0001575965-25-000008 | 10-K | XBRL Viewer | Gaming Leisure Properties INC

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Real Estate Loans, net (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Real Estate Loans, net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance			$ (21,971)	$ (19,124)
Change in allowance	$ 12,047	$ (1,020)	23,728	3,867
Allowance for credit losses, ending balance	(34,065)	(21,971)	(34,065)	(21,971)
Real Estate Loan Rockford
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance			(964)	0
Change in allowance			(3,523)	(964)
Allowance for credit losses, ending balance	(4,487)	(964)	(4,487)	(964)
Real Estate Loan Ione
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance			0	0
Change in allowance			(83)	0
Allowance for credit losses, ending balance	(83)	0	(83)	0
Real Estate Loan
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance			(964)	0
Change in allowance			(3,606)	(964)
Allowance for credit losses, ending balance	$ (4,570)	$ (964)	$ (4,570)	$ (964)

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Business and Basis of Presentation - PENN (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Jan. 01, 2023
Organization Consolidation and Presentation of Financial Statements [Line Items]
Total cash rental income	$ 1,411,770,000
PENN Entertainment New Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Lease, Funding Commitment, Cap Rate		7.75%
Aurora, Illinois \| PENN Entertainment New Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Lease, Funding Commitment, Maximum		$ 225,000,000
Joliet, Illinois \| PENN Entertainment New Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Lease, Funding Commitment, Maximum		$ 350,000,000

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Tables)

12 Months Ended

Dec. 31, 2024

Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental disclosures of cash flow information are as follows:


Year ended December 31,	2024		2023		2022
	(in thousands)
Cash paid for income taxes, net of refunds received	$	3,525	$	1,845	$	21,189
Cash paid for interest	330,063		309,924		286,043

Components of the Company's Right-Of-Use Asset And Land Rights, Net

Components of the Company's right-of use assets and land rights, net are detailed below (in thousands):


	December 31, 2024		December 31, 2023
Right-of-use assets - operating leases (1)	$	244,594	$	196,254
Land rights, net	847,189		639,270
Right-of-use assets and land rights, net	$	1,091,783	$	835,524

(1) During the year ended December 31, 2024, the Company acquired certain ground leases that were accounted for as operating leases which totaled $49.4 million. During the year ended December 31, 2023, the Company acquired certain real estate assets at the Belle at Baton Rouge and the previously recorded right-of-use assets and related accumulated amortization associated with the ground leases at this property totaling $0.4 million were written off.

Real Estate Investments

12 Months Ended

Dec. 31, 2024

Real Estate [Abstract]

Real Estate Investments

Real estate investments, net, represent investments in rental properties and the corporate headquarters building (excluding our investments in transactions accounted for as real estate loans, investment in leases, financing receivables and investment in leases, sales-type that are described in Notes 5 and 7, respectively) and is summarized as follows:


	December 31, 2024		December 31, 2023
	(in thousands)
Land and improvements	$	3,583,793	$	3,559,851
Building and improvements	6,962,126		6,787,464
Construction in progress	39,542		—
Total real estate investments	10,585,461		10,347,315
Less accumulated depreciation	(2,436,742)		(2,178,523)
Real estate investments, net	$	8,148,719	$	8,168,792

The Land and improvements change from year end represents the acquisition of the land for the Bally's development project in Chicago, Illinois which is partially offset by the reclassification of the Tropicana Las Vegas Lease to a sales type lease from an operating lease due to the reconsideration event from the change in rent terms for the demolition funding provided by GLPI. The Company also acquired certain real estate assets of Bally's Kansas City and Bally's Shreveport in 2024. Construction in progress primarily represents development funding along with related capitalized interest on the Company's development projects.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Real estate investments, net	$ 8,148,719	$ 8,168,792
Net Investment in Lease	2,333,114	2,023,606
Right-of-use assets and land rights, net	1,091,783	835,524
Cash and cash equivalents	462,632	683,983
Other assets	63,458	55,717
Total assets	13,075,949	11,806,658
Liabilities
Accounts payable and accrued expenses	5,802	7,011
Accrued interest	105,752	83,112
Accrued salaries and wages	7,154	7,452
Lease liabilities	244,973	196,853
Financing lease liabilities	60,788	54,261
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	7,735,877	6,627,550
Rental income	228,508	284,893
Other liabilities	41,571	36,572
Total liabilities	8,430,425	7,297,704
Commitments and Contingencies
Equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2024 and December 31, 2023)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 274,422,549 shares and 270,922,719 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively)	2,744	2,709
Additional paid-in capital	6,209,827	6,052,109
Accumulated deficit	(1,944,009)	(1,897,913)
Total equity attributable to Gaming and Leisure Properties	4,268,562	4,156,905
Non-controlling interests in GLPI's Operating Partnership (8,224,939 units and 7,653,326 units outstanding at December 31, 2024 and December 31, 2023, respectively	376,962	352,049
Total equity	4,645,524	4,508,954
Total liabilities and equity	$ 13,075,949	$ 11,806,658
Other Ownership Interests, Units Issued	8,224,939	7,653,326
Real estate loans, net	$ 160,590	$ 39,036
Net Investment in Sales Type Lease, before Allowance for Credit Loss	254,821	0
Short-Term Investments	$ 560,832	$ 0

Consolidated Statements of Changes in Shareholders' Equity (Deficit) (Parenthetical) - $ / shares	3 Months Ended					12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, cash dividends paid (in dollars per share)	$ 0.76	$ 0.76	$ 0.705	$ 0.705	$ 0.705	$ 3.04	$ 3.15	$ 2.85

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Acquisitions Bally's KC and Shreveport (Details) - USD ($) $ in Thousands	Dec. 16, 2024	May 16, 2024	Jan. 03, 2023
Bally's Shreveport and Kansas City
Consideration
Stock Issued	$ 6,800
Stock Issued	6,800
Bally's Tiverton Casino & Hardrock Biloxi
Consideration
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land			$ 321,155
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings			$ 306,100
Bally's Kansas City, MO and Bally's Shreveport, LA
Consideration
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land	1,130
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings	173,170
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	395,489
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Right Of Use Assets And Land Rights	$ 221,189
Strategic Gaming Management, LLC- Silverado, DMG, and Baldini's
Consideration
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net		$ 110,163

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, and other matters arising in the normal course of business. The Company does not believe that the final outcome of these matters will have a material adverse effect on the Company’s consolidated financial position or results of operations. In addition, the Company maintains what it believes is adequate insurance coverage to further mitigate the risks of such proceedings. However, such proceedings can be costly, time consuming, and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company’s financial condition or results of operations. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. Funding commitments The Company has agreed to a funding mechanism to support PENN's pursuit of relocation and development opportunities at several of the properties included in the PENN 2023 Master Lease. The Company agreed to fund up to $225 million for the relocation of PENN's Hollywood Casino in Aurora at a 7.75% cap rate and, if requested by PENN, will fund up to $350 million for the relocation of the Hollywood Casino Joliet as well as the construction of a hotel at Hollywood Casino Columbus and the construction of a second hotel tower at the M Resort Spa Casino at then current market rates. The funding commitment expires on January 1, 2026. As of December 31, 2024, Penn has not yet requested any funding from the Company for these projects. See Note 1 for a discussion on the potential future funding commitments the Company may have in connection with the possible future transaction with Bally's and the Athletics at the Tropicana Site. Additionally, the Company has agreed to fund construction hard costs for Bally's Chicago of up to $940.0 million (of which none has been funded as of December 31, 2024) at an 8.5% initial cash yield. As discussed in Note 1, the Company has also committed to provide up to $110 million (of which $15.1 million was funded as of December 31, 2024) of development funding via the Ione Loan. Any borrowings under the Ione Loan will be subject to an interest rate of 11%. On June 3, 2024, the Company announced that it has agreed to fund and oversee a landside move and hotel renovation of The Belle for Casino Queen. The Company has committed to provide up to approximately $111 million of funding for the project (of which $35.1 million has been funded as of December 31, 2024), which is expected to be completed by September 2025. The casino will continue to operate during the construction period except while gaming equipment is being moved to the new facility. The Company will own the new facility and Casino Queen will pay an incremental rental yield of 9% on the development funding beginning a year from the initial disbursement of funds, which occurred on May 30, 2024. The Company has agreed and anticipates funding certain construction costs of a landside development project at Casino Queen Marquette for an amount not to exceed $16.5 million. Finally, on February 3, 2025, the Company agreed to fund, if requested by PENN at their sole discretion, on or before March 1, 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 shall be 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 own the entire land-based development regardless of the financing option selected by PENN. Employee Benefit Plans The Company maintains a defined contribution plan under the provisions of Section 401(k) of the Internal Revenue Code of 1986, as amended, which covers all eligible employees. The plan enables participating employees to defer a portion of their salary and/or their annual bonus in a retirement fund to be administered by the Company. Prior to January 1, 2023, the Company made a discretionary match contribution of 50% of employees' elective salary deferrals, up to a maximum of 6% of eligible employee compensation. On January 1, 2023, the Company amended its defined contribution plan to be a Non-elective Safe Harbor Plan as defined by the Internal Revenue Code. Commencing January 1, 2023, the Company makes safe harbor non-elective contributions equal to 3% of each participant's compensation and such contributions are fully vested and non-forfeitable at all times. The matching contributions for the defined contribution plan were $0.1 million for the years ended December 31, 2024, 2023 and 2022. The Company maintains a non-qualified deferred compensation plan that covers most management and other highly-compensated employees. The plan allows the participants to defer, on a pre-tax basis, a portion of their base annual salary and/or their annual bonus, and earn tax-deferred earnings on these deferrals. The plan also provides for matching Company contributions that vest over a five-year period. The Company has established a Trust, and transfers to the Trust, on a periodic basis, an amount necessary to provide for its respective future liabilities with respect to participant deferral and Company contribution amounts. The Company's matching contributions for the non-qualified deferred compensation plan for each of the years ended December 31, 2024, 2023 and 2022 were $0.6 million, $0.5 million, and $0.5 million, respectively. The Company's deferred compensation liability, which was included in other liabilities within the Consolidated Balance Sheets, was $39.0 million and $32.9 million at December 31, 2024 and 2023, respectively. Assets held in the Trust were $38.9 million and $31.8 million at December 31, 2024 and 2023, respectively, and are included in other assets within the Consolidated Balance Sheets.

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands			12 Months Ended
	Jan. 03, 2023	Mar. 01, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 16, 2024
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes, net of refunds received			$ 3,525	$ 1,845	$ 21,189
Cash paid for interest			330,063	309,924	$ 286,043
Other Significant Noncash Transactions [Line Items]
Repayments of Assumed Debt		$ 422,900
Right-of-use assets and land rights, net	$ 37,100		1,091,783	835,524		$ 49,200
Lease liabilities	37,100		$ 244,973	$ 196,853		$ 49,200
PA Live! Master Lease
Supplemental Cash Flow Elements [Abstract]
Payments to acquire real estate, exclusive of transaction fees		689,000
Stock Issued		137,000
Other Significant Noncash Transactions [Line Items]
Stock Issued		$ 137,000
Units of Partnership Interest, Amount		3,017,909
Bally's Master Lease
Supplemental Cash Flow Elements [Abstract]
Stock Issued	14,900
Other Significant Noncash Transactions [Line Items]
Stock Issued	$ 14,900
Units of Partnership Interest, Amount	286,643
Bally's Tiverton Casino & Hardrock Biloxi
Supplemental Cash Flow Elements [Abstract]
Stock Issued	$ 14,900
Other Significant Noncash Transactions [Line Items]
Stock Issued	$ 14,900
Units of Partnership Interest, Amount	286,643

Business and Basis of Presentation - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 a property state shares	Dec. 31, 2023 shares	Jan. 03, 2023 shares	Dec. 29, 2021 shares
Organization Consolidation and Presentation of Financial Statements [Line Items]
Other Ownership Interests, Units Issued \| shares	8,224,939	7,653,326
Number of facilities whose real estate property is included in entity portfolio	68
Number of states across which the portfolio of properties is diversified \| state	20
Real estate, occupancy percentage	100.00%
Real Estate investment Acreage Owned \| a	5,400
Real Estate investment Acreage Leased \| a	1,000
Bally's Tiverton Casino & Hardrock Biloxi
Organization Consolidation and Presentation of Financial Statements [Line Items]
Units of Partnership Interest, Amount \| shares			286,643
The Cordish Companies
Organization Consolidation and Presentation of Financial Statements [Line Items]
Units of Partnership Interest, Amount \| shares				7,366,683
The Cordish Companies
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio	3
Eldorado Resorts, Inc.
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio	6
Penn National Gaming Inc
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of real estate properties	34
Boyd Gaming Corporation
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio	4
Bally's Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio	15
Hard Rock
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio	1
American Racing
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio	1
Bally's Chicago Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio	1
Strategic Gaming Management, LLC- Silverado, DMG, and Baldini's
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio	3

Revenue Recognition Revenue Recognition (Rental Income Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Leased Assets [Line Items]
Total cash rental income	$ 1,411,770
Straight-line rent adjustments	56,102	$ 39,881	$ 4,294
Increase (Decrease) in Finance Receivables	28,966
Total revenues	1,531,546
Ground rent in revenue	34,708
Interest and Fee Income, Loans, Real Estate Construction	10,492
Variable rent income
Operating Leased Assets [Line Items]
Total cash rental income	70,346
Building \| Base rent income
Operating Leased Assets [Line Items]
Total cash rental income	1,149,743
Land \| Base rent income
Operating Leased Assets [Line Items]
Total cash rental income	$ 181,189

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating cash flows from operating leases (1)	$ 1,659	$ 1,618

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 16, 2024	Dec. 31, 2023	Jan. 03, 2023
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 1,091,783	$ 49,200	$ 835,524	$ 37,100
Right-of-use assets - operating leases
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	244,594		196,254
Land rights, net
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	847,189		639,270
Intangible assets net	$ 847,189		$ 639,270

Stock-Based Compensation (Performance-Based Restricted Stock Awards Activity) (Details) - Performance-based restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Number of Performance-Based Award Shares
Outstanding at the beginning of the period (in shares)	1,492,000	1,394,220
Granted (in shares)	523,000	514,000
Released (in shares)	(478,000)	(416,220)
Outstanding at the end of the period (in shares)	1,537,000	1,492,000
Weighted Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 29.36	$ 26.55
Granted (in dollars per share)	28.73	32.32
Released (in dollars per share)	24.89	23.62
Outstanding at the end of the period (in dollars per share)	$ 30.53	$ 29.36

Investment in leases, financing receivables, net and other receivables - Maturity (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Investments, All Other Investments [Abstract]
2025	$ 164,103
2026	166,917
2027	169,858
2028	172,851
2029	175,897
Thereafter	8,957,372
Total	9,806,998
Sales Type Leases, Payment to be Received, Remainder of Fiscal Year	14,837
Sales Type Leases, Payment to be Received , Year 1	14,837
Sales Type Leases, Payment to be Received , Year 2	14,837
Sales Type Leases, Payment to be Received , Year 3	14,837
Sales Type Leases, Payment to be Received , Year 4	14,837
Sales-Type, Lease Receivable, To Be Received, After Year Four	634,271
Sales Type Leases, Payments to be Received	$ 708,456

Business and Basis of Presentation - Pinnacle Master Lease, Boyd Master Lease and Belterra Park Lease (Details) $ in Millions		1 Months Ended	12 Months Ended
	Oct. 15, 2018 USD ($)	Apr. 30, 2016 USD ($)	Dec. 31, 2024 property
Boyd Gaming Corporation \| Real Estate Loan
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to Acquire Finance Receivables	$ 57.7
Amended Pinnacle Entertainment, Inc. Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating lease, renewal term			5 years
Annual rent escalator			2.00%
Operating leases, frequency the property performance-based rent structure is adjusted			2 years
Operating leases, percent of the average net revenues of property used to calculate rent increase			4.00%
Boyd Gaming Corporation Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating lease, renewal term			5 years
Lessor leasing arrangements, operating leases, term of contract			10 years
Lessor leasing arrangements operating leases number of renewal options \| property			5
Annual rent escalator			2.00%
Operating leases, frequency the property performance-based rent structure is adjusted			2 years
Operating leases, percent of the average net revenues of property used to calculate rent increase			4.00%
Belterra Park Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Annual rent escalator			2.00%
Operating leases, frequency the property performance-based rent structure is adjusted			2 years
Operating leases, percent of the average net revenues of property used to calculate rent increase			4.00%
Lessor Leasing Arrangements Period Used in Calculation of Average Net Revenues			2 years
Pinnacle Entertainment, Inc.
Organization Consolidation and Presentation of Financial Statements [Line Items]
Asset consideration transferred		$ 4,800.0
Plainridge Park Casino
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees	$ 250.0

