Release Details

PRESS RELEASE

Jul 24, 2025

Gaming and Leisure Properties Reports Second Quarter 2025 Results and Updates 2025 Full Year Guidance

WYOMISSING, Pa., July 24, 2025 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) today announced financial results for the quarter ended June 30, 2025.

Financial Highlights

	Three Months Ended June 30,
(in millions, except per share data)	2025			2024
Total Revenue	$	394.9		$	380.6
Income from Operations	$	242.1		$	293.4
Net Income	$	156.2		$	214.4
FFO ^{(1) (4)}	$	224.9		$	279.2
AFFO ^{(2) (4)}	$	276.1		$	264.4
Adjusted EBITDA ^{(3) (4)}	$	361.5		$	340.4
Net income, per diluted common share	$	0.54		$	0.77
FFO, per diluted common share and OP/LTIP units ⁽⁴⁾	$	0.79		$	1.00
AFFO, per diluted common share and OP/LTIP units ⁽⁴⁾	$	0.96		$	0.94
Annualized dividend per share	$	3.12		$	3.04
Dividend yield based on period end stock price		6.68	%		6.72	%

_______________________________________

⁽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; straight-line rent and deferred rent adjustments; losses on debt extinguishment; capitalized interest; and provision (benefit) 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; stock based compensation expense, straight-line rent and deferred rent adjustments, amortization of land rights, accretion on investment in leases, financing receivables; non-cash adjustments to financing lease liabilities; losses on debt extinguishment; and provision (benefit) 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, "The second quarter marked another quarter of record revenue, AFFO and Adjusted EBITDA. On an operating basis, second quarter total revenue rose 3.8% year over year to $394.9 million, AFFO grew 4.4% to $276.1 million and Adjusted EBITDA increased 6.2%. Our solid second quarter results reflect GLPI’s recent acquisitions and financing arrangements, contractual escalators and percentage rent adjustments, and our growing base of leading regional gaming operator tenants. These factors contribute to the ongoing predictability of our rental cash flows and dividends, and are expected to drive continued financial growth in the second half of 2025.

“In the second half of 2025, GLPI will benefit from sale-leaseback transactions and financing commitments completed in 2024 as well as our activity in the first quarter of 2025. For example, earlier this year GLPI continued its funding of the landside conversion of Bally’s Belle of Baton Rouge Casino with the hotel now open and the project anticipated to be completed in the fourth quarter. The landside conversion is providing the asset with an attractive runway for growth on par with similar recent conversions across the industry. In July 2025, the DraftKings at Casino Queen and The Queen Baton Rouge properties were transferred to Bally's Master Lease II and the $28.9 million of annual rental income will be reallocated to the new lease which includes a guarantee from several Bally's entities to replace the corporate guarantee for this lease. The Bally’s assets in our portfolio are performing very well resulting in strong four-wall coverage from these properties.

“In addition to the Bally’s Belle funding and lease modification, future results will also benefit from the five-year extension with Boyd Gaming of their Master Lease and the Belterra Park Lease completed earlier in 2025. In addition, we have funded $25.8 million as of June 30, 2025, for the Ione Band of Miwok Indians’ Acorn Ridge Casino development near Sacramento, California, marking a first-of-its-kind financing agreement between a federally recognized tribe and a real estate investment trust. In total, GLPI has committed to Ione a $110 million delayed draw term loan facility which has a 5-year term and an 11% interest rate. GLPI remains active in identifying additional opportunities in tribal gaming where partnerships can benefit from our unique funding structures, similar to the value our leading regional gaming operator tenants derive from our relationships. Near-term, our relationship with PENN Entertainment is expected to result in $130 million of funding for the relocation of Hollywood Casino Joliet, which is scheduled to open on August 11, 2025, for which GLPI will receive a 7.75% cap rate. These fundings and lease extensions reflect our commitment to delivering creative financing solutions and supporting our tenant partners.

“Looking forward, construction of the Bally’s permanent gaming and entertainment destination resort in Chicago continues and the budget remains unchanged. The resort will feature approximately 3,300 slots, 170-plus table games, a 500-room hotel tower, 3,000 seat theater, six restaurants, cafes, a food hall and a two-acre river-side public park. We are proud of our ability to work alongside Bally’s to impart GLPI’s decades of casino construction and development expertise to the project in support of our project financing commitment.

“Elsewhere, earlier this year GLPI agreed to fund, at PENN's discretion, construction improvements at Ameristar Casino Council Bluffs where GLPI will continue to own the Ameristar Casino Council Bluffs land and, in the event that GLPI funds the construction of the improvements rather than providing a loan, the entire land-based development. Late last month, applications for three available downstate casinos were submitted to the New York Gaming Facility Location Board. GLPI is providing financial support to two projects, one located in Brooklyn's iconic Coney Island, and the second in the Bronx at Bally's Links golf course project in Ferry Point. If either project is awarded a license, GLPI agreed to provide funding for certain hard costs. Finally, in Las Vegas, we maintain a valuable land parcel of 35 acres, 26 acres of which will remain for development following the dedication of 9 acres for the site of Major League Baseball’s new Athletic’s stadium. Bally's is continuing to work with its design professionals to finalize plans for an integrated casino adjacent to the new stadium. We intend to remain disciplined as the integrated resort planning process unfolds and we will then determine how much, if any, additional funding we may provide to support the construction of the integrated resort.

“With our pipeline of announced growth opportunities, disciplined approach to portfolio expansion, the proven long-term resiliency of our tenants’ revenue streams, and comfortable rent coverage ratios, we expect to continue to deliver strong capital returns and yields for our shareholders.”

