: 1-877/407-0784
International: 1-201/689-8560

Conference Call Playback:
Domestic: 1-844/512-2921
International: 1-412/317-6671
Passcode: 13735382
The playback can be accessed through Friday, March 3, 2023.

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 software. A replay of the call will also be available for 90 days thereafter on the Company’s website.

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,
		2022			2021			2022			2021
Revenues
Rental income	$	299,246		$	285,461		$	1,173,376		$	1,106,658
Income from investment in leases, financing receivables		37,142			—			138,309			—
Total income from real estate		336,388			285,461			1,311,685			1,106,658
Gaming, food, beverage and other		—			12,874			—			109,693
Total revenues		336,388			298,335			1,311,685			1,216,351

Operating expenses
Gaming, food, beverage and other		—			4,965			—			53,039
Land rights and ground lease expense		11,870			13,052			49,048			37,390
General and administrative		11,315			15,276			51,319			61,245
Gains from dispositions		—			(7,029	)		(67,481	)		(21,751	)
Impairment charge on land		—			—			3,298			—
Depreciation		59,708			59,401			238,688			236,434
Provision for credit losses, net		(21,961	)		8,226			6,898			8,226
Total operating expenses		60,932			93,891			281,770			374,583
Income from operations		275,456			204,444			1,029,915			841,768

Other income (expenses)
Interest expense		(76,538	)		(71,779	)		(309,291	)		(283,037	)
Interest income		1,293			13			1,905			197
Insurance gain		—			3,500			—			3,500
Losses on debt extinguishment		—			—			(2,189	)		—
Total other expenses		(75,245	)		(68,266	)		(309,575	)		(279,340	)

Income before income taxes		200,211			136,178			720,340			562,428
Income tax provision		624			16,551			17,055			28,342
Net income	$	199,587		$	119,627		$	703,285		$	534,086
Less: Net income attributable to non-controlling interest in Operating Partnership		(5,470	)		(39	)		(18,632	)		(39	)
Net income attributable to common shareholders	$	194,117		$	119,588		$	684,653		$	534,047

Earnings per common share:
Basic earnings attributable to common shareholders	$	0.75		$	0.50		$	2.71		$	2.27
Diluted earnings attributable to common shareholders	$	0.75		$	0.50		$	2.70		$	2.26

GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Current Year Revenue Detail
(in thousands) (unaudited)

Three Months Ended December 31, 2022	Building base rent		Land base rent		Percentage rent		Total cash income		Straight line rent			Ground rent in revenue		Accretion on financing leases		Other rental revenue		Total rental income
PENN Master Lease	$	72,198	$	23,492	$	23,934	$	119,624	$	(3,394	)	$	572	$	—	$	—	$	116,802
Amended Pinnacle Master Lease		59,095		17,814		7,164		84,073		1,858			2,204		—		—		88,135
PENN Meadows Lease		3,953		—		2,040		5,993		572			—		—		183		6,748
PENN Morgantown Lease		—		762		—		762		—			—		—		—		762
PENN Perryville Lease		1,479		486		—		1,965		38			—		—		—		2,003
Caesars Master Lease		15,823		5,933		—		21,756		2,394			378		—		—		24,528
Horseshoe St. Louis Lease		5,844		—		—		5,844		472			—		—		—		6,316
Boyd Master Lease		19,674		2,946		2,566		25,186		574			432		—		—		26,192
Boyd Belterra Lease		696		474		472		1,642		151			—		—		—		1,793
Bally's Master Lease		13,260		—		—		13,260		—			2,537		—		—		15,797
Maryland Live! Lease		18,750		—		—		18,750		—			2,155		3,227		—		24,132
Pennsylvania Live! Master Lease		12,500		—		—		12,500		—			302		2,112		—		14,914
Casino Queen Master Lease		5,534		—		—		5,534		107			—		—		—		5,641
Tropicana Las Vegas Lease		—		2,625		—		2,625		—			—		—		—		2,625
Total	$	228,806	$	54,532	$	36,176	$	319,514	$	2,772		$	8,580	$	5,339	$	183	$	336,388