Acquisitions (Purchase Price Allocation) (Details) - USD ($) $ in Thousands	Sep. 06, 2023	Jan. 03, 2023
Bally's Tiverton Casino & Hardrock Biloxi
Consideration
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land		$ 321,155
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings		$ 306,100
Casino Queen Master Lease- Marquette
Consideration
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land	$ 32,032
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings	$ 690

Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 13, 2023	Jan. 03, 2023	Aug. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Payments for Deposits on Real Estate Acquisitions	$ 200,000	$ 200,000
Payments to Acquire Held-to-Maturity Securities				$ 550,000	$ 341,000	$ 890,970	$ 0	$ 0
Proceeds from Sale of Held-to-Maturity Securities			$ 350,000
Debt Securities, Held-to-Maturity, Maturity, Allocated and Single Maturity Date, Fair Value			$ 563,000
Maximum
Cash and Cash Equivalents [Line Items]
Investment maturity date for cash equivalent classification						3 months

Shareholders' Equity (Dividends Declared and Paid) (Details) - USD ($)	3 Months Ended												12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Dividends [Line Items]
Common stock, cash dividends declared (in dollars per share)		$ 0.76	$ 0.72	$ 0.76	$ 0.73	$ 0.73		$ 0.72				$ 0.69
Common stock, cash dividends paid (in dollars per share)	$ 0.76		$ 0.76						$ 0.705	$ 0.705	$ 0.705		$ 3.04	$ 3.15	$ 2.85
Dividend Amount	$ 208,559,000	$ 208,538,000	$ 206,340,000	$ 206,340,000	$ 197,394,000	$ 192,085,000	$ 189,095,000	$ 188,896,000	$ 183,813,000	$ 181,549,000	$ 174,519,000	$ 170,805,000
Dividends, Common Stock, Cash													$ 3.040	$ 3.150	$ 2.805
Dividends, share-based compensation													$ 900,000	$ 900,000	$ 800,000
S 2023 Q1 Dividends
Schedule of Dividends [Line Items]
Common stock, cash dividends declared (in dollars per share)								$ 0.25
Dividend Amount				$ 65,588,000
S 2023 Q1 Earnings And Profit Dividend
Schedule of Dividends [Line Items]
Common stock, cash dividends declared (in dollars per share)								$ 0.25

Business and Basis of Presentation - Maryland Live! Lease and Pennsylvania Live! Master Lease (Details) - USD ($) $ in Millions			12 Months Ended
	Mar. 01, 2022	Dec. 06, 2021	Dec. 31, 2024	Dec. 29, 2021
PA Live! Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees	$ 689
Annual rent escalator			175.00%
Live! Casino Maryland Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract				39 years
Annual rent escalator			1.75%
Live! Casino Maryland Lease \| Maximum
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract				60 years
Live! Casino Maryland and PA Leases
Organization Consolidation and Presentation of Financial Statements [Line Items]
Annual rent escalator	1.75%
The Cordish Companies
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees		$ 1,810

Summary of Significant Accounting Policies (Real Estate Investments) (Details) - Building and improvements	Dec. 31, 2024
Minimum
Property, Plant and Equipment [Line Items]
Life used for depreciation of real estate assets, buildings and improvements	5 years
Maximum
Property, Plant and Equipment [Line Items]
Life used for depreciation of real estate assets, buildings and improvements	31 years

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and

liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses for the reporting periods. Actual results may differ from those estimates.

Principles of Consolidation and Non-controlling interest

The consolidated financial statements include the accounts of GLPI and its subsidiaries as well as the Company's operating partnership, which is a variable interest entity ("VIE") in which the Company is the primary beneficiary. The Company presents non-controlling interests and classifies such interests as a separate component of equity, separate from GLPI's stockholders' equity and as net income attributable to non-controlling interest in the Consolidated Statement of Income. The operating partnership is a VIE in which the Company is the primary beneficiary because it has the power to direct the activities of the VIE that most significantly impact the partnership's economic performance and has the obligation to absorb losses of the VIE that could be potentially significant to the VIE and the right to receive benefits from the VIE that could potentially be significant to the VIE. Therefore, the Company consolidates the accounts of the operating partnership, and reflects the third party ownership in this entity as a noncontrolling interest in the Consolidated Balance Sheet. All intercompany accounts and transactions have been eliminated in consolidation.

Real Estate Investments

Real estate investments primarily represent land and buildings leased to the Company's tenants. The Company records the acquisition of real estate assets at fair value, including acquisition and closing costs. The cost of properties developed by the Company include costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. The Company considers the period of future benefit of the asset to determine the appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful lives of the buildings and building improvements which are generally between 5 years to 31 years.

The Company continually monitors events and circumstances that could indicate that the carrying amount of its real estate investments may not be recoverable or realized. The factors considered by the Company in performing these assessments include evaluating whether the tenant is current on its lease payments, the tenant’s rent coverage ratio, the financial stability of the tenant and its parent company, and any other relevant factors. When indicators of potential impairment suggest that the carrying value of a real estate investment may not be recoverable, the Company determines whether the undiscounted cash flows from the underlying lease exceeds the real estate investments' carrying value. If we determine the estimated undiscounted cash flow are less than the asset's carrying value, then the Company would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP. The Company groups its real estate investments together by lease, the lowest level for which identifiable cash flows are available, in evaluating impairment. In assessing the recoverability of the carrying value, the Company must make assumptions regarding future cash flows and other factors. The factors considered by the Company in performing this assessment include current operating results, market and other applicable trends and residual values, as well as the effect of obsolescence, demand, competition and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss.

Investment in Leases - Financing receivables and Investment in Leases - Sales Type

In accordance with ASC 842 - Leases ("ASC 842"), for transactions in which the Company enters into a contract to acquire an asset and leases it back to the seller under a sales-type lease (i.e. a sale leaseback transaction), the Company must determine whether control of the asset has transferred to the Company. In cases whereby control has not transferred to the Company, we do not recognize the underlying asset but instead recognize a financial asset in accordance with ASC 310 "Receivables". The accounting for the financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - sales type under ASC 842. The Company recognizes interest income on Investment in leases - financing receivables under the effective yield method. Generally, we would recognize interest income to the extent the tenant is not more than 90 days delinquent on their rental obligations. Certain of the Company's leases were required to be accounted for as Investment in leases - financing receivable on the Consolidated Balance Sheets in accordance with ASC 310, since control of the underlying assets was not considered to have transferred to the Company under GAAP given the significant initial term of each of the leases.

Real Estate Loans

The Company may periodically loan funds to casino owner-operators for the purchase or construction of gaming related real estate. Loans for the construction or purchase of real estate assets of gaming related properties are classified as real estate loans on the Company's Consolidated Balance Sheets. Interest income related to real estate loans is recorded as interest

income from real estate loans within the Company's Consolidated Statements of Income in the period earned. Generally, we would recognize interest income to the extent the loan is not more than 90 days delinquent.

Lease Assets and Lease Liabilities

The Company determines whether a contract is or contains a lease at its inception. A lease is defined as the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Right-of-use assets and lease liabilities are recorded on the Company's Consolidated Balance Sheet at the lease commencement date for leases in which the Company acts as lessee. Right-of-use assets represent the Company's rights to use underlying assets for the term of the lease and lease liabilities represent the Company's future obligations under the lease agreement. Right-of-use assets and lease liabilities are recognized at the lease commencement date based upon the estimated present value of the lease payments. As the rate implicit in the Company's leases (in which the Company acts as lessee) cannot readily be determined, the Company utilizes its own estimated incremental borrowing rates to determine the present value of its lease payments. Consideration is given to the Company's recent debt issuances, as well as publicly available data for instruments with similar characteristics, including tenor, when determining the incremental borrowing rates of the Company's leases.

The Company includes options to extend a lease in its lease term when it is reasonably certain that the Company will exercise those renewal options. In the instance of the Company's ground leases associated with its tenant occupied properties, the Company has included all available renewal options in the lease term, as it intends to renew these leases indefinitely. The Company accounts for the lease and nonlease components (as necessary) of its leases of all classes of underlying assets as a single lease component. Leases with a term of 12 months or less are not recorded on the Company's Consolidated Balance Sheets.

Land rights, net represent the Company's rights to land subject to long-term ground leases. The Company obtained ground lease rights through the acquisition of several of its rental properties and immediately subleased the land to its tenants. These land rights represent the below market value of the related ground leases. The Company assessed the acquired ground leases to determine if the lease terms were favorable or unfavorable, given market conditions at the acquisition date. Because the market rents to be received under the Company's triple-net tenant leases were greater than the rents to be paid under the acquired ground leases, the Company concluded that the ground leases were below market and were therefore required to be recorded as a definite lived asset (land rights) on its books.

Right-of-use assets and land rights are monitored for potential impairment in much the same way as the Company's real estate assets, using the impairment model in ASC 360 - Property, Plant and Equipment. If the Company determines the carrying amount of a right-of-use asset or land right is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP.

Cash and Cash Equivalents

The Company considers all cash balances and highly-liquid investments with original maturities of three months or less to be cash and cash equivalents.

Held to maturity investment securities

In February 2024, the Company purchased zero coupon United States Treasury Bills of approximately $341 million which matured in August 2024 for $350 million. In August 2024, the Company purchased zero coupon United States Treasury Bills of approximately $550 million which matured in January 2025 for $563 million. The Company classified these debt securities as held to maturity in accordance with ASC 320, Investments-Debt Securities since these are fixed income investments that the Company has the intent and ability to hold until maturity. The securities are recorded at amortized cost on the Consolidated Balance Sheet which approximated their fair value.

Other Assets

Other assets primarily consists of accounts receivable and deferred compensation plan assets (See Note 11 for further details on the deferred compensation plan). Other assets also include prepaid expenditures for goods or services before the goods are used or the services are received. These amounts are deferred and charged to operations as the benefits are realized and primarily consist of prepayments for insurance, property taxes and other contracts that will be expensed during the subsequent year.

Debt Issuance Costs and Bond Premiums and Discounts

Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the contractual term of the underlying indebtedness. In accordance with ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, the Company records long-term debt net of unamortized debt issuance costs on its Consolidated Balance Sheets. Similarly, the Company records long-term debt net of any unamortized bond premiums and original issuance discounts on its Consolidated Balance Sheets. Any original issuance discounts or bond premiums are also amortized to interest expense over the contractual term of the underlying indebtedness.

Fair Value of Financial Assets and Liabilities

Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are classified based upon the level of judgment associated with the inputs used to measure their fair value. ASC 820 - Fair Value Measurements and Disclosures ("ASC 820") establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy related to the subjectivity of the valuation inputs are described below:

•Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets, such as interest rates and yield curves that are observable at commonly quoted intervals.

•Level 3: Unobservable inputs that reflect the reporting entity's own assumptions, as there is little, if any, related market activity.

The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy.

Revenue Recognition

The Company accounts for our investments in leases under ASC 842. Upon lease inception or lease modification, we assess lease classification to determine whether the lease should be classified as a sales-type, direct financing or operating lease. As required by ASC 842, we separately assess the land and building components of the property to determine the classification of each component. If the lease component is determined to be a sales-type lease or direct financing lease, we record a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized at lease inception or the lease reassessment date or deferred and recognized over the life of the lease, depending on the classification of the lease. Since we purchase properties and simultaneously enter into new leases directly with the tenants, the net investment in the lease is generally equal to the purchase price of the asset, and, due to the long term nature of our leases, the land and building components of an investment generally have the same lease classification.

The Company recognizes the related income from our financing receivables using an effective interest rate at a constant rate over the term of the applicable leases. As a result, the cash payments received under financing receivables will not equal the income recognized for accounting purposes. Rather, a portion of the cash rent the Company will receive is recorded as interest income with the remainder as a change to financing receivables. Initial direct costs incurred in connection with entering into financing receivables are included in the balance of the financing receivables. Such amounts will be recognized as a reduction to interest income from financing receivables over the term of the lease using the effective interest rate method. Costs that would have been incurred regardless of whether the lease was signed, such as legal fees and certain other third party fees, are expensed as incurred.

The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractually fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured in accordance with ASC 842. Additionally, percentage rent that is fixed and determinable at the lease inception date is recorded on a straight-line basis over the lease term, resulting in the recognition of deferred rental revenue on the Company’s Consolidated Balance Sheets. Deferred rental revenue is amortized to rental revenue on a straight-line basis

over the remainder of the lease term. The lease term includes the initial non-cancelable lease term and any reasonably assured renewable periods. Contingent rental income that is not fixed and determinable at lease inception is recognized only when the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant.

Additionally, in accordance with ASC 842, the Company records revenue for the ground lease rent paid by its tenants with an offsetting expense in land rights and ground lease expense within the Consolidated Statement of Income as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The Company subleases these ground leases back to its tenants, who are responsible for payment directly to the landlord.

The Company may periodically loan funds to casino owner-operators for the purchase of gaming related real estate. Interest income related to real estate loans is recorded as revenue from real estate within the Company's consolidated statements of income in the period earned.

Allowance for Credit Losses

The Company follows ASC 326 “Credit Losses” (“ASC 326”), which requires that the Company measure and record current expected credit losses (“CECL”), the scope of which includes our Investments in leases - financing receivables, net, Investment in leases, sales type, net, as well as real estate loans.

We have elected to use an econometric default and loss rate model to estimate the Allowance for credit losses, or CECL allowance. This model requires us to calculate and input lease and property-specific credit and performance metrics which in conjunction with forward-looking economic forecasts, project estimated credit losses over the life of the lease or loan. The Company then records a CECL allowance based on the expected loss rate multiplied by the outstanding investment.

Expected losses within our cash flows are determined by estimating the probability of default (“PD”) and loss given default (“LGD”) of our investments subject to CECL. We have engaged a nationally recognized data analytics firm to assist us with estimating both the PD and LGD. The PD and LGD are estimated during the initial term of the instruments subject to CECL. The PD and LGD estimates were developed using current financial condition forecasts. The PD and LGD predictive model was developed using the average historical default rates and historical loss rates, respectively, of over 100,000 commercial real estate loans dating back to 1998 that have similar credit profiles or characteristics to the real estate underlying the Company's instruments subject to CECL. Management will monitor the credit risk related to its instruments subject to CECL by obtaining the applicable rent and interest coverage on a periodic basis. The Company also monitors legislative changes to assess whether it would have an impact on the underlying performance of its tenant or borrower. We are unable to use our historical data to estimate losses as the Company has no loss history to date on its lease portfolio. Our tenants and borrowers are current on all of their obligations as of December 31, 2024 and December 31, 2023.

The CECL allowance is recorded as a reduction to our net Investments in leases - financing receivables, Investment in leases - sales type and real estate loans, on our Consolidated Balance Sheets. We are required to update our CECL allowance on a quarterly basis with the resulting change being recorded in the provision for credit losses, net, in the Consolidated Statement of Income for the relevant period. Finally, each time the Company makes a new investment in an asset subject to ASC 326, the Company will be required to record an initial CECL allowance for such asset, which will result in a non-cash charge to the Consolidated Statement of Income for the relevant period. See Note 7 for further information.

Charge-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received.

Stock-Based Compensation

The Company's Amended 2013 Long Term Incentive Compensation Plan (the "2013 Plan") provides for the Company to issue restricted stock awards, including performance-based restricted stock awards, and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards.