Recent Developments

Effective July 1, 2025, the DraftKings at Casino Queen and The Queen Baton Rouge properties were transferred to Bally's Master Lease II and the associated annual rental income of $28.9 million will be reallocated from the Casino Queen Master Lease to Bally's Master Lease II. Additionally, the corporate guarantee for this lease has been removed and was replaced by a guarantee from several Bally's entities.
On June 6, 2025, PENN Entertainment, Inc. (NASDAQ: PENN) ("PENN") gave notice to the Company that it intended to utilize $130 million for the relocation of Hollywood Casino Joliet and we expect to fund on August 1, 2025. GLPI will receive a 7.75% cap rate on the funding.
On June 2, 2025, the Company settled its forward sale agreement of 8,170,387 shares of our common stock for $404.0 million inclusive of certain contractual adjustments.
On May 2, 2025, the Company entered into a new continuous equity offering program under which the Company may sell up to an aggregate of $1.25 billion of its common stock from time to time through a sales agent in "at the market" offerings.
During the three month period ended June 30, 2025, the Company entered into a forward starting interest rate swap indexed to US-SOFR with a $100 million notional to hedge against changes in future cash flows resulting from changes in interest rates from the expected issuance of senior unsecured notes. The hedge locked in a fixed SOFR rate of 3.585%. On July 1, 2025, the Company entered into an additional forward starting interest rate swap with a $100 million notional indexed to US-SOFR to hedge against changes in future cash flows resulting from changes in interest rates from the expected issuance of senior unsecured notes. The hedge locked in a fixed SOFR rate of 3.714%.
On March 3, 2025, the Company redeemed its $850 million 5.250% senior unsecured note that was due in June 2025.
On February 12, 2025, Boyd Gaming Corporation (NYSE: BYD) ("Boyd") exercised its first 5-year renewal option on both the Boyd Master Lease and the Belterra Park Lease. As a result, both lease terms now expire on April 30, 2031.
On February 7, 2025, Bally's Corporation (NYSE: BALY) ("Bally's") completed its merger transactions with Standard General L.P. and its affiliates, and pursuant to the terms of the merger agreement, The Queen Casino & Entertainment Inc ("Casino Queen") is now a subsidiary of Bally's.
On February 3, 2025, the Company agreed to fund, if requested by PENN Entertainment, Inc. (Nasdaq: PENN) ("PENN") at their sole discretion, on or before March 31, 2029, construction improvements for the benefit of Ameristar Casino Council Bluffs in an amount not to exceed the greater of (i) the hard costs associated with the project and (ii) $150.0 million. The financing is being offered at a 7.10% capitalization rate. PENN is entitled, in its sole discretion, to structure such financing as rent or as a 5-year term loan that is pre-payable at any time without penalty. GLPI will continue to own the Ameristar Casino Council Bluffs land and -- should PENN access the financing -- the entire land-based development.

Dividends

On May 15, 2025, the Company's Board of Directors declared a second quarter dividend of $0.78 per share on the Company's common stock that was paid on June 27, 2025 to shareholders of record on June 13, 2025.

2025 Guidance

Reflecting the current operating and competitive environment, the Company is updating its AFFO guidance for the full year 2025 based on the following assumptions and other factors:

The guidance does not include the impact on operating results from any possible future acquisitions or dispositions, future capital markets activity, or other future non-recurring transactions other than the anticipated $130 million related to the Joliet relocation project and approximately $375 million related to current development projects of which $338 million is anticipated to be funded during the second half of 2025.
The guidance assumes there will be no material changes in applicable legislation, regulatory environment, world events, including 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, 2025 will be between $1.112 billion and $1.118 billion, or between $3.85 and $3.87 per diluted share and OP/LTIP units. GLPI's prior guidance contemplated AFFO for the year ending December 31, 2025 of between $1.109 billion and $1.118 billion, or between $3.84 and $3.87 per diluted share and OP/LTIP 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, 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 June 30, 2025, GLPI's portfolio consisted of interests in 68 gaming and related facilities, including, the real property associated with 34 gaming and related facilities operated by PENN, the real property associated with 6 gaming and related facilities operated by Caesars Entertainment, Inc. (NASDAQ: CZR) ("Caesars"), the real property associated with 4 gaming and related facilities operated by Boyd, the real property associated with 15 gaming and related facilities operated by Bally's, 1 facility under development with Bally's in Chicago, Illinois, the real property associated with 3 gaming and related facilities operated by The Cordish Companies ("Cordish"), 1 gaming and related facility operated by American Racing & Entertainment LLC ("American Racing"), 3 gaming and related facilities operated by Strategic Gaming Management, LLC ("Strategic") and 1 facility managed by a subsidiary of Hard Rock International ("Hard Rock"). These facilities are geographically diversified across 20 states.

Conference Call Details

The Company will hold a conference call on July 25, 2025, 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: 13754658
The playback can be accessed through Friday, August 1, 2025.