Year Ended December 31, 2022	Building base rent		Land base rent		Percentage rent		Total cash income		Straight line rent			Ground rent in revenue		Accretion on financing leases		Other rental revenue		Total rental income
PENN Master Lease	$	285,944	$	93,969	$	97,423	$	477,336	$	(11,700	)	$	2,495	$	—	$	—	$	468,131
Amended Pinnacle Master Lease		234,835		71,256		28,030		334,121		(1,494	)		8,173		—		—		340,800
PENN Meadows Lease		15,811		—		8,824		24,635		2,289			—		—		589		27,513
PENN Morgantown Lease		—		3,047		—		3,047		—			—		—		—		3,047
PENN Perryville Lease		5,871		1,943		—		7,814		196			—		—		—		8,010
Caesars Master Lease		62,709		23,729		—		86,438		10,162			1,512		—		—		98,112
Horseshoe St. Louis Lease		23,161		—		—		23,161		2,103			—		—		—		25,264
Boyd Master Lease		78,184		11,785		10,124		100,093		2,296			1,729		—		—		104,118
Boyd Belterra Lease		2,764		1,894		1,865		6,523		—			—		—		—		6,523
Bally's Master Lease		49,598		—		—		49,598		—			9,603		—		—		59,201
Maryland Live! Lease		75,000	$	—		—		75,000		—			8,521		12,569		—		96,090
Pennsylvania Live! Master Lease		41,667	$	—		—		41,667		—			1,001		6,873		—		49,541
Casino Queen Master Lease		22,122		—		—		22,122		442			—		—		—		22,564
Tropicana Las Vegas Lease		—		2,771		—		2,771		—			—		—		—		2,771
Total	$	897,666	$	210,394	$	146,266	$	1,254,326	$	4,294		$	33,034	$	19,442	$	589	$	1,311,685

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, except per share and share data) (unaudited)

	Three Months Ended December 31,						Year Ended December 31,
		2022			2021			2022			2021
Net income	$	199,587		$	119,627		$	703,285		$	534,086
(Gains) losses from dispositions of property, net of tax		—			(206	)		(52,844	)		711
Real estate depreciation		59,240			58,564			236,809			230,941
Funds from operations	$	258,827		$	177,985		$	887,250		$	765,738
Straight-line rent adjustments		(2,772	)		(1,449	)		(4,294	)		(3,993	)
Other depreciation⁽¹⁾		468			837			1,879			5,493
Amortization of land rights		3,289			6,445			15,859			15,616
Amortization of debt issuance costs, bond premiums and original issuance discounts		2,377			2,519			9,975			9,929
Accretion on investment in leases, financing receivables		(5,339	)		—			(19,442	)		—
Non-cash adjustment to financing lease liabilities		123			—			483			—
Stock based compensation		4,183			3,645			20,427			16,831
Loss (gain) on sale of operations, net of tax		—			7,730			—			(3,560	)
Losses on debt extinguishment		—			—			2,189			—
Impairment charge on land		—			—			3,298			—
Provision for credit losses, net		(21,961	)		8,226			6,898			8,226
Capital maintenance expenditures⁽²⁾		(57	)		(615	)		(159	)		(2,270	)
Adjusted funds from operations	$	239,138		$	205,323		$	924,363		$	812,010
Interest, net⁽³⁾		74,570			71,766			304,703			282,840
Income tax expense		624			1,998			2,418			9,440
Capital maintenance expenditures⁽²⁾		57			615			159			2,270
Amortization of debt issuance costs, bond premiums and original issuance discounts		(2,377	)		(2,519	)		(9,975	)		(9,929	)
Adjusted EBITDA	$	312,012		$	277,183		$	1,221,668		$	1,096,631

Net income, per diluted common shares and OP units	$	0.75		$	0.50		$	2.70		$	2.26
FFO, per diluted common share and OP units	$	0.97		$	0.74		$	3.40		$	3.24
AFFO, per diluted common share and OP units	$	0.89		$	0.85		$	3.55		$	3.44

Weighted average number of common shares and OP units outstanding
Diluted common shares		260,365,257			241,369,486			253,846,475			236,230,630
OP units		7,366,683			141,808			6,878,857			35,743
Diluted common shares and OP units		267,731,940			241,511,294			260,725,332			236,266,373

⁽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.