The Company accounts for stock compensation under ASC 718 - Compensation - Stock Compensation, which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value of the Company's time-based restricted stock awards is equivalent to the closing stock price on the day prior to grant. The Company utilizes a third-party valuation firm to measure the fair value of performance-based restricted stock awards at grant date using the Monte Carlo model.

The unrecognized compensation cost relating to restricted stock awards and performance-based restricted stock awards is recognized as expense over the awards’ remaining vesting periods. See Note 13 for further information related to stock-based compensation.

Income Taxes

The Company's TRS were able to engage in activities resulting in income that would not be qualifying income for a REIT. As a result, certain activities of the Company which occured within its TRS are subject to federal and state income taxes.

The Company accounts for income taxes in accordance with ASC 740 - Income Taxes ("ASC 740"). Under ASC 740, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and are measured at the prevailing enacted tax rates that will be in effect when these differences are settled or realized. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realizability of the deferred tax assets is evaluated by assessing the valuation allowance and by adjusting the amount of the allowance, if any, as necessary. The factors used to assess the likelihood of realization are the forecast of future taxable income.

ASC 740 also creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not have any uncertain tax positions for the three years ended December 31, 2024.

The Company is required under ASC 740 to disclose its accounting policy for classifying interest and penalties, the amount of interest and penalties charged to expense each period, as well as the cumulative amounts recorded in the Consolidated Balance Sheets. If and when they occur, the Company will classify any income tax-related penalties and interest accrued related to unrecognized tax benefits in taxes on income within the Consolidated Statements of Income. During the years ended December 31, 2024, 2023 and 2022, the Company recognized no penalties and interest, net of deferred income taxes.

The Company continues to be organized and to operate in a manner that will permit the Company to qualify as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to shareholders. As a REIT, the Company generally will not be subject to federal, state or local income tax on income that it distributes as dividends to its shareholders, except in those jurisdictions that do not allow a deduction for such distributions. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal, state and local income tax, including any applicable alternative minimum tax, on its taxable income at regular corporate income tax rates, and dividends paid to its shareholders would not be deductible by the Company in computing taxable income. Any resulting corporate liability could be substantial and could materially and adversely affect the Company's net income and net cash available for distribution to shareholders. Unless the Company was entitled to relief under certain Internal Revenue Code provisions, the Company also would be disqualified from re-electing to be taxed as a REIT for the four taxable years following the year in which it failed to qualify to be taxed as a REIT.

Earnings Per Share

The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings Per Share. Basic EPS is computed by dividing net income applicable to common shareholders by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options, unvested restricted shares, unvested performance-based restricted shares and the dilutive effect of the Company's forward sale agreement as described in Note 16. The effect of the conversion of the Operating Partnership ("OP") units to common shares is excluded from the computation of basic and diluted earnings per share because all net income attributable to the Noncontrolling interest holders are recorded as income attributable to non-controlling interests, thus it is excluded from net income available to common shareholders. See Note 15 for further details on the Company's earnings per share calculations.

Segment Information

The Company's operations consist solely of investments in real estate for which all such real estate properties are similar to one another in that they consist of destination and leisure properties and related offerings, whose tenants offer casino gaming, hotel, convention, dining, entertainment and retail amenities, have similar economic characteristics and are governed by triple-net operating leases. As such, the Company has one reportable segment. The operating results of the Company's real estate investments are reviewed in the aggregate using the Company's consolidated financial statements, by the Company's chief executive officer who is the chief operating decision maker (as such term is defined in ASC 280 - Segment Reporting). See Note 18 for further information.

Concentration of Credit Risk

Concentrations of credit risk arise when a number of operators, tenants, or obligors related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. Additionally, concentrations of credit risk may arise when revenues of the Company are derived from a small number of tenants. As of December 31, 2024, substantially all of the Company's real estate properties were leased to PENN, Cordish, Caesars, Bally's and Boyd. During the year ended December 31, 2024, approximately 61%, 11%, 11%, 8% and 8% of the Company's collective income from real estate was derived from tenant leases with PENN, Cordish, Bally's (including Casino Queen), Caesars and Boyd, respectively. PENN, Caesars, Bally's and Boyd are publicly traded companies that are subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and are required to file periodic reports on Form 10-K and Form 10-Q and current reports on Form 8-K with the Securities and Exchange Commission ("SEC"). Readers are directed to PENN, Caesars, Bally's and Boyd respective websites for further financial information on these companies. Other than the Company's tenant concentration, management believes the Company's portfolio was reasonably diversified by geographical location and did not contain any other significant concentrations of credit risk. As of December 31, 2024, the Company's portfolio of 68 properties is diversified by location across 20 states.

Financial instruments that subject the Company to credit risk consist of cash and cash equivalents, Investment in leases, financing receivables, Investment in leases, sales type and real estate loans. The Company's policy is to limit the amount of credit exposure to any one financial institution and place investments with financial institutions evaluated as being creditworthy, or in short-term money market and tax-free bond funds which are exposed to minimal interest rate and credit risk. At times, the Company has bank deposits and overnight repurchase agreements that exceed federally-insured limits.

Real Estate Loans, Net

5. Real estate loans, net

As discussed in Note 1, the Company entered into the Rockford Loan during the year ended December 31, 2023 and the entire $150 million commitment was drawn as of December 31, 2024. The Rockford Loan has a 10% interest rate and a maximum outstanding period of up to 6 years (5-year initial term with a 1-year extension). The Company also entered into the Ione Loan for up to $110.0 million, of which $15.1 million was drawn as of December 31, 2024. On January 1, 2025, the Company amended the terms of the Rockford Loan to reduce the interest rate to 8% with a maturity date of June 30, 2026, subject to a 6 month extension. The following is a summary of the balances of the Company's Real estate loans, net.


	December 31, 2024		December 31, 2023
	(in thousands)		(in thousands)
Real estate loans	$	165,160	$	40,000
Less: Allowance for credit losses	(4,570)		(964)
Real estate loans, net	$	160,590	$	39,036

The change in the allowance for credit losses for the Company's Real estate loans is shown below (in thousands):


	Rockford Loan		Ione Loan		Total
Balance at December 31, 2022	$	—	$	—	$	—
Change in allowance	(964)		—		(964)
Balance at December 31, 2023	(964)		—		(964)
Change in allowance	(3,523)		(83)		(3,606)
Ending balance at December 31, 2024	$	(4,487)	$	(83)	$	(4,570)

The real estate loans are subject to CECL, which is described in Note 7. The Company recorded a provision for credit losses of $3.6 million and $1.0 million for the year ended December 31, 2024 and December 31, 2023, respectively on the Company's real estate loans. Additionally, the Company recorded a benefit of $2.1 million and a provision of $2.6 million for the year ended December 31, 2024 and December 31, 2023 on unfunded loan commitments. The reserve for the unfunded loan commitment is recorded in other liabilities on the Consolidated Balance Sheets and totaled $0.5 million and $2.6 million at December 31, 2024 and December 31, 2023, respectively. The Company's borrowers are current on their loan obligation as of December 31, 2024.

Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax penalties and interest, net of deferred income taxes	$ 0	$ 0	$ 0
REIT taxable income distribution requirement	90.00%
Period for which entity will not be permitted to qualify for tax treatment as real estate investment trust in case of failure to qualify as REIT in any taxable year	4 years

Revenue Recognition

12 Months Ended

Dec. 31, 2024

Revenue Recognition [Abstract]

Revenue Recognition

Revenues from Real Estate

As of December 31, 2024, 14 of the Company’s real estate investment properties were leased to a subsidiary of PENN under the Amended PENN Master Lease, 7 of the Company's real estate investment properties were leased to a subsidiary under the PENN 2023 Master Lease, an additional 12 of the Company's real estate investment properties were leased to a subsidiary of PENN under the Amended Pinnacle Master Lease, 5 of the Company's real estate investment properties were leased to a subsidiary of Caesars under the Third Amended and Restated Caesars Master Lease, 3 of the Company's real estate investment properties were leased to a subsidiary of Boyd under the Boyd Master Lease, 8 of the Company's real estate investment properties were leased to a subsidiary of Bally's under the Bally's Master Lease, 2 of the Company's real estate investment properties were leased to a subsidiary of Bally's under Bally's Master Lease II, 2 of the Company's real estate investment properties were leased to a subsidiary of Cordish under the Pennsylvania Live! Master Lease, 4 of the Company's real estate properties were leased to a subsidiary of Bally's under the Third Amended and Restated Casino Queen Master Lease and 3 of the Company's real estate investment properties were leased to subsidiaries of Strategic under the Strategic Gaming Leases. Additionally, the land under PENN's Hollywood Casino Morgantown is subject to the Morgantown Lease. Finally, the Company has single property triple net leases with Caesars under the Horseshoe St. Louis Lease, Boyd under the Belterra Park Lease, Bally's under the Tropicana Lease and Cordish under the Maryland Live! Lease, American Racing under the Tioga Downs Lease, 815 Entertainment under the Rockford Lease and a facility under development for Bally's in Chicago, Illinois.

Guarantees

The obligations under the Amended PENN Master Lease, PENN 2023 Master Lease, Amended Pinnacle Master Lease and Morgantown Lease, are guaranteed by PENN and, with respect to each lease, jointly and severally by PENN's subsidiaries that occupy and operate the facilities covered by such lease. Similarly, the obligations under the Third Amended and Restated Caesars Master Lease, the Horseshoe St. Louis Lease, the Third Amended and Restated Casino Queen Master Lease, the Bally's Master Lease, the Bally's Master Lease II, the Strategic Gaming Leases and the Tioga Downs Lease are each jointly and severally guaranteed by the applicable parent company and by the parent's subsidiaries that occupy and operate the leased facilities. The obligations under the Tropicana Las Vegas Lease are guaranteed by Bally's. The obligations under the Boyd Master Lease, the Maryland Live! Lease, the Pennsylvania Live! Lease and the Rockford Lease are jointly and severally guaranteed by the subsidiaries that occupy and operate the facilities.

Rent

Rent under the PENN 2023 Master Lease is fixed with annual escalations on the entirety of rent increasing by 1.5% annually on November 1. The rent structure under the Amended PENN Master Lease includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the revenues of the facilities, which is prospectively adjusted, subject to certain floors (namely the Hollywood Casino at Penn National Race Course property due to PENN's opening of a competing facility) every 5 years to an amount equal to 4% of the average net revenues of all facilities under the Amended PENN Master Lease during the preceding five years in excess of a contractual baseline.

Similar to the Amended PENN Master Lease, the Amended Pinnacle Master Lease also includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met and a component that is based on the performance of the facilities, which is prospectively adjusted subject to certain floors (namely the Bossier City Boomtown property due to PENN's acquisition of a competing facility, Margaritaville Resort Casino), every two years to an amount equal to 4% of the average net revenues of all facilities under the Amended Pinnacle Master Lease during the preceding two years in excess of a contractual baseline.

On December 18, 2020 and November 13, 2023, amendments became effective to the Amended and Restated Caesars Master Lease and Second Amended and Restated Master Lease, respectively, as described more fully in Note 1. These modifications were each accounted for as a new lease which the Company concluded continued to meet the criteria for operating lease treatment. As a result, the existing deferred revenue at the time of the amendments are being recognized over the Amended and Restated Caesars Master Lease's new initial lease term, which expires in September 2038. The Company concluded the renewal options of up to an additional 20 years at the tenant's option are not reasonably certain of being exercised as failure to renew would not result in a significant penalty to the tenant. In the fifth and sixth lease years the building base rent escalates at 1.25%. In the seventh and eighth lease years it escalates at 1.75% and then escalates at 2% in the ninth lease year and each lease year thereafter. In addition, the guaranteed fixed escalations in the new initial lease term are recognized on a straight-line basis.

The Boyd Master Lease includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is adjusted every two years s to an amount equal to 4% of the average annual net revenues of all facilities under the Boyd Master Lease during the preceding two years in excess of a contractual baseline.

In May 2020, the Company acquired the real estate of Belterra Park in satisfaction of the Belterra Park Loan, subject to the Belterra Park Lease with a Boyd affiliate operating the property. The Belterra Park Lease rent terms are consistent with the Boyd Master Lease. The annual rent is comprised of a fixed component, part of which is subject to an annual escalator of up to 2% if certain rent coverage ratio thresholds are met and a component that is based on the performance of the facilities which is adjusted, every two years to an amount equal to 4% of the average annual net revenues of Belterra Park during the preceding two years in excess of a contractual baseline.

On September 29, 2020, the Company acquired the real estate of Horseshoe St. Louis in satisfaction of the CZR loan, subject to the Horseshoe St. Louis Lease, the initial term of which expires on October 31, 2033, with 4 separate renewal options of five years each, exercisable at the tenant's option. The Horseshoe St. Louis Lease's rent terms were adjusted on December 1, 2021 such that the annual escalator is now fixed at 1.25% for the second through fifth lease years, increasing to 1.75% for the sixth and seventh lease years and thereafter increasing by 2.0% for the remainder of the lease.

The Morgantown Lease became effective on October 1, 2020 whereby the Company is leasing the land under PENN's

gaming facility and the initial rent on the opening date and on each anniversary thereafter for each of the following three lease years shall be increased by 1.5% annually (on a prorated basis for the remainder of the lease year in which the gaming facility opens), and commencing on the fourth anniversary of the opening date and for each anniversary thereafter, (a) 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 (b) if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year. Hollywood Casino Morgantown opened on December 22, 2021.

Rent under the Third Amended and Restated Casino Queen Master Lease increases annually by 0.5% for lease years two through six. Beginning with 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 increase is less than 0.25%, rent will remain unchanged for such lease year. Additionally, the Company's landside development project at Casino Queen Baton Rouge was completed in late August 2023 and the rent was adjusted to reflect a yield of 8.25% on GLPI's project costs of $77 million. The Company also acquired the land and certain improvements at Casino Queen Marquette for $32.72 million as of September 6, 2023. The annual rent was increased by $2.7 million for this acquisition. Additionally, the Company anticipates funding certain construction costs for an amount not to exceed $16.5 million, for a landside development project at Casino Queen Marquette.

The Bally's Master Lease became effective on June 3, 2021 and rent is subject to contractual escalations based on the CPI, with a 1% floor and a 2% ceiling, subject to the CPI meeting a 0.5% threshold. The Company completed the acquisitions of the real estate assets of Bally's Biloxi and Bally's Tiverton on January 3, 2023 and Bally's Black Hawk and Bally's Quad Cities on April 1, 2022. The existing Bally's Master Lease was amended to add these properties with annual rent increases subject to the escalation clauses described above.

The Bally's Master Lease II became effective December 16, 2024 and rent is subject to contractual escalations based on the CPI, with a 1% floor and a 2% ceiling, subject to the CPI meeting a 0.5% threshold.

As previously discussed the Company assumed the ground lease for the Chicago land for approximately $250 million and entered into the Bally's Chicago Land Lease. The lease is cross-defaulted with the construction development funding agreement. Upon completion of the improvements and acquisition of the land, GLPI expects to own substantially all of the real estate land and funded improvements related to the Chicago casino and hotel for a total investment of $1.19 billion. Rental income on the land and development funding is being deferred until the project is substantially complete and ready for its intended use. Income deferred on the project is recorded in deferred rental revenue and totaled $6.1 million for the year ended December 31, 2024.

On December 29, 2021, the Maryland Live! Lease with Cordish became effective, with annual rent increasing by 1.75% upon the second anniversary of the lease commencement. The Pennsylvania Live! Master Lease with Cordish became effective March 1, 2022 with annual rent increasing by 1.75% upon the second anniversary of the lease commencement. These leases were accounted for as an Investment in leases, financing receivables. See Note 3 for the further information including the future annual cash payments to be received under these leases.

On September 26, 2022, the Tropicana Las Vegas Lease became effective. Commencing on the first anniversary and on each anniversary thereafter, if the CPI increase is at least 0.5% for any lease year, the rent shall increase by the greater of 1% of the rent in effect for the preceding lease year and the CPI increase, capped at 2%. If the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year. As discussed in Note 1, in late August 2024, the Tropicana Las Vegas Lease was reconsidered due to a change in rent terms which resulted in the lease being accounted for as a sales type lease.