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 and Comprehensive Income
(in thousands, except per share data) (unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Revenues
Rental income	$	339,527		$	332,815		$	679,779		$	663,397
Income from investment in leases, financing receivables		47,926			45,974			95,690			90,279
Income from investment in leases, sales type		3,762			—			7,522			—
Interest income from real estate loans		3,661			1,837			7,120			2,914
Total income from real estate		394,876			380,626			790,111			756,590

Operating expenses
Land rights and ground lease expense		13,942			11,870			27,497			23,688
General and administrative		15,907			13,851			34,620			31,737
Gains from dispositions of property		—			—			(125	)		—
Depreciation		69,235			65,262			134,247			130,622
Provision (benefit) for credit losses, net		53,728			(3,786	)		92,974			19,508
Total operating expenses		152,812			87,197			289,213			205,555
Income from operations		242,064			293,429			500,898			551,035

Other income (expenses)
Interest expense		(89,934	)		(86,670	)		(187,206	)		(173,345	)
Interest income		4,580			8,065			13,936			17,297
Total other expenses		(85,354	)		(78,605	)		(173,270	)		(156,048	)

Income before income taxes		156,710			214,824			327,628			394,987
Income tax expense		545			412			1,109			1,049
Net income	$	156,165		$	214,412		$	326,519		$	393,938
Net income attributable to non-controlling interest in the Operating Partnership		(4,726	)		(6,162	)	$	(9,896	)		(11,224	)
Net income attributable to common shareholders	$	151,439		$	208,250		$	316,623		$	382,714

Earnings per common share:
Basic earnings attributable to common shareholders	$	0.55		$	0.77		$	1.15		$	1.41
Diluted earnings attributable to common shareholders	$	0.54		$	0.77		$	1.14		$	1.41

Other comprehensive income
Net income		156,165			214,412			326,519			393,938
Unrealized gain on cash flow hedges		864			—			864			—
Comprehensive income		157,029			214,412			327,383			393,938
Comprehensive income attributable to non-controlling interest in the Operating Partnership		(4,753	)		(6,162	)		(9,923	)		(11,224	)
Comprehensive income attributable to common shareholders		152,276			208,250			317,460			382,714

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

Three Months Ended June 30, 2025	Building base rent		Land base rent		Percentage rent and other rental revenue			Interest income on real estate loans		Total cash income		Straight-line rent and deferred rent adjustments (1)			Ground rent in revenue		Accretion on financing leases		Total income from real estate
Amended PENN Master Lease	$	54,151	$	10,759	$	6,495		$	—	$	71,405	$	4,952		$	637	$	—	$	76,994
PENN 2023 Master Lease		59,797		—		(83	)		—		59,714		4,737			—		—		64,451
Amended Pinnacle Master Lease		61,483		17,814		8,121			—		87,418		1,858			2,145		—		91,421
PENN Morgantown Lease		—		796		—			—		796		—			—		—		796
Caesars Master Lease		16,302		5,932		—			—		22,234		1,916			330		—		24,480
Horseshoe St. Louis Lease		5,992		—		—			—		5,992		325			—		—		6,317
Boyd Master Lease		20,742		2,947		3,046			—		26,735		(2,364	)		433		—		24,804
Boyd Belterra Lease		733		474		500			—		1,707		(377	)		—		—		1,330
Bally's Master Lease		26,574		—		—			—		26,574		—			2,649		—		29,223
Bally's Master Lease II		8,048		—		—			—		8,048		—			934		—		8,982
Maryland Live! Lease		19,412		—		—			—		19,412		—			2,178		3,337		24,927
Pennsylvania Live! Master Lease		12,941		—		—			—		12,941		—			311		2,138		15,390
Casino Queen Master Lease		8,419		—		—			—		8,419		386			—		—		8,805
Tropicana Las Vegas Lease		—		3,762		—			—		3,762		—			—		—		3,762
Rockford Lease		—		2,040		—			—		2,040		—			—		521		2,561
Rockford Loan		—		—		—			3,033		3,033		—			—		—		3,033
Tioga Downs Lease		3,696		—		—			—		3,696		—			1		560		4,257
Strategic Gaming Leases		2,300		—		—			—		2,300		—			105		310		2,715
Ione Loan		—		—		—			628		628		—			—		—		628
Bally's Chicago Lease		—		5,000		—			—		5,000		(5,000	)		—		—		—
Total	$	300,590	$	49,524	$	18,079		$	3,661	$	371,854	$	6,433		$	9,723	$	6,866	$	394,876

⁽¹⁾ Includes $0.1 million of tenant improvement allowance amortization.

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

Six Months Ended June 30, 2025	Building base rent		Land base rent		Percentage rent and other rental revenue			Interest income on real estate loans		Total cash income		Straight-line rent and deferred rent adjustments (1)			Ground rent in revenue		Accretion on financing leases			Total income from real estate
Amended PENN Master Lease	$	108,303	$	21,518	$	13,056		$	—	$	142,877	$	9,904		$	1,110	$	—		$	153,891
PENN 2023 Master Lease		119,594		—		(204	)		—		119,390		9,475			—		—			128,865
Amended Pinnacle Master Lease		122,965		35,628		16,243			—		174,836		3,716			4,206		—			182,758
PENN Morgantown Lease		—		1,592		—			—		1,592		—			—		—			1,592
Caesars Master Lease		32,604		11,864		—			—		44,468		3,832			660		—			48,960
Horseshoe St. Louis Lease		11,983		—		—			—		11,983		649			—		—			12,632
Boyd Master Lease		41,212		5,893		6,093			—		53,198		(2,714	)		865		—			51,349
Boyd Belterra Lease		1,457		947		1,000			—		3,404		(402	)		—		—			3,002
Bally's Master Lease		52,985		—		—			—		52,985		—			5,204		—			58,189
Bally's Master Lease II		16,096		—		—			—		16,096		—			1,888		—			17,984
Maryland Live! Lease		38,824		—		—			—		38,824		—			4,286		6,625			49,735
Pennsylvania Live! Master Lease		25,734		—		—			—		25,734		—			619		4,376			30,729
Casino Queen Master Lease		16,393		—		—			—		16,393		385			—		—			16,778
Tropicana Las Vegas Lease		—		7,525		—			—		7,525		—			—		(3	)		7,522
Rockford Lease		—		4,080		—			—		4,080		—			—		1,028			5,108
Rockford Loan		—		—		—			6,033		6,033		—			—		—			6,033
Tioga Downs Lease		7,348		—		—			—		7,348		—			3		1,132			8,483
Strategic Gaming Leases		4,599		—		—			—		4,599		—			211		604			5,414
Ione Loan		—		—		—			1,087		1,087		—			—		—			1,087
Bally's Chicago Lease		—		10,000		—			—		10,000		(10,000	)		—		—			—
Total	$	600,097	$	99,047	$	36,188		$	7,120	$	742,452	$	14,845		$	19,052	$	13,762		$	790,111

⁽¹⁾ Includes $0.1 million of tenant improvement allowance amortization.