⁽³⁾Current year amounts excludes non-cash interest expense gross up related to the ground lease for the Live! Maryland property.

Reconciliation of Cash Net Operating Income
Gaming and Leisure Properties, Inc. and Subsidiaries
CONSOLIDATED
(in thousands, except per share and share data) (unaudited)

	Three Months Ended December 31, 2022			Year Ended December 31, 2022
Adjusted EBITDA	$	312,012		$	1,221,668
General and administrative expenses		11,315			51,319
Stock based compensation		(4,183	)		(20,427	)
Cash net operating income⁽¹⁾		319,144			1,252,560

⁽¹⁾ Cash net operating income is rental and other property income less cash property level expenses.

Gaming and Leisure Properties, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share data)

	December 31, 2022			December 31, 2021

Assets
Real estate investments, net	$	7,707,935		$	7,777,551
Investment in leases, financing receivables, net		1,903,195			1,201,670
Assets held for sale		—			77,728
Right-of-use assets and land rights, net		834,067			851,819
Cash and cash equivalents		239,083			724,595
Other assets		246,106			57,086
Total assets	$	10,930,386		$	10,690,449

Liabilities
Accounts payable, dividend payable and accrued expenses	$	6,561		$	63,543
Accrued interest		82,297			71,810
Accrued salaries and wages		6,742			6,798
Operating lease liabilities		181,965			183,945
Financing lease liabilities		53,792			53,309
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts		6,128,468			6,552,372
Deferred rental revenue		324,774			329,068
Other liabilities		27,691			39,464
Total liabilities		6,812,290			7,300,309

Equity

Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2022 and December 31, 2021)		—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 260,727,030 shares and 247,206,937 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively)		2,607			2,472
Additional paid-in capital		5,573,567			4,953,943
Retained deficit		(1,798,216	)		(1,771,402	)
Total equity attributable to Gaming and Leisure Properties		3,777,958			3,185,013
Noncontrolling interests in GLPI's Operating Partnership (7,366,683 units and 4,348,774 units outstanding at December 31, 2022 and December 31, 2021, respectively)		340,138			205,127
Total equity		4,118,096			3,390,140
Total liabilities and equity	$	10,930,386		$	10,690,449

Debt Capitalization

The Company’s debt structure as of December 31, 2022 was as follows:


	Years to Maturity	Interest Rate		Balance
				(in thousands)
Unsecured $1,750 Million Revolver Due May 2026	3.4	—	%		—
Term Loan Credit Facility	4.7	—	%		—
Senior Unsecured Notes Due November 2023	0.8	5.375	%		500,000
Senior Unsecured Notes Due September 2024	1.7	3.350	%		400,000
Senior Unsecured Notes Due June 2025	2.4	5.250	%		850,000
Senior Unsecured Notes Due April 2026	3.3	5.375	%		975,000
Senior Unsecured Notes Due June 2028	5.4	5.750	%		500,000
Senior Unsecured Notes Due January 2029	6.0	5.300	%		750,000
Senior Unsecured Notes Due January 2030	7.0	4.000	%		700,000
Senior Unsecured Notes Due January 2031	8.0	4.000	%		700,000
Senior Unsecured Notes due January 2032	9.0	3.250	%		800,000
Other	3.7	4.780	%		583
Total long-term debt					6,175,583
Less: unamortized debt issuance costs, bond premiums and original issuance discounts					(47,115	)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts				$	6,128,468
Weighted average	5.1	4.660	%