On August 29, 2023, the Company acquired the land associated with a development project in Rockford, IL. Simultaneously with the land acquisition, the Company entered into the Rockford Lease which has a 99-year term and initial annual rent is subject to fixed 2% annual escalation beginning with the lease's first anniversary and for the entirety of its term. The Rockford Lease was accounted for as an Investment in leases, financing receivables.

On February 6, 2024, the Company announced it had acquired the real estate assets of Tioga Downs. Simultaneously with the acquisition, The Company entered into the Tioga Downs Lease which has an initial lease term of 30 years and initial annual rent that is subject to annual fixed escalations of 1.75% beginning with the first anniversary which increases to 2% beginning in year fifteen of the lease through the remainder of its initial term. The Tioga Downs Lease was accounted for as an Investment in leases, financing receivables.

On May 16, 2024, the Company acquired the real estate assets of Silverado, DMG, and Baldini's. Simultaneous with the acquisition, the Company and affiliates of Strategic entered into the Strategic Gaming Leases. The rent is subject to a fixed 2.0% annual escalation beginning in year three of the lease and a CPI-based annual escalation beginning in year 11 of the lease, at the greater of 2% or CPI capped at 2.5%. The Strategic Gaming Leases were accounted for as Investment in leases, financing receivables.

Furthermore, certain of the Company's leases with percentage rent provide for a floor on the percentage rent described above, should the Company's tenants acquire or commence operating a competing facility within a restricted area (typically 60 miles from a property under the existing master lease with such tenant). These clauses provide landlord protections by basing the percentage rent floor for any affected facility on the net revenues of such facility for the calendar year immediately preceding the year in which the competing facility is acquired or first operated by the tenant. A percentage rent floor was triggered on the Amended Pinnacle Master Lease on the Bossier City Boomtown property due to PENN's acquisition of Margaritaville Resort Casino. Additionally, a percentage rent floor on the Amended PENN Master Lease was triggered on the Hollywood Casino at Penn National Race Course in connection with PENN opening a facility in York, Pennsylvania which went into effect at the November 1, 2023 reset.

Costs

In addition to rent, as triple-net lessees, all of the Company's 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.

Lease terms

Under ASC 842, the Company is required at lease inception (and if applicable at a lease reassessment date) to determine the term of the lease. This requires concluding whether it is reasonably assured that our tenants will exercise their renewal options contained within the lease. The initial lease term is a key judgment that is utilized in the lease classification test to determine whether the lease is an operating lease, sales type lease or direct financing lease. The Company currently has not included tenant renewal options in its determination of the initial lease term. The Company assesses whether to include tenant renewal options in its calculation of the lease term based on several factors, including but not limited to, whether its tenants' leases represent substantially all of the tenants' earnings and revenues, the ability of its tenants to sell their leased operations for fair value and whether the initial term of its leases is for a significant period of time. Since the formation of the Company on November 1, 2013, the Company has amended or reassessed seven of its current leases. All of these reassessments were the result of significant lease amendments and were completed during the initial lease terms and prior to any renewal options. Additionally, Pinnacle sold its operations to PENN for fair value whose underlying real estate for the casino operations were leased from the Company.

Details of the Company's rental income for the year ended December 31, 2024 was as follows (in thousands):


	Year Ended December 31, 2024
Building base rent	$	1,149,743
Land base rent	181,189
Percentage rent and other rental revenue	70,346
Interest income on real estate loans	10,492
Total cash income	$	1,411,770
Straight-line rent adjustments	56,102
Ground rent in revenue	34,708
Accretion on financing receivables	28,966
Total income from real estate	$	1,531,546

(1) Building base rent is subject to the annual rent escalators described above.

As of December 31, 2024, the future minimum rental income from the Company's rental properties under non-cancelable operating leases, including any reasonably assured renewal periods, was as follows (in thousands):


Year ending December 31,	Future Rental Payments Receivable		Straight-Line Rent Adjustments (1)		Future Base Ground Rents Receivable		Future Income to be Recognized Related to Operating Leases
2025	$	1,275,677	$	57,056	$	15,546	$	1,348,279
2026	1,184,527		49,757		14,792		1,249,076
2027	1,141,974		42,967		13,914		1,198,855
2028	1,144,120		36,078		13,796		1,193,994
2029	1,126,082		30,400		13,796		1,170,278
Thereafter	4,687,215		2,745		71,899		4,761,859
Total	$	10,559,595	$	219,003	$	143,743	$	10,922,341

(1) Includes tenant improvement allowance that is being amortized over the life of a tenant lease and excludes deferred income on the Bally's Chicago Land Lease as the facility is under development and as such is not ready for its intended use.

The table above presents the cash rent the Company expects to receive from its tenants, offset by adjustments to recognize this rent on a straight-line basis over the lease term. The Company also includes the future non-cash revenue it expects to recognize from the fixed portion of tenant paid ground leases in the table above. For further details on these tenant paid ground leases, refer to Note 8.

The Company may periodically loan funds to casino owner-operators for the purchase of real estate. Interest income related to real estate loans is recorded as revenue from real estate within the Company's consolidated statements of income in the period earned. See Note 5 for further details.

Consolidated Statements of Changes in Shareholders' Equity - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Noncontrolling Interest
Balance (in shares) at Dec. 31, 2021		247,206,937
Balance at Dec. 31, 2021	$ 3,390,140,000	$ 2,472,000	$ 4,953,943,000	$ (1,771,402,000)	$ 205,127,000
Increase (Decrease) in Shareholders' Equity
issuance of common stock (in shares)		13,141,499
Issuance of common stock, net of costs	611,256,000	$ 131,000	611,125,000
Restricted stock activity (in shares)		378,594
Restricted stock activity	8,503,000	$ 4,000	8,499,000
Dividends, Common Stock, Cash	2.805
Dividends (in shares)		0
Dividends paid	(711,467,000)	$ 0	0	(711,467,000)
Distributions to non-controlling interest	137,043,000				137,043,000
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(20,664,000)				20,664,000
Net income	703,285,000			684,653,000	18,632,000
Balance at Dec. 31, 2022	4,118,096,000	$ 2,607,000	5,573,567,000	(1,798,216,000)	340,138,000
Balance (in shares) at Dec. 31, 2022		260,727,030
Increase (Decrease) in Shareholders' Equity
issuance of common stock (in shares)		9,817,430
Issuance of common stock, net of costs	469,213,000	$ 98,000	469,115,000
Restricted stock activity (in shares)		378,259
Restricted stock activity	9,431,000	$ 4,000	9,427,000
Dividends, Common Stock, Cash	3.150
Dividends (in shares)		0
Dividends paid	(833,980,000)	$ 0	0	(833,980,000)
Distributions to non-controlling interest	14,931,000				14,931,000
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(24,107,000)				24,107,000
Net income	755,370,000			734,283,000	21,087,000
Balance at Dec. 31, 2023	$ 4,156,905,000	$ 2,709,000	6,052,109,000	(1,897,913,000)	352,049,000
Balance (in shares) at Dec. 31, 2023	270,922,719	270,922,719
Increase (Decrease) in Shareholders' Equity
Total equity	$ 4,508,954,000
issuance of common stock (in shares)		3,072,137
Issuance of common stock, net of costs	148,216,000	$ 31,000	148,185,000
Restricted stock activity (in shares)		427,693
Restricted stock activity	9,537,000	$ 4,000	9,533,000
Dividends, Common Stock, Cash	3.040
Dividends (in shares)		0
Dividends paid	(830,716,000)	$ 0	0	(830,716,000)
Distributions to non-controlling interest	26,471,000				26,471,000
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(24,586,000)				24,586,000
Net income	807,648,000			784,620,000	23,028,000
Balance at Dec. 31, 2024	$ 4,268,562,000	$ 2,744,000	$ 6,209,827,000	$ (1,944,009,000)	$ 376,962,000
Balance (in shares) at Dec. 31, 2024	274,422,549	274,422,549
Increase (Decrease) in Shareholders' Equity
Total equity	$ 4,645,524,000

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Land Rights) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Land rights, net
Finite-Lived Intangible Assets [Line Items]
Land rights	$ 948,303	$ 727,114
Less accumulated amortization	(101,114)	(87,844)
Intangible assets net	847,189	639,270
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2020	17,080
2021	17,080
2022	17,080
2023	17,080
2024	17,080
Thereafter	761,789
Land rights, net	$ 847,189	$ 639,270
Land rights, net \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	10 years
Land rights, net \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	92 years

Shareholders' Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Shareholders' Equity

Equity

Common Stock

On December 21, 2022, the Company commenced a continuous equity offering under which the Company may sell up to an aggregate of $1.0 billion of its common stock from time to time through a sales agent in "at the market" offerings (the "2022 ATM Program"). Actual sales will depend on a variety of factors, including market conditions, the trading price of the Company's common stock and determinations of the appropriate sources of funding. The Company may sell the shares in amounts and at times to be determined by the Company, but has no obligation to sell any of the shares in the 2022 ATM Program. The 2022 ATM Program also allows the Company to enter into forward sale agreements. In no event will the aggregate number of shares sold under the 2022 ATM Program (whether under any forward sale agreement or through a sales agent), have an aggregate sales price in excess of $1.0 billion. The Company expects, that if it enters into a forward sale contract, to physically settle each forward sale agreement with the forward purchaser on one or more dates specified by the Company prior to the maturity date of that particular forward sale agreement, in which case the aggregate net cash proceeds at settlement will equal the number of shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, the Company may also elect to cash settle or net share settle a particular forward sale agreement, in which case proceeds may or may not be received or cash may be owed to the forward purchaser.

In connection with the 2022 ATM Program, the Company engaged a sales agent who may receive compensation of up to 2% of the gross sales price of the shares sold. Similarly, in the event the Company enters into a forward sale agreement, it will pay the relevant forward seller a commission of up to 2% of the sales price of all borrowed shares of common stock sold during the applicable selling period of the forward sale agreement. During the year ended December 31, 2024 and 2023, the Company sold $3.1 million and 8.5 million shares of its common stock under the 2022 ATM Program which raised net proceeds of $148.2 million and $404.7 million, respectively.

During the year ended December 31, 2024, the Company entered into forward sale agreements to sell 8,170,387 shares for net sales price of $409.3 million subject to certain contractual adjustments. No amounts have been or will be recorded on the Company's balance sheet with respect to these forward sale agreements. Reflecting the impact of these forward sale agreements, the Company had $34.2 million remaining for issuance under the 2022 ATM Program at December 31, 2024.

The forward sale agreements require the Company to, at its election prior to one year from the commencement of each forward sale agreement, physically settle the transactions by issuing shares of its common stock to the forward counterparty in exchange for net proceeds at the then applicable forward sale price specified by the forward sale agreements. The forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other specified fixed amounts.

Until settlement of the forward sale agreements (which contractually matures in the third quarter of 2025 but may be settled prior to this time period at the Company's election), earnings per share dilution resulting from the forward sale agreements will be determined under the treasury stock method. Share dilution occurs when the average market price of the Company's common stock is higher than the average forward sales price (which is reduced by the maximum specified fixed amounts in the contracts).

On August 14, 2019, the Company commenced a continuous equity offering under which the Company may sell up to an aggregate of $600 million of its common stock from time to time through a sales agent in "at the market" offerings (the "2019 ATM Program").

In August 2022, the Company entered into a forward sale agreement under the Company's 2019 ATM program that was settled in February 2023 which resulted in the issuance of 1,284,556 common shares and net proceeds of $64.6 million.

During the year ended December 31, 2022, GLPI sold 5,206,499 of its common stock at an average price of $50.32 per share under the 2019 ATM Program, which generated net proceeds of approximately $260.8 million. In November 2022, the Company exhausted the capacity under its 2019 ATM Program..

On July 1, 2022, the Company issued 7,935,000 shares of its common stock, generating net proceeds of approximately

$350.8 million.

Noncontrolling Interests

As partial consideration for the closing of various real property assets over the past few years, the Company's operating partnership has issued OP Units. The OP Units are exchangeable for common shares of the Company on a one-for-one basis, subject to certain terms and conditions. On December 16, 2024, the Company's operating partnership issued 137,309 newly issued OP Units valued at $6.8 million to affiliates of Bally's as partial consideration for the closing of the real property assets under Bally's Master Lease II. As partial consideration for the closing of the real property assets under the Tioga Downs Lease that occurred on February 6, 2024, the Company’s operating partnership issued 434,304 newly-issued OP units to an affiliate of Tioga Downs which were valued at $19.6 million. As partial consideration for the closing of the real property assets under the Bally's Master Lease that occurred on January 3, 2023, the Company's operating partnership issued 286,643 newly-issued OP Units to affiliates of Bally's which were valued at $14.9 million. In 2022, as partial consideration for the closing of the real property assets under the Pennsylvania Live! Master Lease that occurred on March 1, 2022, the Company's operating partnership issued 3,017,909 newly-issued OP Units to affiliates of Cordish which were valued at $137.0 million. The OP Units are exchangeable for common shares of the Company on a one-for-one basis, subject to certain terms and conditions. As of December 31, 2024, the Company holds a 97.1% controlling financial interest in the operating partnership. The operating partnership is a VIE in which the Company is the primary beneficiary because it has the power to direct the activities of the VIE that most significantly impact the partnership's economic performance and has the obligation to absorb losses of the VIE that could be potentially significant to the VIE and the right to receive benefits from the VIE that could potentially be significant to the VIE. Therefore, the Company consolidates the accounts of the operating partnership, and reflects the third party ownership in this entity as a non-controlling interest in the Condensed Consolidated Balance Sheets. The Company paid $24.6 million, $24.1 million and $20.7 million in distributions to the non-controlling interest holders concurrently with the dividends paid to

the Company's common shareholders, during the year ended December 31, 2024, December 31, 2023 and December 31, 2022 respectively.

Dividends

The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2024, 2023 and 2022:


Declaration Date	Shareholder Record Date	Securities Class	Dividend Per Share		Period Covered	Distribution Date	Dividend Amount
							(in thousands)
2024
February 26, 2024	March 15, 2024	Common Stock	$	0.76	First Quarter 2024	March 29, 2024	$	206,340

May 20, 2024	June 7, 2024	Common Stock	$	0.76	Second Quarter 2024	June 21, 2024	$	206,340
August 28, 2024	September 13, 2024	Common Stock	$	0.76	Third Quarter 2024	September 27, 2024	$	208,538
November 25, 2024	December 6, 2024	Common Stock	$	0.76	Fourth Quarter 2024	December 20, 2024	$	208,559

2023
February 22, 2023	March 10, 2023	Common Stock	$	0.72	First Quarter 2023	March 24, 2023	$	188,896

February 22, 2023	March 10, 2023	Common Stock	$	0.25	First Quarter 2023	March 24, 2023 (1)	$	65,588
June 1, 2023	June 16, 2023	Common Stock	$	0.72	Second Quarter 2023	June 30, 2023	$	189,095
August 30, 2023	September 15, 2023	Common Stock	$	0.73	Third Quarter 2023	September 29, 2023	$	192,085
November 22, 2023	December 8, 2023	Common Stock	$	0.73	Fourth Quarter 2023	December 22, 2023	$	197,394
2022
February 24, 2022	March 11, 2022	Common Stock	$	0.69	First Quarter 2022	March 25, 2022	$	170,805
May 9, 2022	June 10, 2022	Common Stock	$	0.705	Second Quarter 2022	June 24, 2022	$	174,519
August 31, 2022	September 16, 2022	Common Stock	$	0.705	Third Quarter 2022	September 30, 2022	$	181,549
November 23, 2022	December 9, 2022	Common Stock	$	0.705	Fourth Quarter 2022	December 23, 2022	$	183,813

(1) On February 22, 2023, the Company declared a first quarter dividend of $0.72 per share in addition to a special earnings and profit dividend related to the sale of the Tropicana Las Vegas building of $0.25 per share on the Company's common stock.

In addition, for the years ended December 31, 2024, 2023 and 2022, dividend payments were made to GLPI restricted stock award holders in the amount of, $0.9 million, $0.9 million and $0.8 million, respectively.