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 June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Net income	$	156,165		$	214,412		$	326,519		$	393,938
Gains from dispositions of property, net of tax		—			—			(125	)		—
Real estate depreciation		68,749			64,777			133,278			129,654
Funds from operations	$	224,914		$	279,189		$	459,672		$	523,592
Straight-line rent and deferred rent adjustments ⁽¹⁾		(6,433	)		(15,790	)		(14,845	)		(31,580	)
Other depreciation		486			485			969			968
Provision (benefit) for credit losses, net		53,728			(3,786	)		92,974			19,508
Amortization of land rights		4,270			3,276			8,540			6,552
Amortization of debt issuance costs, bond premiums and original issuance discounts		3,227			2,685			6,459			5,369
Capitalized interest		(3,411	)		—			(7,016	)		—
Stock based compensation		6,156			5,425			15,014			13,547
Accretion on investment in leases, financing receivables		(6,866	)		(6,776	)		(13,762	)		(14,660	)
Non-cash adjustment to financing lease liabilities		107			129			205			246
Capital maintenance expenditures ⁽²⁾		(121	)		(462	)		(157	)		(552	)
Adjusted funds from operations	$	276,057		$	264,375		$	548,053		$	522,990
Interest, net ⁽³⁾		84,576			77,882			171,725			154,650
Income tax expense		545			412			1,109			1,049
Capital maintenance expenditures ⁽²⁾		121			462			157			552
Amortization of debt issuance costs, bond premiums and original issuance discounts		(3,227	)		(2,685	)		(6,459	)		(5,369	)
Capitalized interest		3,411			—			7,016			—
Adjusted EBITDA	$	361,483		$	340,446		$	721,601		$	673,872

FFO, per diluted common share and OP/LTIP units	$	0.79		$	1.00		$	1.61		$	1.87
AFFO, per diluted common share and OP/LTIP units	$	0.96		$	0.94		$	1.92		$	1.87

Weighted average number of common shares and OP/LTIP units outstanding
Diluted common and restricted shares		277,797,169			272,065,460			276,463,591			272,042,042
Diluted OP/LTIP units		8,332,577			8,087,630			8,329,087			8,001,724
Diluted common shares and diluted OP/ LTIP units		286,129,746			280,153,090			284,792,678			280,043,766

_______________________________________

⁽¹⁾ The three month period ended June 30 2025 and June 30, 2024 both include $0.1 million of tenant improvement allowance amortization.

⁽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⁾ Exclude a non-cash interest expense gross up related to certain ground leases.

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 June 30, 2025			Six Months Ended June 30, 2025
Adjusted EBITDA	$	361,483		$	721,601
General and administrative expenses		15,907			34,620
Stock based compensation		(6,156	)		(15,014	)
Cash net operating income ⁽¹⁾	$	371,234		$	741,207

_______________________________________

⁽¹⁾ Cash net operating income is cash rental income and interest on real estate loans less cash property level expenses.

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

	June 30, 2025			December 31, 2024
Assets
Real estate investments, net	$	8,054,559		$	8,148,719
Investment in leases, financing receivables, net		2,276,068			2,333,114
Investment in leases, sales-type, net		243,393			254,821
Real estate loans, net		161,168			160,590
Right-of-use assets and land rights, net		1,081,933			1,091,783
Cash and cash equivalents		604,164			462,632
Held to maturity investment securities		—			560,832
Other assets		70,783			63,458
Total assets	$	12,492,068		$	13,075,949

Liabilities
Accounts payable and accrued expenses	$	5,564		$	5,802
Accrued interest		93,622			105,752
Accrued salaries and wages		4,427			7,154
Operating lease liabilities		243,692			244,973
Financing lease liabilities		60,993			60,788
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts		6,892,308			7,735,877
Deferred rental revenue		213,521			228,508
Other liabilities		44,631			41,571
Total liabilities		7,558,758			8,430,425

Equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at June 30, 2025 and December 31, 2024)		—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 283,007,539 and 274,422,549 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively)		2,830			2,744
Additional paid-in capital		6,608,591			6,209,827
Accumulated deficit		(2,057,380	)		(1,944,009	)
Accumulated other comprehensive income		837			—
Total equity attributable to Gaming and Leisure Properties		4,554,878			4,268,562
Noncontrolling interests in GLPI's Operating Partnership (8,224,939 units outstanding at June 30, 2025 and December 31, 2024, respectively)		378,432			376,962
Total equity		4,933,310			4,645,524
Total liabilities and equity	$	12,492,068		$	13,075,949

Debt Capitalization

The Company’s debt structure as of June 30, 2025 was as follows:


	Years to Maturity	Interest Rate		Balance
				(in thousands)
Unsecured $2,090 Million Revolver Due December 2028	3.4	5.621	%	332,455
Term Loan Credit Facility due September 2027	2.2	5.621	%	600,000
Senior Unsecured Notes Due April 2026	0.8	5.375	%	975,000
Senior Unsecured Notes Due June 2028	2.9	5.750	%	500,000
Senior Unsecured Notes Due January 2029	3.5	5.300	%	750,000
Senior Unsecured Notes Due January 2030	4.5	4.000	%	700,000
Senior Unsecured Notes Due January 2031	5.5	4.000	%	700,000
Senior Unsecured Notes Due January 2032	6.5	3.250	%	800,000
Senior Unsecured Notes Due December 2033	8.4	6.750	%	400,000
Senior Unsecured Notes Due September 2034	9.2	5.625	%	800,000
Senior Unsecured Notes Due September 2054	29.2	6.250	%	400,000
Other	1.2	4.780	%	242
Total long-term debt				6,957,697
Less: unamortized debt issuance costs, bond premiums and original issuance discounts				(65,389	)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts				6,892,308
Weighted average	6.1	5.064	%

_______________________________________

Rating Agency - Issue Rating

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

We seek to provide an opportunity to invest in the growth opportunities afforded by the gaming industry, with the stability and cash flow opportunities of a REIT. Our primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. Under these arrangements, in addition to rent, the tenants are required to pay the following executory costs: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, including coverage of the landlord's interests, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.

Property and lease information

The Company has disclosed the following key terms of its Master Leases and Single Property Leases in the tables below, along with the properties within each lease at June 30, 2025. We believe the following key terms are important for users of our financial statements to understand.

The Coverage ratio is a defined term in each respective lease agreement with our tenants and represents the ratio of Adjusted EBITDAR to rent expense for the properties contained within each lease. Adjusted EBITDAR is defined in each respective lease but is generally consistent with the Company's definition of Adjusted EBITDA plus rent expense paid to GLPI.
Certain leases have a Minimum Escalator Coverage Ratio Governor as disclosed below. Before a rent escalation of up to 2% on the building base rent component of each lease can occur, the minimum coverage ratio for these leases needs to be 1.8 to 1 for the applicable lease year.
The reported Coverage ratios below with respect to our tenants' rent coverage over the trailing twelve months were provided by our tenants for the most recently available time period. GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy. Rent coverage ratios are not reported for ground leases and development projects nor on leases that have been in effect for less than twelve months.

Master Leases
	Penn 2023 Master Lease		Amended Penn Master Lease
Operator	PENN		PENN
Properties	Hollywood Casino Aurora	Aurora, IL	Hollywood Casino Lawrenceburg	Lawrenceburg, IN
	Hollywood Casino Joliet	Joliet, IL	Argosy Casino Alton	Alton, IL
	Hollywood Casino Toledo	Toledo, OH	Hollywood Casino at Charles Town Races	Charles Town, WV
	Hollywood Casino Columbus	Columbus, OH	Hollywood Casino at Penn National Race Course	Grantville, PA
	M Resort	Henderson, NV	Hollywood Casino Bangor	Bangor, ME
	Hollywood Casino at the Meadows	Washington, PA	Zia Park Casino	Hobbs, NM
	Hollywood Casino Perryville	Perryville, MD	Hollywood Casino Gulf Coast	Bay St. Louis, MS
			Argosy Casino Riverside	Riverside, MO
			Hollywood Casino Tunica	Tunica, MS
			Boomtown Biloxi	Biloxi, MS
			Hollywood Casino St. Louis	Maryland Heights, MO
			Hollywood Gaming Casino at Dayton Raceway	Dayton, OH
			Hollywood Gaming Casino at Mahoning Valley Race Track	Youngstown, OH
			1st Jackpot Casino	Tunica, MS
Commencement Date	1/1/2023		11/1/2013
Lease Expiration Date	10/31/2033		10/31/2033
Remaining Renewal Terms	15 (3x5 years)		15 (3x5 years)
Corporate Guarantee	Yes		Yes
Master Lease with Cross Collateralization	Yes		Yes
Technical Default Landlord Protection	Yes		Yes
Default Adjusted Revenue to Rent Coverage	1.1		1.1
Competitive Radius Landlord Protection	Yes		Yes
Escalator Details
Yearly Base Rent Escalator Maximum	1.5% (1)		2 %
Coverage ratio at March 31, 2025	1.89		2.14
Minimum Escalator Coverage Governor	N/A		1.8
Yearly Anniversary for Realization	November		November
Percentage Rent Reset Details
Reset Frequency	N/A		5 years
Next Reset	N/A		Nov-28

⁽¹⁾ In addition to the annual escalation, a one-time annualized increase of $1.4 million occurs on November 1, 2027.

Master Leases
	Amended Pinnacle Master Lease		Bally's Master Lease
Operator	PENN		Bally's
Properties	Ameristar Black Hawk	Black Hawk, CO	Bally's Evansville	Evansville, IN
	Ameristar East Chicago	East Chicago, IN	Bally's Dover Casino Resort	Dover, DE
	Ameristar Council Bluffs	Council Bluffs, IA	Black Hawk (Black Hawk North, West and East casinos)	Black Hawk, CO
	L'Auberge Baton Rouge	Baton Rouge, LA	Quad Cities Casino & Hotel	Rock Island, IL
	Boomtown Bossier City	Bossier City, LA	Bally's Tiverton Hotel & Casino	Tiverton, RI
	L'Auberge Lake Charles	Lake Charles, LA	Hard Rock Casino and Hotel Biloxi	Biloxi, MS
	Boomtown New Orleans	New Orleans, LA
	Ameristar Vicksburg	Vicksburg, MS
	River City Casino & Hotel	St. Louis, MO
	Jackpot Properties (Cactus Petes and Horseshu)	Jackpot, NV
	Plainridge Park Casino	Plainridge, MA
Commencement Date	4/28/2016		6/3/2021
Lease Expiration Date	4/30/2031		6/2/2036
Remaining Renewal Terms	20 (4x5 years)		20 (4x5 years)
Corporate Guarantee	Yes		Yes
Master Lease with Cross Collateralization	Yes		Yes
Technical Default Landlord Protection	Yes		Yes
Default Adjusted Revenue to Rent Coverage	1.2		1.35 (1)
Competitive Radius Landlord Protection	Yes		Yes
Escalator Details
Yearly Base Rent Escalator Maximum	2 %		(2)
Coverage ratio at March 31, 2025	1.69 (3)		2.01
Minimum Escalator Coverage Governor	1.8		N/A
Yearly Anniversary for Realization	May		June
Percentage Rent Reset Details
Reset Frequency	2 years		N/A
Next Reset	May-26		N/A