Rating Agency Update - Issue Rating

Rating Agency		Rating
Standard & Poor's		BBB-
Fitch		BBB-
Moody's		Ba1

Properties (1)

Description	Location	Date Acquired	Tenant/Operator
PENN Master Lease (19 Properties)
Hollywood Casino Lawrenceburg	Lawrenceburg, IN	11/1/2013	PENN
Hollywood Casino Aurora	Aurora, IL	11/1/2013	PENN
Hollywood Casino Joliet	Joliet, IL	11/1/2013	PENN
Argosy Casino Alton	Alton, IL	11/1/2013	PENN
Hollywood Casino Toledo	Toledo, OH	11/1/2013	PENN
Hollywood Casino Columbus	Columbus, OH	11/1/2013	PENN
Hollywood Casino at Charles Town Races	Charles Town, WV	11/1/2013	PENN
Hollywood Casino at Penn National Race Course	Grantville, PA	11/1/2013	PENN
M Resort	Henderson, NV	11/1/2013	PENN
Hollywood Casino Bangor	Bangor, ME	11/1/2013	PENN
Zia Park Casino	Hobbs, NM	11/1/2013	PENN
Hollywood Casino Gulf Coast	Bay St. Louis, MS	11/1/2013	PENN
Argosy Casino Riverside	Riverside, MO	11/1/2013	PENN
Hollywood Casino Tunica	Tunica, MS	11/1/2013	PENN
Boomtown Biloxi	Biloxi, MS	11/1/2013	PENN
Hollywood Casino St. Louis	Maryland Heights, MO	11/1/2013	PENN
Hollywood Gaming Casino at Dayton Raceway	Dayton, OH	11/1/2013	PENN
Hollywood Gaming Casino at Mahoning Valley Race Track	Youngstown, OH	11/1/2013	PENN
1st Jackpot Casino	Tunica, MS	5/1/2017	PENN
Amended Pinnacle Master Lease (12 Properties)
Ameristar Black Hawk	Black Hawk, CO	4/28/2016	PENN
Ameristar East Chicago	East Chicago, IN	4/28/2016	PENN
Ameristar Council Bluffs	Council Bluffs, IA	4/28/2016	PENN
L'Auberge Baton Rouge	Baton Rouge, LA	4/28/2016	PENN
Boomtown Bossier City	Bossier City, LA	4/28/2016	PENN
L'Auberge Lake Charles	Lake Charles, LA	4/28/2016	PENN
Boomtown New Orleans	New Orleans, LA	4/28/2016	PENN
Ameristar Vicksburg	Vicksburg, MS	4/28/2016	PENN
River City Casino & Hotel	St. Louis, MO	4/28/2016	PENN
Jackpot Properties (Cactus Petes and Horseshu)	Jackpot, NV	4/28/2016	PENN
Plainridge Park Casino	Plainridge, MA	10/15/2018	PENN
Caesars Master Lease (6 Properties)
Tropicana Atlantic City	Atlantic City, NJ	10/1/2018	CZR
Tropicana Laughlin	Laughlin, NV	10/1/2018	CZR
Trop Casino Greenville	Greenville, MS	10/1/2018	CZR
Belle of Baton Rouge	Baton Rouge, LA	10/1/2018	CZR
Isle Casino Hotel Bettendorf	Bettendorf, IA	12/18/2020	CZR
Isle Casino Hotel Waterloo	Waterloo, IA	12/18/2020	CZR
Boyd Master Lease (3 Properties)
Belterra Casino Resort	Florence, IN	4/28/2016	BYD
Ameristar Kansas City	Kansas City, MO	4/28/2016	BYD
Ameristar St. Charles	St. Charles, MO	4/28/2016	BYD
Bally's Master Lease ( 6 Properties)
Tropicana Evansville	Evansville, IN	06/03/2021	BALY
Dover Downs	Dover, DE	06/03/2021	BALY
Black Hawk (Black Hawk North, West and East casinos)	Black Hawk, CO	4/1/2022	BALY
Quad Cities Casino & Hotel	Rock Island, IL	4/01/2022	BALY
Casino Queen Master Lease (2 Properties)
Casino Queen	East St. Louis, IL	1/23/2014	Casino Queen
Hollywood Casino Baton Rouge	Baton Rouge, LA	12/17/2021	Casino Queen
Pennsylvania Live! Master Lease (2 Properties)
Live! Casino & Hotel Philadelphia	Philadelphia, PA	3/01/2022	Cordish
Live! Casino Pittsburgh	Greensburg, PA	3/01/2022	Cordish