A summary of the Company's taxable common stock distributions for the years ended December 31, 2024, 2023 and 2022 is as follows (unaudited):


	Year Ended December 31,
	2024			2023			2022
	(in dollars per share)
Qualified dividends	$	—		$	—		$	—
Non-qualified dividends	2.9584			3.0215			2.5686
Capital gains	0.0178			0.0004			0.2773
Non-taxable return of capital	0.0638			0.1281			—
Total distributions per common share (1)	$	3.04		$	3.15		$	2.85

Percentage classified as qualified dividends	—		%	—		%	—		%
Percentage classified as non-qualified dividends	97.32		%	95.92		%	90.26		%
Percentage classified as capital gains	0.58		%	0.01		%	9.74		%
Percentage classified as non-taxable return of capital	2.10		%	4.07		%	—		%
	100.00		%	100.00		%	100.00		%

(1) A portion of the $0.24 dividend declared on December 27, 2021 and paid on January 7, 2022 is treated as a 2022 distribution and a portion is treated as a 2021 distribution for federal income tax purposes.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Consolidated Statements of Income - USD ($)	12 Months Ended
Consolidated Statements of Income - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Rental income	$ 1,330,620,000	$ 1,286,358,000	$ 1,173,376,000
Interest income from real estate loans	10,492,000	1,044,000	0
Total income from real estate	1,531,546,000	1,440,392,000	1,311,685,000
Operating expenses
Land rights and ground lease expense	47,674,000	48,116,000	49,048,000
General and administrative	59,571,000	56,450,000	51,319,000
Gains from dispositions of property	(3,790,000)	(22,000)	(67,481,000)
Impairment of Real Estate	0	(2,187,000)	3,298,000
Depreciation	260,152,000	262,870,000	238,688,000
Accounts Receivable, Credit Loss Expense (Reversal)	37,254,000	6,461,000	6,898,000
Total operating expenses	400,861,000	371,688,000	281,770,000
Income from operations	1,130,685,000	1,068,704,000	1,029,915,000
Other income (expenses)
Interest expense	(366,897,000)	(323,388,000)	(309,291,000)
Interest income	45,989,000	12,607,000	1,905,000
Losses on debt extinguishment	0	(556,000)	(2,189,000)
Total other expenses	(320,908,000)	(311,337,000)	(309,575,000)
Income before income taxes	809,777,000	757,367,000	720,340,000
Income tax expense	2,129,000	1,997,000	17,055,000
Net income	807,648,000	755,370,000	703,285,000
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable	(23,028,000)	(21,087,000)	(18,632,000)
Net income	$ 784,620,000	$ 734,283,000	$ 684,653,000
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 2.87	$ 2.78	$ 2.71
Diluted earnings per common share (in dollars per share)	$ 2.87	$ 2.77	$ 2.70
Sales-type Lease, Interest Income, Lease Receivable	$ 5,004,000	$ 0	$ 0
Real estate
Revenues
Income from direct financing lease	$ 185,430,000	$ 152,990,000	$ 138,309,000

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Lease Asset and Lease Liabilities

Lease Assets and Lease Liabilities

Lease Assets

The Company is subject to various operating leases as lessee for both real estate and equipment, the majority of which are ground leases related to properties the Company leases to its tenants under triple-net operating leases. These ground leases may include fixed rent, as well as variable rent based upon an individual property’s performance or changes in an index such as the CPI and have maturity dates ranging from 2038 to 2108, when considering all renewal options. For certain of these ground leases, the Company’s tenants are responsible for payment directly to the third-party landlord. Under ASC 842, the Company is required to gross-up its consolidated financial statements for these ground leases as the Company is considered the primary obligor. In conjunction with the adoption of ASU 2016-02 on January 1, 2019, the Company recorded right-of-use assets and

related lease liabilities on its Consolidated Balance Sheet to represent its rights to use the underlying leased assets and its future lease obligations, respectively, including for those ground leases paid directly by our tenants. Because the right-of-use asset relates, in part, to the same leases which resulted in the land right assets the Company recorded on its Consolidated Balance Sheet in conjunction with the Company's assumption of below market leases at the time it acquired the related land and building assets, the Company is required to report the right-of-use assets and land rights in the aggregate on the Consolidated Balance Sheet.

Components of the Company's right-of use assets and land rights, net are detailed below (in thousands):


	December 31, 2024		December 31, 2023
Right-of-use assets - operating leases (1)	$	244,594	$	196,254
Land rights, net	847,189		639,270
Right-of-use assets and land rights, net	$	1,091,783	$	835,524

Land Rights

The land rights are amortized over the individual lease term of the related ground lease, including all renewal options, which ranged from 10 years to 92 years at their respective acquisition dates. Land rights net, consist of the following:


	December 31, 2024		December 31, 2023
	(in thousands)
Land rights (2)	$	948,303	$	727,114
Less accumulated amortization (2)	(101,114)		(87,844)
Land rights, net	$	847,189	$	639,270

(2) During the year ended December 31, 2024, the Company recorded land rights of $221.2 million in connection with its acquisition of the real estate assets of Bally's Kansas City and Bally's Shreveport. During the year ended December 31, 2023, the Company acquired certain real estate assets at the Belle at Baton Rouge and the previously recorded land rights and related accumulated amortization associated with the ground leases at this property totaling $0.7 million were written off.

As of December 31, 2024, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands):


Year ending December 31,
2025	$	17,080
2026	17,080
2027	17,080
2028	17,080
2029	17,080
Thereafter	761,789
Total	$	847,189

Operating Lease Liabilities

At December 31, 2024, maturities of the Company's operating lease liabilities were as follows (in thousands):


Year ending December 31,
2025	$	17,210
2026	17,289
2027	16,785
2028	16,672
2029	16,709
Thereafter	787,924
Total lease payments	$	872,589
Less: interest	(627,616)
Present value of lease liabilities	$	244,973

Lease Expense

Operating lease costs represent the entire amount of expense recognized for operating leases that are recorded on the Consolidated Balance Sheets. Variable lease costs are not included in the measurement of the lease liability and include both lease payments tied to a property's performance and changes in an index such as the CPI that are not determinable at lease commencement, while short-term lease costs are costs for those operating leases with a term of 12 months or less.

The components of lease expense were as follows:


	Year Ended December 31, 2024		Year Ended December 31, 2023
	(in thousands)
Operating lease cost	$	14,651	$	14,805
Variable lease cost	19,753		19,757
Amortization of land right assets	13,270		13,554
Total lease cost	$	47,674	$	48,116

Amortization expense related to the land right intangibles, as well as variable lease costs and the majority of the Company's operating lease costs are recorded within land rights and ground lease expense in the consolidated statements of income.

Supplemental Disclosures Related to Operating Leases

Supplemental balance sheet information related to the Company's operating leases was as follows:


			December 31, 2024
Weighted average remaining lease term - operating leases			53.14 years
Weighted average discount rate - operating leases			6.26%

Supplemental cash flow information related to the Company's operating leases was as follows:


	Year Ended December 31, 2024		Year Ended December 31, 2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (3)	$	1,659	$	1,618

(3) The Company's cash paid for operating leases is significantly less than the lease cost for the same period due to the majority of the Company's ground lease rent being paid directly to the landlords by the Company's tenants. Although GLPI expends no cash related to these leases, they are required to be grossed up in the Company's financial statements under ASC 842.

Financing Lease Liabilities

In connection with the acquisition of certain real property assets included in the Maryland Live! Lease and the Strategic Gaming Leases, the Company acquired the rights to land subject to a long-term ground leases which expire in June 2111 and April 2062, respectively. As these leases were accounted for as Investment in leases, financing receivables, the underlying ground leases were accounted for as Financing lease liabilities on the Consolidated Balance Sheets. In accordance with ASC 842, the Company records revenue for the ground lease rent paid by its tenant with an offsetting expense in interest expense as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The Company's weighted average discount rate on the fixed minimum annual payments was 5.07% to arrive at the initial lease obligations.

At December 31, 2024, payments under the Company's financing lease liabilities were as follows (in thousands):


Year ending December 31,
2025	$	2,690
2026	2,712
2027	2,735
2028	2,758
2029	2,782
Thereafter	311,040
Total lease payments	$	324,717
Less: Interest	(263,929)
Present value of finance lease liability	$	60,788

Business and Basis of Presentation (Details)- Tioga	Feb. 06, 2024 USD ($) renewaloption
ARE's Tioga Downs
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Payments to acquire real estate, exclusive of transaction fees	$ 175,000,000.0
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees	$ 175,000,000.0
Tioga Downs Lease
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Lessor leasing arrangements, operating leases, term of contract	30 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption	2
Lessor leasing arrangements, operating lease, renewal term	10 years
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Lease, Rent Escalator, Years 1 through 14	1.75%
Operating Lease, Rent Escalator, Years 15 and After	2.00%
Lessor leasing arrangements, operating leases, term of contract	30 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption	2
Lessor leasing arrangements, operating lease, renewal term	10 years
ARE Tioga Downs Master Lease
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set	$ 14,500,000
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set	$ 14,500,000

Summary of Significant Accounting Policies (Concentration of Credit Risk) (Details)	Dec. 31, 2024 property state
Cash and Cash Equivalents [Abstract]
Number of facilities whose real estate property is included in entity portfolio \| property	(68)
Number of states across which the portfolio of properties is diversified \| state	20

Earnings Per Share Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of reconciliation of the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024	2023	2022
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	272,802	264,053	252,716

Assumed conversion of restricted stock awards	160	156	159
Assumed conversion of performance-based restricted stock awards	540	784	971
Dilution attributable to equity forward contract	32	—	—
Diluted weighted-average common shares outstanding	273,534	264,993	253,846

Schedule of calculation of basic and diluted EPS for the Company's common stock

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022
	(in thousands, except per share data)
Calculation of basic EPS:


Net income attributable to common shareholders	$	784,620	$	734,283	$	684,653
Less: Net income allocated to participating securities	(459)		(434)		(432)
Net income for earnings per share purposes	$	784,161	$	733,849	$	684,221
Weighted-average common shares outstanding	272,802		264,053		252,716
Basic EPS	$	2.87	$	2.78	$	2.71

Calculation of diluted EPS:
Net income attributable to common shareholders	$	784,620	$	734,283	$	684,653
Diluted weighted-average common shares outstanding	273,534		264,993		253,846
Diluted EPS	$	2.87	$	2.77	$	2.70

Antidilutive securities excluded from the computation of diluted earnings per share	25		103		—

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance	1,148,414
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 4.4
Remaining weighted average vesting period for recognition of unrecognized compensation cost	1 year 7 months 28 days
Allocated share-based compensation expense	$ 8.7	$ 8.5	$ 7.9
Fair value of restricted stock awards released in period	12.3	11.3	12.0
Performance-based restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 15.6
Remaining weighted average vesting period for recognition of unrecognized compensation cost	1 year 7 months 20 days
Allocated share-based compensation expense	$ 15.6	14.4	12.5
Fair value of restricted stock awards released in period	$ 23.6	$ 21.7	$ 18.5
Period of total shareholder return upon which the percentage of shares vesting at the end of the measurement period will be based	3 years
Period of return of the MSCI US REIT index against which total shareholder return measured	3 years
Performance-based restricted stock awards \| End Of Measurement Period Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock awards	3 years

Revenue Recognition (Narrative) (Details)																	3 Months Ended	12 Months Ended
Revenue Recognition (Narrative) (Details)	Aug. 28, 2024 USD ($)	Jul. 12, 2024 USD ($)	Jun. 03, 2024	May 16, 2024	Feb. 06, 2024	Sep. 06, 2023 USD ($)	Aug. 29, 2023 USD ($)	Jan. 03, 2023	Sep. 26, 2022	Jun. 28, 2022 USD ($)	Mar. 01, 2022 USD ($)	Jun. 03, 2021	Nov. 25, 2020	Oct. 01, 2020	Sep. 29, 2020	Jun. 15, 2020	Dec. 31, 2024 USD ($) property	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	May 13, 2023 USD ($)	Dec. 29, 2021	Dec. 17, 2021	Oct. 01, 2018
Revenue, Major Customer [Line Items]
Number of facilities whose real estate property is included in entity portfolio \| property																	68	68
Revenues																		$ 1,531,546,000
Real estate investments, net																	$ 8,148,719,000	$ 8,148,719,000	$ 8,168,792,000
Casino Queen Marquette
Revenue, Major Customer [Line Items]
Payments to acquire real estate, exclusive of transaction fees						$ 32,720,000
Payments to acquire real estate, exclusive of transaction fees						32,720,000
Bally's Chicago Land
Revenue, Major Customer [Line Items]
Payments to acquire real estate, exclusive of transaction fees		$ 250,000,000
Payments to acquire real estate, exclusive of transaction fees		250,000,000
Bally's Corporation
Revenue, Major Customer [Line Items]
Number of facilities whose real estate property is included in entity portfolio \| property																	8	8
Strategic Gaming Management, LLC- Silverado, DMG, and Baldini's
Revenue, Major Customer [Line Items]
Number of facilities whose real estate property is included in entity portfolio \| property																	3	3
Cordish PA Live! Master Lease
Revenue, Major Customer [Line Items]
Number of facilities whose real estate property is included in entity portfolio \| property																	2	2
Penn National Gaming Inc. Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties \| property																	14	14
Annual rent escalator																		2.00%
Amended Pinnacle Entertainment, Inc. Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties \| property																	12	12
Annual rent escalator																		2.00%
Operating leases, frequency the property performance-based rent structure is adjusted																		2 years
Operating leases, percent of the average net revenues of property used to calculate rent increase																		4.00%
Lessor leasing arrangements, operating lease, renewal term																	5 years	5 years
Eldorado Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties \| property																	5	5
Boyd Gaming Corporation Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties \| property																	3	3
Annual rent escalator																		2.00%
Operating leases, frequency the property performance-based rent structure is adjusted																		2 years
Operating leases, percent of the average net revenues of property used to calculate rent increase																		4.00%
Lessor leasing arrangements, operating lease, renewal term																	5 years	5 years
Lessor leasing arrangements, operating leases, term of contract																	10 years	10 years
Amended and Restated Caesars Master Lease
Revenue, Major Customer [Line Items]
Lessor leasing arrangements, operating lease, renewal term																20 years
Operating Lease, Rent Escalator, Year 5 and Year 6																1.25%
Operating Lease, Rent Escalator, Year 7 and Year 8																1.75%
Operating Lease, Rent Escalator, After Year 9																2.00%
Lessor leasing arrangements, operating leases, term of contract																20 years							15 years
Belterra Park Lease
Revenue, Major Customer [Line Items]
Annual rent escalator																		2.00%
Operating leases, frequency the property performance-based rent structure is adjusted																		2 years
Operating leases, percent of the average net revenues of property used to calculate rent increase																		4.00%
Lessor Leasing Arrangements Period Used in Calculation of Average Net Revenues																		2 years
Lumiere Place Lease
Revenue, Major Customer [Line Items]
Operating Lease, rent Escalator, Year 2 through 5															1.25%		125.00%
Operating Lease, Rent Escalator, Year 6 and 7															1.75%
Operating Lease, Rent Escalator, Year 8 and After															2.00%		2.00%
Morgantown Lease
Revenue, Major Customer [Line Items]
Annual rent escalator														1.50%
Lessor leasing arrangements, operating lease, renewal term														5 years
Lessor leasing arrangements, operating leases, term of contract														20 years
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase														0.50%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, No Rent Increase														0.50%
Operating Leases, Covenant, Annual Rental Escalation, Rent Increase														1.25%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase														0.50%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, No Rent Increase														0.50%
Operating Leases, Covenant, Annual Rental Escalation, Rent Increase														1.25%
Casino Queen Lease
Revenue, Major Customer [Line Items]
Lessor leasing arrangements, operating lease, renewal term																							5 years
Operating Lease, Rent Escalator, Year 1 through 6													0.50%					0.50%
Lessor leasing arrangements, operating leases, term of contract																						15 years
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase													0.25%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, No Rent Increase													0.25%
Operating Leases, Covenant, Annual Rental Escalation, Rent Increase													1.25%
Yield			9.00%										8.25%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase													0.25%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, No Rent Increase													0.25%
Operating Leases, Covenant, Annual Rental Escalation, Rent Increase													1.25%
Casino Queen Lease \| Marquette, IA
Revenue, Major Customer [Line Items]
Operating Lease, Funding Commitment, Maximum						16,500,000
Bally's Master Lease
Revenue, Major Customer [Line Items]
Lessor leasing arrangements, operating lease, renewal term												5 years
Lessor leasing arrangements, operating leases, term of contract																	15 years	15 years
Operating Leases, Covenant, Annual Rental Escalator, Consumer Price Index,												1.00%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase												0.50%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, Maximum Rent Increase												2.00%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase												0.50%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, Maximum Rent Increase												2.00%
Live! Casino Maryland Lease
Revenue, Major Customer [Line Items]
Annual rent escalator																		1.75%
Lessor leasing arrangements, operating leases, term of contract																					39 years
PA Live! Master Lease
Revenue, Major Customer [Line Items]
Annual rent escalator																		175.00%
Payments to acquire real estate, exclusive of transaction fees											$ 689,000,000
Payments to acquire real estate, exclusive of transaction fees											$ 689,000,000
Bally's Tropicana Las Vegas Lease
Revenue, Major Customer [Line Items]
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set	$ 4,100,000
Operating Leases, Covenant, Annual Rental Escalator, Consumer Price Index,								1.00%
Operating Lease, Funding Commitment, Maximum																				$ 175,000,000.0
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, Maximum Rent Increase								2.00%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, Maximum Rent Increase								2.00%
PENN 2023 Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties \| property																	7	7
Tropicana Las Vegas Lease
Revenue, Major Customer [Line Items]
Lessor leasing arrangements, operating leases, term of contract																	50 years	50 years
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase									0.50%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, No Rent Increase									50.00%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase									0.50%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, No Rent Increase									50.00%
Amended PENN Master Lease
Revenue, Major Customer [Line Items]
Operating leases, frequency the property performance-based rent structure is adjusted																		5 years
Operating leases, percent of the average net revenues of property used to calculate rent increase																		4.00%
Casino Queen Master Lease- Marquette
Revenue, Major Customer [Line Items]
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set						$ 2,700,000
New Bally's Master Lease
Revenue, Major Customer [Line Items]
Real estate investments, net		$ 1,190,000,000
Rockford Lease
Revenue, Major Customer [Line Items]
Annual rent escalator							2.00%
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set										$ 8,000,000
Lessor leasing arrangements, operating leases, term of contract							99 years
Payments to acquire real estate, exclusive of transaction fees							$ 100,000,000
Payments to acquire real estate, exclusive of transaction fees							$ 100,000,000
American Racing Master Lease
Revenue, Major Customer [Line Items]
Lessor leasing arrangements, operating leases, term of contract					30 years
Tioga Lease
Revenue, Major Customer [Line Items]
Operating Lease, Rent Escalator, Year 1 through year 14					1.75%
Operating Lease, Rent Escalator, After Year 14					2.00%
Strategic Management Lease
Revenue, Major Customer [Line Items]
Lessor leasing arrangements, operating lease, renewal term																							10 years
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set										$ 9,200,000
Lessor leasing arrangements, operating leases, term of contract				25 years
Operating Leases, Covenant, Annual Rental Escalator, Consumer Price Index,				2.00%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, Maximum Rent Increase				2.50%
Operating Lease, Rent Escalator, Year 3 through Year 10																2.00%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, Maximum Rent Increase				2.50%
Third Amended & Restated Casino Queen Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties																	4	4
Bally's II Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties																	2	2