⁽¹⁾ Effective July 1, 2025, this ratio has been revised so that if the tenant's parent's net leverage is greater than 5.5 to 1, then the adjusted revenue to rent coverage for the last two consecutive fiscal quarters on a cumulative basis for the preceding two consecutive test periods must be at least 1.35. If the tenant's parent's net leverage is equal to or less than 5.5 to 1, then the ratio shall be reduced to 1.2.

⁽²⁾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.

⁽³⁾Coverage ratio for escalation purposes excludes adjusted revenue and rent attributable to the Plainridge Park facility as well as certain other fixed rent amounts.

Master Leases
	Bally's Master Lease II		Casino Queen Master Lease
Operator	Bally's		Bally's
Properties	Bally's Kansas City	Kansas City, MO	DraftKings at Casino Queen	East St. Louis, IL (4)
	Bally's Shreveport	Shreveport, LA	The Queen Baton Rouge	Baton Rouge, LA (4)
			Casino Queen Marquette	Marquette, IA
			Belle of Baton Rouge	Baton Rouge, LA
Commencement Date	12/16/2024		12/17/2021
Lease Expiration Date	12/15/2039		12/31/2036
Remaining Renewal Terms	20 (4x5 years)		20 (4x5 years)
Corporate Guarantee	Yes		Yes (4)
Master Lease with Cross Collateralization	Yes		Yes
Technical Default Landlord Protection	Yes		Yes
Default Adjusted Revenue to Rent Coverage	1.35 (1)		1.35 (1)
Competitive Radius Landlord Protection	Yes		Yes
Escalator Details
Yearly Base Rent Escalator Maximum	(2)		(3)
Coverage ratio at March 31, 2025	2.72		2.26
Minimum Escalator Coverage Governor	N/A		N/A
Yearly Anniversary for Realization	December		December
Percentage Rent Reset Details
Reset Frequency	N/A		N/A
Next Reset	N/A		N/A

⁽²⁾ 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.

⁽³⁾ 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.

⁽⁴⁾Effective July 1, 2025, these properties were transferred to Bally's Master II and the associated annual rental income of $28.9 million was reallocated from the Casino Queen Master Lease to Bally's Master Lease II. Additionally, the corporate guarantee for this lease has been removed and was replaced by a guarantee from several Bally's entities.

Master Leases
	Boyd Master Lease		Caesars Amended and Restated Master Lease
Operator	Boyd		Caesars
Properties	Belterra Casino Resort	Florence, IN	Tropicana Atlantic City	Atlantic City, NJ
	Ameristar Kansas City	Kansas City, MO	Tropicana Laughlin	Laughlin, NV
	Ameristar St. Charles	St. Charles, MO	Trop Casino Greenville	Greenville, MS
			Isle Casino Hotel Bettendorf	Bettendorf, IA
			Isle Casino Hotel Waterloo	Waterloo, IA
Commencement Date	10/15/2018		10/1/2018
Lease Expiration Date	4/30/2031		9/30/2038
Remaining Renewal Terms	20 (4x5 years)		20 (4x5 years)
Corporate Guarantee	No		Yes
Master Lease with Cross Collateralization	Yes		Yes
Technical Default Landlord Protection	Yes		Yes
Default Adjusted Revenue to Rent Coverage	1.4		1.2
Competitive Radius Landlord Protection	Yes		Yes
Escalator Details
Yearly Base Rent Escalator Maximum	2 %		1.75 % (1)
Coverage ratio at March 31, 2025	2.48		1.87
Minimum Escalator Coverage Governor	1.8		N/A
Yearly Anniversary for Realization	May		October
Percentage Rent Reset Details
Reset Frequency	2 years		N/A
Next Reset	May-26		N/A

⁽¹⁾ Building base rent will be increased by 1.75% in the 7th and 8th lease year and 2% in the 9th lease year and each year thereafter.

Master Leases
	Pennsylvania Live! Master Lease		Strategic Gaming Leases (1)
	Cordish		Strategic
Properties	Live! Casino & Hotel Philadelphia	Philadelphia, PA	Silverado Franklin Hotel & Gaming Complex	Deadwood, SD
	Live! Casino Pittsburgh	Greensburg, PA	Deadwood Mountain Grand Casino	Deadwood, SD
			Baldini's Casino	Sparks, NV
Commencement Date	3/1/2022		5/16/2024
Lease Expiration Date	2/28/2061		5/31/2049
Remaining Renewal Terms	21 (1x11 years, 1x10 years)		20 (2x10 years)
Corporate Guarantee	No		Yes
Master Lease with Cross Collateralization	Yes		Yes
Technical Default Landlord Protection	Yes		Yes
Default Adjusted Revenue to Rent Coverage	1.4		1.4 (2)
Competitive Radius Landlord Protection	Yes		Yes
Escalator Details
Yearly Base Rent Escalator Maximum	1.75 %		2% (2)
Coverage ratio at March 31, 2025	2.48		N/A
Minimum Escalator Coverage Governor	N/A		N/A
Yearly Anniversary for Realization	March		Jun-26
Percentage Rent Reset Details
Reset Frequency	N/A		N/A
Next Reset	N/A		N/A

⁽¹⁾Consists of two leases that are cross collateralized and co-terminus with each other.