Single Asset Leases
Belterra Park Gaming & Entertainment Center	Cincinnati, OH	10/15/2018	BYD
Horseshoe St. Louis	St. Louis, MO	10/1/2018	CZR
Hollywood Casino at the Meadows	Washington, PA	9/9/2016	PENN
Hollywood Casino Morgantown	Morgantown, PA	10/1/2020	PENN
Hollywood Casino Perryville	Perryville, MD	7/1/2021	PENN
Live! Casino & Hotel Maryland	Hanover, MD	12/29/2021	Cordish
Tropicana Las Vegas	Las Vegas, NV	4/16/2020	BALY

⁽¹⁾ Table above represents properties owned as of December 31, 2022 and therefore excludes the January 3, 2023 acquisition of Bally's Tiverton and Bally's Biloxi which were added to the Bally's Master Lease.

Lease Information

Master Leases

PENN
Master
Lease

PENN
Amended
Pinnacle
Master
Lease

Caesars
Amended and Restated
Master Lease

Boyd Master
Lease

Bally's Master Lease

Casino Queen Master Lease

Pennsylvania
Live! Master
Lease
operated by Cordish

Property Count

Number of States Represented

Commencement Date

11/1/2013

4/28/2016

10/1/2018

10/15/2018

6/3/2021

12/17/2021

3/1/2022

Lease Expiration Date

10/31/2033

4/30/2031

9/30/2038

04/30/2026

06/02/2036

12/17/2036

2/28/2061

Remaining Renewal Terms

15 (3x5 years)

20 (4x5 years)

25 (5x5 years)

20 (4x5 years)

21 (1 X 11 years, 1 X 10 years)

Corporate Guarantee

Yes

Master Lease with Cross Collateralization

Yes

Technical Default Landlord Protection

Yes

Default Adjusted Revenue to Rent Coverage

1.1

1.2

1.4

1.35⁽¹⁾

1.4

Competitive Radius Landlord Protection

Yes

Escalator Details

Yearly Base Rent Escalator Maximum

(3)

(4)

(5)

1.75 (6)

Coverage ratio at September 30, 2022⁽²⁾

2.21

2.23

2.48

2.81

2.52

2.76

N/A

Minimum Escalator Coverage Governor

1.8

N/A

1.8

N/A

Yearly Anniversary for Realization

November

May

October

May

June

December

March 2024

Percentage Rent Reset Details

Reset Frequency

5 years

2 years

N/A

2 years

N/A

Next Reset

November 2023

May 2024

N/A

May 2024

N/A

⁽¹⁾ The Bally's Master Lease ratio declines to 1.20 once annual rent reaches $60 million.

⁽²⁾ Information with respect to our tenants' rent coverage over the trailing twelve months was provided by our tenants as of September 30, 2022. The Casino Queen Master Lease is calculated on a proforma basis for the addition of Hollywood Casino Baton Rouge which occurred in December 2021. GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy.

⁽³⁾ Building base rent shall be increased by 1.25% annually in the 5th and 6th lease year, 1.75% in the 7th and 8th lease year, and 2% in the 9th lease year and each year thereafter.

⁽⁴⁾ If the CPI increase is at least 0.5% for any lease year, then the rent shall increase by the greater of 1% of the rent as of the immediately preceding lease year and the CPI increase capped at 2%. If the CPI is less than 0.5% for such lease year, then the rent shall not increase for such lease year.