Real Estate Investments (Details) - USD ($) $ in Thousands	12 Months Ended
Real Estate Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real estate investments
Total real estate investments	$ 10,585,461	$ 10,347,315
Construction in Progress, Gross	39,542	0
Less accumulated depreciation	(2,436,742)	(2,178,523)
Real estate investments, net	8,148,719	8,168,792
Impairment of Real Estate	0	(2,187)	$ 3,298
Land and improvements
Real estate investments
Total real estate investments	3,583,793	3,559,851
Building and improvements
Real estate investments
Total real estate investments	$ 6,962,126	$ 6,787,464

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Dividends Declared

The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2024, 2023 and 2022:


Declaration Date	Shareholder Record Date	Securities Class	Dividend Per Share		Period Covered	Distribution Date	Dividend Amount
							(in thousands)
2024
February 26, 2024	March 15, 2024	Common Stock	$	0.76	First Quarter 2024	March 29, 2024	$	206,340

May 20, 2024	June 7, 2024	Common Stock	$	0.76	Second Quarter 2024	June 21, 2024	$	206,340
August 28, 2024	September 13, 2024	Common Stock	$	0.76	Third Quarter 2024	September 27, 2024	$	208,538
November 25, 2024	December 6, 2024	Common Stock	$	0.76	Fourth Quarter 2024	December 20, 2024	$	208,559

2023
February 22, 2023	March 10, 2023	Common Stock	$	0.72	First Quarter 2023	March 24, 2023	$	188,896

February 22, 2023	March 10, 2023	Common Stock	$	0.25	First Quarter 2023	March 24, 2023 (1)	$	65,588
June 1, 2023	June 16, 2023	Common Stock	$	0.72	Second Quarter 2023	June 30, 2023	$	189,095
August 30, 2023	September 15, 2023	Common Stock	$	0.73	Third Quarter 2023	September 29, 2023	$	192,085
November 22, 2023	December 8, 2023	Common Stock	$	0.73	Fourth Quarter 2023	December 22, 2023	$	197,394
2022
February 24, 2022	March 11, 2022	Common Stock	$	0.69	First Quarter 2022	March 25, 2022	$	170,805
May 9, 2022	June 10, 2022	Common Stock	$	0.705	Second Quarter 2022	June 24, 2022	$	174,519
August 31, 2022	September 16, 2022	Common Stock	$	0.705	Third Quarter 2022	September 30, 2022	$	181,549
November 23, 2022	December 9, 2022	Common Stock	$	0.705	Fourth Quarter 2022	December 23, 2022	$	183,813

Dividends Classification

A summary of the Company's taxable common stock distributions for the years ended December 31, 2024, 2023 and 2022 is as follows (unaudited):


	Year Ended December 31,
	2024			2023			2022
	(in dollars per share)
Qualified dividends	$	—		$	—		$	—
Non-qualified dividends	2.9584			3.0215			2.5686
Capital gains	0.0178			0.0004			0.2773
Non-taxable return of capital	0.0638			0.1281			—
Total distributions per common share (1)	$	3.04		$	3.15		$	2.85

Percentage classified as qualified dividends	—		%	—		%	—		%
Percentage classified as non-qualified dividends	97.32		%	95.92		%	90.26		%
Percentage classified as capital gains	0.58		%	0.01		%	9.74		%
Percentage classified as non-taxable return of capital	2.10		%	4.07		%	—		%
	100.00		%	100.00		%	100.00		%

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2024	Feb. 14, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36124
Entity Registrant Name	Gaming and Leisure Properties, Inc.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	46-2116489
Entity Address, Address Line One	845 Berkshire Blvd., Suite 200
Entity Address, City or Town	Wyomissing
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19610
City Area Code	610
Local Phone Number	401-2900
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	GLPI
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Document Financial Statement Error Correction [Flag]	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 11.8
Entity Common Stock, Shares Outstanding		274,832,506
Documents Incorporated by Reference	Portions of the registrant's definitive proxy statement for its 2025 annual meeting of shareholders (when it is filed) will be incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001575965
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY

Earnings Per Share Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share


	Year Ended December 31,
	2024	2023	2022
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	272,802	264,053	252,716

Assumed conversion of restricted stock awards	160	156	159
Assumed conversion of performance-based restricted stock awards	540	784	971
Dilution attributable to equity forward contract	32	—	—
Diluted weighted-average common shares outstanding	273,534	264,993	253,846

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022
	(in thousands, except per share data)
Calculation of basic EPS:


Net income attributable to common shareholders	$	784,620	$	734,283	$	684,653
Less: Net income allocated to participating securities	(459)		(434)		(432)
Net income for earnings per share purposes	$	784,161	$	733,849	$	684,221
Weighted-average common shares outstanding	272,802		264,053		252,716
Basic EPS	$	2.87	$	2.78	$	2.71

Calculation of diluted EPS:
Net income attributable to common shareholders	$	784,620	$	734,283	$	684,653
Diluted weighted-average common shares outstanding	273,534		264,993		253,846
Diluted EPS	$	2.87	$	2.77	$	2.70

Antidilutive securities excluded from the computation of diluted earnings per share	25		103		—

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt, net of current maturities and unamortized debt issuance costs is as follows:


	December 31, 2024		December 31, 2023
	(in thousands)
Unsecured $2,090 million revolver due December 2028	$	332,455	$	—




Term Loan Credit Facility due September 2027	600,000		600,000

$400 million 3.350% senior unsecured notes due September 2024	—		400,000
$850 million 5.250% senior unsecured notes due June 2025	850,000		850,000
$975 million 5.375% senior unsecured notes due April 2026	975,000		975,000
$500 million 5.750% senior unsecured notes due June 2028	500,000		500,000
$750 million 5.300% senior unsecured notes due January 2029	750,000		750,000
$700 million 4.000% senior unsecured notes due January 2030	700,000		700,000
$700 million 4.000% senior unsecured notes due January 2031	700,000		700,000
$800 million 3.250% senior unsecured notes due January 2032	800,000		800,000
$400 million 6.750% senior unsecured notes due December 2033	400,000		400,000
$800 million 5.625% senior unsecured notes due September 2034	800,000		—
$400 million 6.250% senior unsecured notes due September 2054	400,000		—
Other	277		434
Total long-term debt	$	7,807,732	$	6,675,434
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(71,855)		(47,884)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	$	7,735,877	$	6,627,550

Schedule of Future Minimum Repayments of Long-Term Debt

The following is a schedule of future minimum repayments of long-term debt as of December 31, 2024 (in thousands):


2025	$	850,163
2026	975,114
2027	600,000
2028	832,455
2029	750,000
Over 5 years	3,800,000
Total minimum payments	$	7,807,732

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Business and Basis of Presentation (Details)- Bally's Chicago Lease - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Real estate investments, net	$ 8,148,719	$ 8,168,792

Business and Basis of Presentation - Horseshoe St. Louis Lease (Details) - USD ($) $ in Millions			3 Months Ended
	Sep. 29, 2020	Oct. 01, 2018	Dec. 31, 2024
Lumière Place Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating lease, renewal term		5 years
Lumiere Place Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Lease, rent Escalator, Year 2 through 5	1.25%		125.00%
Operating Lease, Rent Escalator, Year 6 and 7	1.75%
Operating Lease, Rent Escalator, Year 8 and After	2.00%		2.00%
Eldorado Resorts, Inc.
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees		$ 246.0
Debt Instrument, Interest Rate, Stated Percentage		9.09%	9.27%

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 784,620	$ 734,283	$ 684,653

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Income Taxes (Effective Income Tax Rate Reconciliation, Percent) (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
State and local income taxes	0.30%	0.30%	0.40%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	0.00%	0.00%	(0.50%)
REIT conversion benefit	(21.00%)	(21.00%)	(19.20%)
Permanent differences	0.00%	0.00%	0.70%
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent	0.00%	0.00%	0.00%
Effective income tax rate reconciliation, effective income tax rate, percent	0.30%	0.30%	2.40%

Commitments and Contingencies (Funding Commitments) (Details) - USD ($)	Sep. 20, 2024	Jul. 12, 2024	Jun. 03, 2024	Nov. 25, 2020	Feb. 03, 2025	Dec. 31, 2024	Sep. 06, 2023	Jan. 01, 2023
Ione Loan \| Secured Debt
Labor Agreements [Line Items]
Line of credit facility, maximum borrowing capacity	$ 110,000,000
Outstanding balance on credit facility						$ 15,100,000
Debt Instrument, Interest Rate, Stated Percentage	11.00%
Debt instrument term	5 years
PENN Entertainment New Master Lease
Labor Agreements [Line Items]
Operating Lease, Funding Commitment, Cap Rate								7.75%
Bally's Chicago Lease
Labor Agreements [Line Items]
Yield		8.50%
Casino Queen Lease
Labor Agreements [Line Items]
Yield			9.00%	8.25%
Amended PENN Master Lease \| Subsequent Event
Labor Agreements [Line Items]
Operating Lease, Funding Commitment, Cap Rate					7.10%
Aurora, Illinois \| PENN Entertainment New Master Lease
Labor Agreements [Line Items]
Operating Lease, Funding Commitment, Maximum								$ 225,000,000
Joliet, Illinois \| PENN Entertainment New Master Lease
Labor Agreements [Line Items]
Operating Lease, Funding Commitment, Maximum								$ 350,000,000
Marquette, IA \| Casino Queen Lease
Labor Agreements [Line Items]
Operating Lease, Funding Commitment, Maximum							$ 16,500,000
Chicago, IL \| New Bally's Master Lease
Labor Agreements [Line Items]
Operating Lease, Funding Commitment, Maximum		$ 940,000,000
Baton Rouge, LA \| Casino Queen Lease
Labor Agreements [Line Items]
Operating Lease, Funding Commitment, Maximum			$ 111,000,000
Operating Lease, Funding Commitment, Funded						$ 35,100,000
Council Bluffs, IA \| Amended PENN Master Lease \| Subsequent Event
Labor Agreements [Line Items]
Operating Lease, Funding Commitment, Maximum					$ 150,000,000

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2024

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The purchase price allocation of these assets based on their fair values at the acquisition date are summarized below (in thousands).