⁽²⁾The default adjusted revenue to rent coverage declines to 1.25 if the tenant's adjusted revenues total $75 million or more. Annual rent escalates at 2% beginning in year three of the lease and in year 11 escalates based on the greater of 2% or CPI, capped at 2.5%.

Single Property Leases
	Belterra Park Lease	Horsehoe St Louis Lease	Morgantown Lease	MD Live! Lease
Operator	Boyd	Caesar	PENN	Cordish
Properties	Belterra Park Gaming & Entertainment Center	Horseshoe St. Louis	Hollywood Casino Morgantown	Live! Casino & Hotel Maryland
	Cincinnati, OH	St. Louis, MO	Morgantown, PA	Hanover, MD
Commencement Date	10/15/2018	9/29/2020	10/1/2020	12/29/2021
Lease Expiration Date	04/30/2031	10/31/2033	10/31/2040	12/31/2060
Remaining Renewal Terms	20 (4x5 years)	20 (4x5 years)	30 (6x5 years)	21 (1x11 years, 1x10 years)
Corporate Guarantee	No	Yes	Yes	No
Technical Default Landlord Protection	Yes	Yes	Yes	Yes
Default Adjusted Revenue to Rent Coverage	1.4	1.2	N/A	1.4
Competitive Radius Landlord Protection	Yes	Yes	N/A	Yes
Escalator Details
Yearly Base Rent Escalator Maximum	2%	1.25% ⁽¹⁾	1.25% ⁽²⁾	1.75%
Coverage ratio at March 31, 2025	3.31	1.95	N/A	3.60
Minimum Escalator Coverage Governor	1.8	N/A	N/A	N/A
Yearly Anniversary for Realization	May	October	December	January
Percentage Rent Reset Details
Reset Frequency	2 years	N/A	N/A	N/A
Next Reset	May 2026	N/A	N/A	N/A

⁽¹⁾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.

⁽²⁾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.

Single Property Leases
	Tropicana Lease	Tioga Downs Lease	Rockford Lease	Chicago Lease
Operator	Bally's	American Racing and Entertainment	(managed by Hard Rock)	Bally's
Properties	Tropicana Las Vegas	Tioga Downs	Hard Rock Casino Rockford	Bally's Chicago Development
	Las Vegas, NV	Nicholas, NY	Rockford, IL	Chicago, IL
Commencement Date	9/26/2022	2/6/2024	8/29/2023	9/11/2024
Lease Expiration Date	9/25/2072	2/28/2054	8/31/2122	11/30/2121 ⁽⁴⁾
Remaining Renewal Terms	49 (1 x 24 years, 1 x 25 years)	32 years and 10 months (2x10 years, 1x12 years and 10 months)	None	(4)
Corporate Guarantee	Yes	Yes	No	(4)
Technical Default Landlord Protection	Yes	Yes	Yes	(4)
Default Adjusted Revenue to Rent Coverage	1.35 (1)	1.4	1.4	(4)
Competitive Radius Landlord Protection	Yes	Yes	Yes	(4)
Escalator Details
Yearly Base Rent Escalator Maximum	(2)	1.75% ⁽³⁾	2%	(4)
Coverage ratio at March 31, 2025	N/A	2.03	N/A	N/A
Minimum Escalator Coverage Governor	N/A	N/A	N/A	N/A
Yearly Anniversary for Realization	October	March	September	(4)
Percentage Rent Reset Details
Reset Frequency	N/A	N/A	N/A	N/A
Next Reset	N/A	N/A	N/A	N/A

⁽¹⁾Effective July 1, 2025, this ratio has been revised so that if the tenant's parent's net leverage is greater than 5.5 to 1, then the adjusted revenue to rent coverage for the last two consecutive fiscal quarters on a cumulative basis for the preceding two consecutive test periods must be at least 1.35. If the tenant's parent's net leverage is equal to or less than 5.5 to 1, then the ratio shall be reduced to 1.2.

⁽³⁾Increases by 1.75% beginning with the first anniversary and increases to 2% beginning in year fifteen of the lease through the remainder of the initial lease term.

⁽⁴⁾In July 2025, the Company entered into a Chicago development agreement for the Chicago casino resort project and amended the existing land lease to include the building (the "Chicago Lease"). The Chicago Lease has an initial term of 15 years followed by four 5-year renewals at the tenant's option. 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. Finally, the default adjusted revenue to rent coverage ratio shall be 1.35, subject to various conditions that could lower such ratio to 1.20. The lease is not subject to a corporate guarantee.

Funding commitments

As of June 30, 2025, we have entered into various commitments or call rights to finance/acquire future investments in gaming and related facilities for our tenants. These are detailed in the table below. Our tenants retain the option to decline our financing for certain projects and may seek alternative financing solutions. The inclusion of a commitment in this disclosure does not guarantee that the financing will be utilized by the tenant in circumstances where a tenant has the option.