⁽⁵⁾ Rent increases by 0.5% for the first six years. Beginning in the seventh lease year through the remainder of the lease term, if the CPI increases by at least 0.25% for any lease year then annual rent shall be increased by 1.25%, and if the CPI is less than 0.25% then rent will remain unchanged for such lease year.

⁽⁶⁾ Effective on the second anniversary of the commencement date of the lease.

Lease Information

		Single Property Leases
	Belterra Park Lease operated by Boyd	Meadows Lease operated by PENN	Horseshoe St. Louis Lease operated by CZR	Morgantown Ground Lease operated by PENN	Perryville Lease operated by PENN	Live! Casino & Hotel- Maryland operated by Cordish	Tropicana Las Vegas Ground Lease operated by BALY
Commencement Date	10/15/2018	9/9/2016	9/29/2020	10/1/2020	7/1/2021	12/29/2021	9/26/2022
Lease Expiration Date	04/30/2026	9/30/2026	10/31/2033	10/31/2040	6/30/2041	12/31/2060	9/25/2072
Remaining Renewal Terms	25 (5x5 years)	19 (3x5years, 1x4 years)	20 (4x5 years)	30 (6x5 years)	15 (3x5 years)	21 (1x11 years, 1x10 years)	49 (1 x 24 years, 1 x 25 years)
Corporate Guarantee	No	Yes	Yes	Yes	Yes	No	Yes
Technical Default Landlord Protection	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Default Adjusted Revenue to Rent Coverage	1.4	1.2	1.2	N/A	1.2	1.4	1.4
Competitive Radius Landlord Protection	Yes	Yes	Yes	N/A	Yes	Yes	Yes
Escalator Details
Yearly Base Rent Escalator Maximum	2%	5%⁽¹⁾	1.25%⁽²⁾	1.5%⁽³⁾	1.5%⁽⁴⁾	1.75%⁽⁵⁾	(6)
Coverage ratio at September 30, 2022⁽⁷⁾	4.31	1.85	2.30	N/A	3.19	N/A	N/A
Minimum Escalator Coverage Governor	1.8	2.0	N/A	N/A	N/A	N/A	N/A
Yearly Anniversary for Realization	May	October	October	December	July	January 2024	October
Percentage Rent Reset Details
Reset Frequency	2 years	2 years	N/A	N/A	N/A	N/A	N/A
Next Reset	May 2024	October 2024	N/A	N/A	N/A	N/A	N/A

⁽¹⁾ Meadows contains an annual escalator for up to 5% of the base rent, if certain rent coverage ratio thresholds are met, which remains at 5% until the earlier of 10 years or the year in which total rent is $31 million, at which point the escalator is reduced to 2%.

⁽²⁾ For the second through fifth lease years, after which time the annual escalation becomes 1.75% for the 6th and 7th lease years and then 2% for the remaining term of the lease.

⁽³⁾ Increases by 1.5% on the opening date (which occurred on December 22, 2021) and for the first three lease years. Commencing on the fourth anniversary of the opening date and for each anniversary thereafter, if the CPI increase is at least 0.5% for any lease year, the rent for such lease year shall increase by 1.25% of rent as of the immediately preceding lease year, and if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year.

⁽⁴⁾ Building base rent increases for the second through fourth lease years, after which time the annual escalation becomes 1.25% to the extent CPI for the preceding lease year is at least 0.5%.

⁽⁵⁾ Effective on the second anniversary of the commencement date of the lease.

⁽⁶⁾ If the CPI increase is at least 0.5% for any lease year, then the rent shall increase by the greater of 1% of the rent as of the immediately preceding lease year and the CPI increase capped at 2%. If the CPI is less than 0.5% for such lease year, then the rent shall not increase for such lease year.

⁽⁷⁾ Information with respect to our tenants' rent coverage over the trailing twelve months was provided by our tenants as of September 30, 2022. GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy.