Land and improvements	$	321,155
Building and improvements	306,100
Total purchase price	$	627,255

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and LIabilities (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Long-term debt
Real estate loans, net	$ 160,590	$ 39,036
Net Investment in Sales Type Lease, before Allowance for Credit Loss	254,821	0
Real Estate Loan
Long-term debt
Real estate loans, net	160,590	39,036
Carrying Amount
Financial assets:
Cash and cash equivalents	462,632	683,983
Loans receivable	2,333,114	2,023,606
Deferred compensation plan assets	38,948	32,894
Long-term debt
Senior unsecured credit facility	932,455	600,000
Senior unsecured notes	6,875,000	6,075,000
Real estate loans, net	160,590	39,036
Investments, Fair Value Disclosure	560,832	0
Fair Value
Financial assets:
Cash and cash equivalents	462,632	683,983
Loans receivable	2,087,705	1,969,326
Deferred compensation plan assets	38,948	32,894
Long-term debt
Senior unsecured credit facility	932,455	600,000
Senior unsecured notes	6,665,565	5,816,919
Real estate loans, net	164,750	40,299
Investments, Fair Value Disclosure	561,154	0
Sales Type Lease, Fair Value Disclosure	$ 280,970	$ 0

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net income	$ 807,648	$ 755,370	$ 703,285
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, Depletion and Amortization	273,422	276,424	254,547
Amortization of debt issuance costs, premiums and discounts	11,229	9,857	9,975
Accretion on financing receivables and adjustments to lease liabilities	(28,493)	(22,587)	(18,959)
Net accretion on held to maturity investment securities	(10,837)	0	0
Gains on dispositions of property	(3,790)	(22)	(67,481)
Stock-based compensation	24,262	22,873	20,427
Straight line rent and deferred rent adjustments	(56,102)	(39,881)	(4,294)
Impairment charges and losses on debt extinguishment	0	556	5,487
Provision for credit losses, net	37,254	6,461	6,898
Change in operating assets and liabilities
Other assets	(10,198)	(7,947)	11,777
Accounts payable, accrued expenses, accrued salaries and wages	(1,391)	1,222	(251)
Accrued interest	22,640	815	10,487
Other liabilities	7,126	6,231	(11,772)
Net cash provided by operating activities	1,072,770	1,009,372	920,126
Investing activities
Capital project expenditures	(39,554)	(47,370)	(23,865)
Capital maintenance expenditures	(134)	(67)	(159)
Proceeds from assets held for sale	0	0	148,709
Return of contingent consideration from previous acquisition	1,798	0	0
Acquisition of real estate assets and deposit payments	(640,863)	(463,186)	(350,126)
Fundings under the Tropicana Las Vegas Lease	(48,550)	0	0
Originations of real estate loans	(125,160)	(40,000)	0
Investment in leases, financing receivables	(203,486)	(100,202)	(129,047)
Maturities of held to maturity investment securities	340,975	0	0
Acquisition of held to maturity investment securities	(890,970)	0	0
Net cash used in investing activities	(1,605,944)	(650,825)	(354,488)
Financing activities
Dividends paid	(830,716)	(833,980)	(770,858)
Non-controlling interest distributions	(24,586)	(24,107)	(20,664)
Taxes paid related to shares withheld for taxes on stock award vestings	(14,726)	(13,442)	(11,924)
ATM Program offering costs	148,216	469,213	611,256
Proceeds from issuance of long-term debt, net of senior note discounts	1,521,939	1,077,784	424,000
Financing costs and costs paid on tender of senior unsecured notes	(24,685)	(3,966)	(11,907)
Repayments of long-term debt	(463,619)	(585,149)	(1,271,053)
Net cash provided by (used in) financing activities	311,823	86,353	(1,051,150)
Net increase in cash and cash equivalents	(221,351)	444,900	(485,512)
Cash and cash equivalents at beginning of period	683,983	239,083	724,595
Cash and cash equivalents at end of period	$ 462,632	$ 683,983	$ 239,083

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Noncash Investing and Financing Activities) (Details) - USD ($) $ in Thousands					3 Months Ended	12 Months Ended
	Dec. 16, 2024	Feb. 06, 2024	Jan. 03, 2023	Mar. 01, 2022	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Significant Noncash Transactions [Line Items]
Operating lease right-of-use assets	$ 49,200		$ 37,100			$ 1,091,783	$ 835,524
Lease liabilities	$ 49,200		$ 37,100			244,973	196,853
Lease, Cost					$ 18,400	47,674	48,116
Repayments of Long-Term Debt						$ 463,619	$ 585,149	$ 1,271,053
Bally's Master Lease
Other Significant Noncash Transactions [Line Items]
Units of Partnership Interest, Amount			286,643
Stock Issued			$ 14,900
Bally's Tiverton Casino & Hardrock Biloxi
Other Significant Noncash Transactions [Line Items]
Units of Partnership Interest, Amount			286,643
Stock Issued			$ 14,900
PA Live! Master Lease
Other Significant Noncash Transactions [Line Items]
Units of Partnership Interest, Amount				3,017,909
Stock Issued				$ 137,000
Tioga Downs Lease
Other Significant Noncash Transactions [Line Items]
Units of Partnership Interest, Amount		434,304
Stock Issued		$ 19,600
Tioga Downs
Other Significant Noncash Transactions [Line Items]
Repayments of Long-Term Debt		$ 63,500
Bally's Master Lease II- Kansas City/Shreveport
Other Significant Noncash Transactions [Line Items]
Units of Partnership Interest, Amount	137,309
Stock Issued	$ 6,800

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Balance Sheet Information) (Details)	Dec. 31, 2024
Leases [Abstract]
Weighted average remaining lease term - operating leases	53 years 1 month 20 days
Weighted average discount rate - operating leases	6.26%

Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2024

Real Estate [Abstract]

Schedule of Real Estate Investments, Net


	December 31, 2024		December 31, 2023
	(in thousands)
Land and improvements	$	3,583,793	$	3,559,851
Building and improvements	6,962,126		6,787,464
Construction in progress	39,542		—
Total real estate investments	10,585,461		10,347,315
Less accumulated depreciation	(2,436,742)		(2,178,523)
Real estate investments, net	$	8,148,719	$	8,168,792

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate:

Cash and Cash Equivalents

The fair value of the Company’s cash and cash equivalents approximates the carrying value of the Company’s cash and cash equivalents, due to the short maturity of the cash equivalents.

Investment securities held to maturity

In August 2024, the Company purchased U.S. Treasury Bills that matured in January 2025. The fair value of the investment (which approximated its carrying value) is based on quoted prices in active markets and as such is a Level 1 measurement as defined in ASC 820.

Investment in leases, financing receivables, net

The fair value of the Company's net investment in leases, financing receivables, is based on the value of the underlying

real estate property the Company owns under these leases. The initial fair value was the price paid by the Company to acquire the real estate. The initial fair value is then adjusted for changes in the commercial real estate price index and as such is a Level 3 measurement as defined under ASC 820.

Investment in leases, sales type, net

The fair value of the Company's investment in leases, sales type, net was initially based on a third party valuation report which utilized both market based and income based valuation approaches to value the underlying land related to the applicable lease at the lease reassessment date. Subsequent changes in the fair value from this date are based on changes in the commercial real estate price index. As such, this was determined to be a Level 3 measurement as defined under ASC 820.

Deferred Compensation Plan Assets

The Company's deferred compensation plan assets consist of open-ended mutual funds and as such the fair value measurement of the assets is considered a Level 1 measurement as defined under ASC 820. Deferred compensation plan assets are included within other assets on the Consolidated Balance Sheets.

Real Estate Loans, net

The fair value of the real estate loans approximates the gross carrying value of the Company's real estate loans, as

collection on the outstanding loan balance is reasonably assured and the loan was recently originated on market based terms.

The fair value measurement of the real estate loans is considered a Level 3 measurement as defined in ASC 820.

Long-term Debt

The fair value of the Senior Notes are estimated based on quoted prices in active markets and as such are Level 1 measurements as defined under ASC 820. The fair value of the obligations in our Amended Credit Agreement is based on indicative pricing from market information (Level 2 inputs).

The estimated fair values of the Company’s financial instruments are as follows (in thousands):


	December 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	462,632	$	462,632	$	683,983	$	683,983
Investment securities held to maturity	560,832		561,154		—		—
Investment in leases, financing receivables, net	2,333,114		2,087,705		2,023,606		1,969,326
Investment in leases, sales type lease	254,821		280,970		—		—
Real estate loans, net	160,590		164,750		39,036		40,299
Deferred compensation plan assets	38,948		38,948		32,894		32,894

Financial liabilities:
Long-term debt:
Credit Agreement and Term Loan Credit Facility	932,455		932,455		600,000		600,000
Senior unsecured notes	6,875,000		6,665,565		6,075,000		5,816,919

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

As discussed in Note 1, during the year ended December 31, 2024, the Company amended the Tropicana Las Vegas Lease due to a change in rent terms resulting from funding certain demolition costs at the site for Bally's. The lease was reassessed from an accounting perspective which resulted in the amended lease being accounted for as a sales type lease whereas previously it had been treated as an operating lease. The sales type lease was recorded at the estimated fair value of the land at the reassessment date based on a third party valuation report. This report utilized a combination of comparable land sales for its market based valuation approach as well as rent multiple capitalization rates for its income valuation approach to determine an estimated fair value which resulted in a $3.8 million gain. There were no other assets or liabilities measured at fair value on a nonrecurring basis during the years ended December 31, 2024 and 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Long-term Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Long-term Debt

10. Long-term Debt

Long-term debt, net of current maturities and unamortized debt issuance costs is as follows:


	December 31, 2024		December 31, 2023
	(in thousands)
Unsecured $2,090 million revolver due December 2028	$	332,455	$	—




Term Loan Credit Facility due September 2027	600,000		600,000

$400 million 3.350% senior unsecured notes due September 2024	—		400,000
$850 million 5.250% senior unsecured notes due June 2025	850,000		850,000
$975 million 5.375% senior unsecured notes due April 2026	975,000		975,000
$500 million 5.750% senior unsecured notes due June 2028	500,000		500,000
$750 million 5.300% senior unsecured notes due January 2029	750,000		750,000
$700 million 4.000% senior unsecured notes due January 2030	700,000		700,000
$700 million 4.000% senior unsecured notes due January 2031	700,000		700,000
$800 million 3.250% senior unsecured notes due January 2032	800,000		800,000
$400 million 6.750% senior unsecured notes due December 2033	400,000		400,000
$800 million 5.625% senior unsecured notes due September 2034	800,000		—
$400 million 6.250% senior unsecured notes due September 2054	400,000		—
Other	277		434
Total long-term debt	$	7,807,732	$	6,675,434
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(71,855)		(47,884)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	$	7,735,877	$	6,627,550

The following is a schedule of future minimum repayments of long-term debt as of December 31, 2024 (in thousands):


2025	$	850,163
2026	975,114
2027	600,000
2028	832,455
2029	750,000
Over 5 years	3,800,000
Total minimum payments	$	7,807,732

Senior Unsecured Credit Agreement and Amended Credit Agreement

On May 13, 2022, GLP Capital entered into a credit agreement (the "Credit Agreement") providing for a $1.75 billion revolving credit facility (the "Initial Revolving Credit Facility") maturing in May 2026. The majority of our debt is at fixed rates and our exposure to variable interest rates is currently limited to outstanding obligations, if any, under the Initial Revolving Credit Facility and our Term Loan Credit Agreement. GLP Capital is the primary obligor under the Credit Agreement, which is guaranteed by GLPI.

On September 2, 2022, GLP Capital entered into an amendment No. 1 (the "Amendment") to the Credit Agreement among GLP Capital, Wells Fargo Bank, National Association, as administrative agent (“Agent”), and the several banks and other financial institutions or entities party thereto (as amended by the Amendment, the "Amended Credit Agreement"). Pursuant to the Amended Credit Agreement, GLP Capital has the right, at any time until December 31, 2024, to elect to re-allocate up to $700 million in existing revolving commitments under the Amended Credit Agreement to a new revolving credit facility (the “Bridge Revolving Facility” and, collectively with the Initial Revolving Credit Facility, the "Revolver").

On December 2, 2024, GLP Capital entered into Amendment No.2 (the “Second Amendment"; the Amended Credit Agreement, as amended by the Second Amendment, the "Second Amended Credit Agreement”) to the Amended Credit Agreement. Pursuant to the Second Amended Credit Agreement, revolving commitments were increased from $1.75 billion to $2.09 billion and the maturity date of revolving loans and commitments were extended to December 2, 2028.

In addition, the Second Amended Credit Agreement provides GLP with the right to elect to re-allocate up to $1.04 billion in existing revolving commitments under the Second Amended Credit Agreement to one or more new revolving credit facilities (“Amended Bridge Revolving Facility” and, collectively, the "Amended Bridge Revolving Facilities"). Loans under any Amended Bridge Revolving Facility are subject to 1% amortization per annum. Amounts repaid under any Amended Bridge Revolving Facility cannot be reborrowed and the corresponding commitments are automatically re-allocated to the existing revolving facility.

Amended Bridge Revolving Facilities are intended to be used solely to fund cash distributions to third-party contributors in connection with their contribution of one or more properties to GLP. GLP’s ability to borrow under any Amended Bridge Revolving Facility is subject to certain conditions including pro forma compliance with GLP’s financial covenants, as well as the receipt by the Agent of a satisfactory conditional guarantee of the loans under the applicable Amended Bridge Revolving Facility by the applicable contributor or its affiliate, subject to the prior enforcement of all remedies against GLP, GLPI and other applicable sources other than such guarantor. Loans under the Amended Bridge Revolving Facility will not be treated pro rata with loans under the existing revolving credit facility.

At December 31, 2024, $332.5 million was outstanding under the Second Amended Credit Agreement. Additionally, at December 31, 2024, the Company was contingently obligated under letters of credit issued pursuant to the Second Amended Credit Agreement with face amounts aggregating approximately $0.4 million, resulting in $1,757.2 million of available borrowing capacity under the Second Amended Credit Agreement as of December 31, 2024.

The interest rates payable on the loans borrowed under the Second Amended Credit Agreement are, at GLP Capital's option, equal to either a SOFR based rate or a base rate plus an applicable margin, which ranges from 0.725% to 1.40% per annum for SOFR loans and 0.0% to 0.4% per annum for base rate loans, in each case, depending on the credit ratings assigned to the Second Amended Credit Agreement. The current applicable margin is 1.05% for SOFR loans and 0.05% for base rate loans. Notwithstanding the foregoing, in no event shall the base rate be less than 1.00%. In addition, GLP Capital will pay a

facility fee on the commitments under the revolving facility, regardless of usage, at a rate that ranges from 0.125% to 0.3% per annum, depending on the credit rating assigned to the Second Amended Credit Agreement from time to time. The current facility fee rate is 0.25%. The Second Amended Credit Agreement is not subject to amortization except with respect to the Amended Bridge Revolving Facility. GLP Capital is not required to repay any loans under the Second Amended Credit Agreement prior to maturity except as set forth above with respect to the Amended Bridge Revolving Facility. GLP Capital may prepay all or any portion of the loans under the Second Amended Credit Agreement prior to maturity without premium or penalty, subject to reimbursement of any SOFR breakage costs of the lenders and may reborrow loans that it has repaid. Subject to customary conditions, including pro forma compliance with financial covenants, GLP Capital can obtain additional term loan commitments and incur incremental term loans or revolving commitments, and outstanding bridge revolving loans shall not exceed $3.5 billion outstanding under the Second Amended Credit Agreement. There is currently no commitment in respect of such incremental loans and commitments. The weighted average interest rate under the Second Amended Credit Facility at December 31, 2024 was 5.67%.

Certain Covenants and Events of Default

The Second Amended Credit Agreement contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of GLPI and its subsidiaries to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations or pay certain dividends and make other restricted payments. The Second Amended Credit Agreement includes the following financial covenants, which are measured quarterly on a trailing four-quarter basis: a maximum total debt to total asset value ratio, a maximum senior secured debt to total asset value ratio, a maximum ratio of certain recourse debt to unencumbered asset value and a minimum fixed charge coverage ratio. GLPI is permitted to pay dividends to its shareholders as may be required in order to maintain REIT status, subject to the absence of payment or bankruptcy defaults. GLPI is also permitted to make other dividends and distributions subject to pro forma compliance with the financial covenants and the absence of defaults. The Second Amended Credit Agreement also contains certain customary affirmative covenants and events of default, including the occurrence of a change of control and termination of the Amended PENN Master Lease (subject to certain replacement rights). The occurrence and continuance of an event of default under the Second Amended Credit Agreement will enable the lenders under the Second Amended Credit Agreement to accelerate the loans and terminate the commitments thereunder. At December 31, 2024, the Company was in compliance with all required financial covenants under the Second Amended Credit Agreement.

Term Loan Credit Agreement

On September 2, 2022, GLP Capital entered into a term loan credit agreement (the “Term Loan Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent (“Term Loan Agent”), and the other agents and lenders party thereto from time to time, providing for a $600 million delayed draw credit facility with a maturity date of September 2, 2027 (the “Term Loan Credit Facility”). The Term Loan Credit Facility is guaranteed by GLPI.

The availability of loans under the Term Loan Credit Facility is subject to customary conditions, including pro forma compliance with financial covenants, and the receipt by Term Loan Agent of a conditional guarantee of the Term Loan Credit Facility by Bally’s on a secondary basis, subject to enforcement of all remedies against GLP Capital, GLPI and all sources other than Bally’s. The loans under the Term Loan Credit Facility may be used solely to finance a portion of the purchase price of the acquisition of one or more specified properties of Bally’s in one or a series of related transactions (the “Acquisition”) and to pay fees, costs and expenses incurred in connection therewith. The Company drew down the entire $600 million Term Loan Credit Facility on January 3, 2023 in connection with the acquisition of the real property assets of Bally's Biloxi and Bally's Tiverton.

Subject to customary conditions, including pro forma compliance with financial covenants, GLP Capital can obtain additional term loan commitments and incur incremental term loans under the Term Loan Credit Agreement, so long as the aggregate principal amount of all term loans outstanding under the Term Loan Credit Facility does not exceed $1.2 billion plus up to $60 million of transaction fees and costs incurred in connection with the Acquisition. There is currently no commitment in respect of such incremental loans and commitments.