Description	Maximum Commitment amount	Amount funded at June 30, 2025
Relocation of Hollywood Casino Aurora	$225 million	None
Relocation of Hollywood Casino Joliet (1)	$130 million	None
Construction of a hotel at Hollywood Casino Columbus and a hotel tower at the M Resort	$220 million	None
Funding associated with a landside move at Ameristar Casino Council Bluffs	(2)	None
Potential transaction at the former Tropicana Las Vegas site with Bally's	$175 million	$48.5 million
Real estate construction costs for Bally's Chicago	$940 million	None
Funding and oversight of a landside move and hotel renovation at The Belle	$111 million	$59.3 million
Construction costs for a landside development project at Casino Queen Marquette	$16.5 million	$2.3 million
Ione Loan to fund a new casino development near Sacramento, California	$110 million	$25.8 million
Call right to acquire Bally's Lincoln	$735 million	None

(1) On June 6, 2025, PENN gave notice to the Company that it intended to utilize the $130 million commitment for the project. GLPI expects to fund this amount on August 1, 2025 and will receive a 7.75% cap rate on the funding.

(2) The Company has agreed to fund, if requested by PENN at their sole discretion, on or before March 1, 2029, construction improvements in an amount not to exceed the greater of (i) the hard costs associated with the project and (ii) $150.0 million.

Disclosure Regarding Non-GAAP Financial Measures

FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP 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/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP 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 and deferred 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/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP 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, straight-line rent and deferred rent adjustments, losses on debt extinguishment, capitalized interest and provision (benefit) 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, stock based compensation expense, straight-line rent and deferred rent adjustments, the amortization of land rights, accretion on investment in leases, financing receivables, non-cash adjustments to financing lease liabilities, losses on debt extinguishment, and provision (benefit) for credit losses, net. Finally, we have defined Cash NOI as Adjusted EBITDA excluding general and administrative expenses and stock based compensation expense.

FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP 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 and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, 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 future growth and cash flows in 2025 and beyond, 2025 AFFO guidance, the future issuance of securities and the Company benefiting from 2024 portfolio additions and recently completed transactions. 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 ability of GLPI or its partners to successfully complete construction of various casino projects currently under development for which GLPI has agreed to provide construction development funding, including Bally’s Chicago, and the ability and willingness of GLPI’s partners to meet and/or perform their respective obligations under the applicable construction financing and/or development documents; the impact that higher inflation and interest rates and uncertainty with respect to the future state of the economy could have on discretionary consumer spending, including the casino operations of our tenants; unforeseen consequences related to U.S. government economic, monetary or trade policies and stimulus packages on inflation rates, interest rates and economic growth; the ability of GLPI’s tenants to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties, including, without limitation, to satisfy obligations under their existing credit facilities and other indebtedness; the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease the respective properties on favorable terms; the degree and nature of GLPI's competition; 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; the potential of a new pandemic, including its effect on the ability or desire of people to gather in large groups (including in casinos), which could impact GLPI’s financial results, operations, outlooks, plans, goals, growth, cash flows, liquidity, and stock price; GLPI's ability to maintain its status as a REIT, given the highly technical and complex Internal Revenue Code provisions for which only limited judicial and administrative authorities exist, where even a technical or inadvertent violation could jeopardize REIT qualification and where requirements may depend in part on the actions of third parties over which GLPI has no control or only limited influence; the satisfaction of certain asset, income, organizational, distribution, shareholder ownership and other requirements on a continuing basis in order for GLPI to maintain its REIT status; the ability and willingness of GLPI’s tenants and other third parties to meet and/or perform their obligations under their respective contractual arrangements with GLPI, including lease and note requirements and in some cases, their obligations to indemnify, defend and hold GLPI harmless from and against various claims, litigation and liabilities; the ability of GLPI’s tenants to comply with laws, rules and regulations in the operation of GLPI’s properties, to deliver high quality services, to attract and retain qualified personnel and to attract customers; the ability to generate sufficient cash flows to service and comply with financial covenants under GLPI’s outstanding indebtedness; GLPI's ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI, including for acquisitions or refinancings due to maturities; adverse changes in GLPI’s credit rating; the availability of qualified personnel and GLPI’s ability to retain its key management personnel; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to real estate, REITs or to the gaming, lodging or hospitality industries; changes in accounting standards; the impact of weather or climate events or conditions, natural disasters, acts of terrorism and other international hostilities, war (including the current conflict between Russia and Ukraine and conflicts in the Middle East) or political instability; the risk that the historical financial statements included herein do not reflect what the business, financial position or results of operations of GLPI may be in the future; other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments; GLPI’s ability to attract, motivate and retain key personnel; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2024, 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
Desiree A. Burke, Chief Financial Officer and Treasurer	Joseph Jaffoni, Richard Land, James Leahy at JCIR
610/401-2900	212/835-8500
investorinquiries@glpropinc.com	glpi@jcir.com

Source: Gaming and Leisure Properties, Inc.

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Please use this form to contact us. If you would prefer to use mail to contact us our address is below.

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

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Terms of Use

Please read these terms carefully before you start to use the Gaming and Leisure Properties, Inc. (the “Company”) website (the “Website”). By accessing or using the Website, www.glpropinc.com, including any content, functionality, and services offered on or through the Website, you agree to be bound by the following terms and conditions governing use of the Website (the “Terms of Use”). If you do not agree to these Terms of Use, you should not use or further access the Website.

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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Release Details

PRESS RELEASE

Gaming and Leisure Properties Reports Second Quarter 2025 Results and Updates 2025 Full Year Guidance

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Responsible Gaming

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

RECOGNIZING THE PROBLEM

HOW DO YOU KNOW IF YOU HAVE A GAMBLING PROBLEM?

RESOURCES AVAILABLE

Accessibility Statement