Disclosure Regarding Non-GAAP Financial Measures

FFO, FFO per diluted common share and OP units, AFFO, AFFO per diluted common share and OP units, Adjusted EBITDA and Cash Net Operating Income ("Cash NOI"), 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, which is used for a bonus metric. These metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of non-controlling interests. The Company believes FFO, FFO per diluted common share and OP units, AFFO, AFFO per diluted common share and OP units, Adjusted EBITDA and Cash NOI 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. Cash NOI is rental and other property income, less cash property level expenses. Cash NOI excludes depreciation, the amortization of land rights, real estate general and administrative expenses, other non-routine costs and the impact of certain generally accepted accounting principles (“GAAP”) adjustments to rental revenue, such as straight-line rent adjustments and non-cash ground lease income and expense. It is management's view that Cash NOI is a performance measure used to evaluate the operating performance of the Company’s real estate operations and provides investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis.

FFO, FFO per diluted common share and OP units, AFFO, AFFO per diluted common share and OP units, Adjusted EBITDA and Cash NOI are non-GAAP financial measures that are considered supplemental measures for the real estate industry and a supplement to GAAP measures. NAREIT defines FFO as net income (computed in accordance with GAAP), excluding (gains) or losses from dispositions of property, net of tax and real estate depreciation. We have defined AFFO as FFO excluding, as applicable to the particular period, stock based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, the amortization of land rights, accretion on investment in leases, financing receivables, non-cash adjustments to financing lease liabilities, impairment charges, straight-line rent adjustments, losses or (gains) on sales of operations, net of tax, losses on debt extinguishment, and provision for credit losses, net, reduced by capital maintenance expenditures. We have defined Adjusted EBITDA as net income excluding, as applicable to the particular period, interest, net, income tax expense, real estate depreciation, other depreciation, (gains) or losses from dispositions of property, net of tax, (gains) or losses on sales of operations, net of tax, stock based compensation expense, straight-line rent adjustments, the amortization of land rights, accretion on investment in leases, financing receivables, non-cash adjustments to financing lease liabilities, impairment charges, losses on debt extinguishment, and provision for credit losses, net. For financial reporting and debt covenant purposes, the Company includes the amounts of non-cash rents earned in FFO, AFFO, and Adjusted EBITDA. Finally, we have defined Cash NOI as Adjusted EBITDA excluding general and administrative expenses and including, as applicable to the particular period, stock based compensation expense and (gains) or losses from dispositions of property.

FFO, FFO per diluted common share and OP units, AFFO, AFFO per diluted common share and OP units, Adjusted EBITDA and Cash NOI are not recognized terms under GAAP. These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as an indication of our ability to fund all of our cash needs, including to make cash distributions to our shareholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per diluted common share, AFFO, AFFO per diluted common share, Adjusted EBITDA and Cash NOI, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our 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.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our expectations regarding our 2023 AFFO guidance and the Company being positioned to deliver long-term growth through portfolio expansion and diversification and to benefit from Bally's and PENN's long-term growth. Forward-looking 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 effect of pandemics, such as COVID-19, on GLPI as a result of the impact such pandemics may have on the business operations of GLPI's tenants and their continued ability to pay rent in a timely manner or at all; the potential negative impact of recent high levels of inflation (which have been exacerbated by the armed conflict between Russia and Ukraine) on our tenants' operations; 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; 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 acquisitions or projects; GLPI's ability to maintain its status as a REIT; our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI; the impact of our substantial indebtedness on our future operations; 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, 2022, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each 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 as presented or at all.

Contact:
Gaming and Leisure Properties, Inc.	Investor Relations
Matthew Demchyk, Chief Investment Officer	Joseph Jaffoni, Richard Land, James Leahy at JCIR
610/401-2900	212/835-8500
	glpi@jcir.com

Source: Gaming and Leisure Properties, Inc.

Shareholder
Inquires

Joe Jaffoni
Rich Land
Jim Leahy
JCIR
glpi@jcir.com

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Gaming & Leisure Properties, Inc.
845 Berkshire Blvd.
Wyomissing, PA 19610

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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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