Interest Rate and Fees

The interest rates per annum applicable to loans under the Term Loan Credit Facility are, at GLP Capital's option, equal to either a Secured Overnight Financing Rate ("SOFR") based rate or a base rate plus an applicable margin, which ranges from 0.85% to 1.7% per annum for SOFR loans and 0.0% to 0.7% per annum for base rate loans, in each case, depending on the credit ratings assigned to the Term Loan Credit Facility. The current applicable margin is 1.30% for SOFR loans and 0.30% for base rate loans. In addition, GLP Capital will pay a commitment fee on the unused commitments under the Term Loan Credit

Facility at a rate that ranges from 0.125% to 0.3% per annum, depending on the credit ratings assigned to the Credit Facility from time to time. The current commitment fee rate is 0.25%. The weighted average interest rate under the Term Loan Credit Facility at December 31, 2024 was 5.68%.

Amortization and Prepayments

The Term Loan Credit Facility is not subject to interim amortization. GLP Capital is not required to repay any loans under the Term Loan Credit Facility prior to maturity. GLP Capital may prepay all or any portion of the loans under the Term Loan Credit Facility prior to maturity without premium or penalty, subject to reimbursement of any SOFR breakage costs of the lenders, and may reborrow loans that it has repaid. Unused commitments under the Term Loan Credit Facility automatically terminated on August 31, 2023.

Certain Covenants and Events of Default

The Term Loan Credit Facility contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of GLPI and its subsidiaries, including GLP Capital, to grant liens on their assets, incur indebtedness, sell assets, engage in acquisitions, mergers or consolidations, or pay certain dividends and make other restricted payments. The financial covenants include the following, which are measured quarterly on a trailing four-quarter basis: (i) maximum total debt to total asset value ratio, (ii) maximum senior secured debt to total asset value ratio, (iii) maximum ratio of certain recourse debt to unencumbered asset value, and (iv) minimum fixed charge coverage ratio. GLPI is required to maintain its status as a REIT and is permitted to pay dividends to its shareholders as may be required in order to maintain REIT status. GLPI is also permitted to make other dividends and distributions, subject to pro forma compliance with the financial covenants and the absence of defaults. The Term Loan Credit Facility also contains certain customary affirmative covenants and events of default. The occurrence and continuance of an event of default, which includes, among others, nonpayment of principal or interest, material inaccuracy of representations and failure to comply with covenants, will enable the lenders to accelerate the loans and terminate the commitments thereunder. At December 31, 2024, the Company was in compliance with all required financial covenants under the Term Loan Credit Facility.

Senior Unsecured Notes

At December 31, 2024, the Company had $6,875.0 million of outstanding senior unsecured notes (the "Senior Notes"). In August 2024, the Company issued $800 million of 5.625% Senior Notes that will mature on September 15, 2034 at an issue price equal to 99.094% of the principal amount and $400 million of 6.250% Senior Notes that will mature on September 15, 2054 at an issue price equal to 99.183% of the principal amount. The Company plans to use the net proceeds for working capital and general corporate purposes, which may include the funding of announced transactions, development and improvement of properties, repayment of indebtedness, capital expenditures and other general business purposes.

During the year ended December 31, 2024, the Company redeemed its $400 million 3.350% senior unsecured notes due September 2024.

On January 13, 2023, the Company announced that it called for redemption all of the $500.0 million, 5.375% Senior Notes due in 2023 (the "Notes"). The Company redeemed all of the Notes on February 12, 2023 (the "Redemption Date") for $507.5 million which represented 100% of the principal amount of the Notes plus accrued interest through the Redemption Date, incurring a loss on the early extinguishment of debt of $0.6 million, primarily related to debt issuance write-offs. GLPI funded the redemption of the Notes primarily from cash on hand as well as through the settlement of a forward sale agreement that occurred in February 2023 which resulted in the issuance of 1,284,556 shares which raised net proceeds of $64.6 million.

The Company may redeem the Senior Notes of any series at any time, and from time to time, at a redemption price of 100% of the principal amount of the Senior Notes redeemed, plus a "make-whole" redemption premium described in the indenture governing the Senior Notes, together with accrued and unpaid interest to, but not including, the redemption date, except that if Senior Notes of a series are redeemed 90 or fewer days prior to their maturity, the redemption price will be 100% of the principal amount of the Senior Notes redeemed, together with accrued and unpaid interest to, but not including, the redemption date. If GLPI experiences a change of control accompanied by a decline in the credit rating of the Senior Notes of a particular series, the Company will be required to give holders of the Senior Notes of such series the opportunity to sell their Senior Notes of such series at a price equal to 101% of the principal amount of the Senior Notes of such series, together with accrued and unpaid interest to, but not including, the repurchase date. The Senior Notes also are subject to mandatory redemption requirements imposed by gaming laws and regulations.

The Senior Notes were issued by GLP Capital and GLP Financing II, Inc. (the "Issuers"), two consolidated subsidiaries of GLPI, and are guaranteed on a senior unsecured basis by GLPI. The guarantees of GLPI are full and unconditional. The Senior Notes are the Issuers' senior unsecured obligations and rank pari passu in right of payment with all of the Issuers' senior indebtedness, including the Second Amended Credit Agreement, and senior in right of payment to all of the Issuers' subordinated indebtedness, without giving effect to collateral arrangements.

The Senior Notes contain covenants limiting the Company’s ability to: incur additional debt and use its assets to secure debt; merge or consolidate with another company; and make certain amendments to the Amended PENN Master Lease. The Senior Notes also require the Company to maintain a specified ratio of unencumbered assets to unsecured debt. These covenants are subject to a number of important and significant limitations, qualifications and exceptions.

At December 31, 2024, the Company was in compliance with all required financial covenants under its Senior Notes.

Acquisitions Bally's Lincoln and Tiverton (Details) $ in Thousands	Jan. 03, 2023 USD ($)
Bally's Tiverton Casino & Hardrock Biloxi
Consideration
Business Combination, Consideration Transferred	$ 627,255

Acquisitions (Narrative) (Details) - USD ($) $ in Thousands										3 Months Ended
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands	Dec. 16, 2024	Sep. 06, 2023	Aug. 29, 2023	Jan. 13, 2023	Jan. 03, 2023	Jun. 28, 2022	Oct. 01, 2020	Apr. 16, 2020	Oct. 01, 2018	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Consideration
Financing lease liabilities											$ 60,788	$ 54,261
Financing Receivable, Allowance for Credit Loss											34,065	21,971	$ 19,124
Payments for Deposits on Real Estate Acquisitions				$ 200,000	$ 200,000
Real estate investments, net											8,148,719	$ 8,168,792
Lessor, Operating Lease, Payment to be Received											$ 10,559,595
Morgantown Lease
Consideration
Lessor leasing arrangements, operating leases, term of contract							20 years
Annual rent escalator							1.50%
Asset Acquisition, Rent Credits Transferred										$ 30,000
Bally's Master Lease- Tiverton & Biloxi
Consideration
Lessor, Operating Lease, Payment to be Received					48,500
Bally's Master Lease- Lincoln
Consideration
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set						$ 58,800
Casino Queen Master Lease- Marquette
Consideration
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set		$ 2,700
Bally's Shreveport and Kansas City
Consideration
Payments to acquire real estate, exclusive of transaction fees	$ 395,000
Payments to acquire real estate	$ 388,600
Tropicana Entertainment
Consideration
Payments to acquire real estate, exclusive of transaction fees									$ 964,000
Asset Acquisition, Rent Credits Transferred								$ 307,500
Bally's Tiverton Casino & Hardrock Biloxi
Consideration
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land					321,155
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings					306,100
Business Combination, Consideration Transferred					$ 627,255
Bally's Lincoln
Consideration
Business Combination, Consideration Transferred						$ 735,000
Casino Queen Marquette
Consideration
Payments to acquire real estate, exclusive of transaction fees		32,720
Business Combination, Consideration Transferred		$ 32,720
Rockford Lease
Consideration
Business Combination, Consideration Transferred			$ 100,200

Acquisitions Casino Queen Marquette (Details) $ in Thousands	Sep. 06, 2023 USD ($)
Casino Queen Master Lease- Marquette
Restructuring and Related Activities [Abstract]
Business Combination, Consideration Transferred	$ 32,722
Consideration
Business Combination, Consideration Transferred	32,722
Casino Queen Marquette
Restructuring and Related Activities [Abstract]
Business Combination, Consideration Transferred	32,720
Consideration
Business Combination, Consideration Transferred	$ 32,720

Shareholders' Equity (Common Stock) (Details) - USD ($)				3 Months Ended												12 Months Ended
Shareholders' Equity (Common Stock) (Details) - USD ($)	Dec. 31, 2024	Dec. 22, 2022	Aug. 14, 2019	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Issuance of common stock (in shares)					7,935,000
Dividends, Common Stock, Cash																$ 3.040	$ 3.150	$ 2.805
Dividends, share-based compensation																900,000	900,000	800,000
Proceeds from Issuance or Sale of Equity																350,800,000
Payments to Noncontrolling Interests																$ 24,586,000	$ 24,107,000	$ 20,664,000
Dividend Amount				$ 208,559,000	$ 208,538,000	$ 206,340,000	$ 206,340,000	$ 197,394,000	$ 192,085,000	$ 189,095,000	$ 188,896,000	$ 183,813,000	$ 181,549,000	$ 174,519,000	$ 170,805,000
The Cordish Companies
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	97.10%			97.10%												97.10%
At The Market Program
Class of Stock [Line Items]
Aggregate dollar value of common stock share the Company may sell (up to)	$ 409,300,000		$ 600,000,000
Issuance of common stock (in shares)					1,284,556											3,100,000	8,500,000	5,206,499
Weighted-average price of shares issued (in dollars per share)																$ 50.32
Proceeds from issuance of common stock					$ 64,600,000											$ 148,200,000	$ 404,700,000	$ 260,800,000
Sale Of Stock, Shares Authorized to Be Issued, Remaining Value, New Shares	$ 34,200,000			$ 34,200,000												$ 34,200,000
Percentage of commission to be paid on sales price of borrowed shares of common stock (up to)		2.00%

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

As of December 31, 2024, the Company had 1,148,414 shares available for future issuance under the 2013 Plan. The 2013 Plan provides for the Company to issue restricted stock awards, including performance-based restricted stock awards and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards. The Company issues new authorized common shares to satisfy stock option exercises and restricted stock award releases.

As of December 31, 2024, there was $4.4 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.66 years. For the years ended December 31, 2024, 2023 and 2022, the Company recognized $8.7 million, $8.5 million and $7.9 million, respectively, of compensation expense associated with these awards. The total fair value of awards released during the years ended December 31, 2024, 2023 and 2022, was $12.3 million, $11.3 million and $12.0 million, respectively.

The following table contains information on restricted stock award activity for the years ended December 31, 2024 and 2023:


	Number of Award Shares	Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2022	247,051	$	45.68
Granted	243,291	$	38.01
Released	(220,413)	$	32.54

Outstanding at December 31, 2023	269,929	$	49.49
Granted	263,328	$	33.16
Released	(247,814)	$	31.44
Canceled	(600)	$	50.15
Outstanding at December 31, 2024	284,843	$	50.10

Performance-based restricted stock awards have a three-year cliff vesting with the amount of restricted shares vesting at the end of the three-year period determined based upon the Company’s performance as measured against its peers. More specifically, the percentage of shares vesting at the end of the measurement period will be based on the Company’s three-year total shareholder return measured against the three-year total shareholder return of the companies included in the MSCI US REIT index and the Company's stock performance ranking among a group of triple-net REIT peer companies. As of December 31, 2024, there was $15.6 million of total unrecognized compensation cost for performance-based restricted stock awards, which will be recognized over the awards' remaining weighted average vesting period of 1.64 years. For the years ended December 31, 2024, 2023 and 2022, the Company recognized $15.6 million, $14.4 million and $12.5 million, respectively, of compensation expense associated with these awards. The total fair value of performance-based stock awards released during the years ended December 31, 2024, 2023, and 2022 was $23.6 million, $21.7 million, and $18.5 million respectively.

The following table contains information on performance-based restricted stock award activity for the years ended December 31, 2024 and 2023:


	Number of Performance-Based Award Shares	Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2022	1,394,220	$	26.55
Granted	514,000	$	32.32
Released	(416,220)	$	23.62

Outstanding at December 31, 2023	1,492,000	$	29.36
Granted	523,000	$	28.73
Released	(478,000)	$	24.89

Outstanding at December 31, 2024	1,537,000	$	30.53

Acquisitions

12 Months Ended

Dec. 31, 2024

Business Combinations [Abstract]

Asset Acquisition

Acquisitions

The Company accounts for its acquisitions of real estate assets as asset acquisitions under ASC 805 - Business Combinations. Under asset acquisition accounting, transaction costs incurred to acquire the purchased assets are also included as part of the asset cost.

Current year acquisitions

As discussed in Note 1, the Company completed the purchase of the real property assets of both Bally’s Kansas City and Bally’s Shreveport for total consideration of approximately $395 million and the properties were leased back to Bally's subject to the terms of the Bally's Master Lease II. The Company paid cash of $388.6 million and issued 137,309 OP Units valued at $6.8 million. The purchase price allocation of these assets based on their fair values at the acquisition date are summarized below (in thousands).


Land rights	$	221,189
Land improvements	1,130
Building and improvements	173,170
Total purchase price	$	395,489

On September 11, 2024, the Company completed its previously announced $250 million acquisition of the land on which Bally's permanent casino in Chicago, Illinois will be constructed. The Company will also fund construction costs of up to $940.0 million for certain real property improvements of the casino. Rental income being received on the land is being deferred and will be recognized once the development project is substantially complete and ready for its intended use.

On May 16, 2024, the Company acquired the real estate assets of Silverado, DMG, and Baldini's for $105 million, plus an additional $5 million that was funded at closing to reimburse the tenant for capital improvements. Simultaneous with the acquisition, the Company and affiliates of Strategic entered into two cross-defaulted triple-net lease agreements, each for an initial 25-year term with two ten-year renewal periods. The transaction was accounted for as a failed sale leaseback and the purchase price allocation of these assets and liabilities based on their respective fair values at the acquisition date are summarized below (in thousands).


Investment in leases, financing receivables	$	116,217
Financing lease liabilities	(6,054)
Total purchase price	$	110,163

On February 6, 2024, the Company acquired the real estate assets of Tioga Downs, in Nichols, NY from American Racing for $175.0 million which comprised of cash, assumed debt that was repaid after closing, and OP Units. Simultaneously with the acquisition, the Company entered into the Tioga Downs Lease. The transaction was accounted for as a failed sale leaseback and as such the purchase price, along with incremental transaction costs, was allocated to Investment in leases, financing receivables in the amount of $176.4 million.

Prior year acquisitions

On January 3, 2023, the Company closed its previously announced acquisition from Bally's of the land and real estate assets of Bally's Biloxi and Bally's Tiverton. The properties were added to the Bally's Master Lease and annual rent was increased by $48.5 million. The purchase price allocation of these assets based on their fair values at the acquisition date are summarized below (in thousands).


Land and improvements	$	321,155
Building and improvements	306,100
Total purchase price	$	627,255

At closing, the Company was credited its previously funded $200 million deposit as well as a $9.0 million transaction fee that was recorded against the purchase price. The Company continues to have the option, subject to receipt by Bally's of required consents, to acquire the real property assets of Bally's Lincoln prior to December 31, 2026 for a purchase price of $735.0 million and additional annual rent of $58.8 million. The Company has also been granted a call right to acquire the property, subject only to regulatory approval, beginning on October 1, 2026.

On August 29, 2023, the Company acquired the land associated with a development project in Rockford, IL from an affiliate of 815 Entertainment, LLC. The facility opened in late August 2024 and is managed by Hard Rock. Simultaneously with the land acquisition, GLPI entered into the Rockford Lease. The transaction was accounted for as a failed sale leaseback and as such the purchase price was allocated to Investment in leases, financing receivables in the amount of $100.2 million.

On September 6, 2023, the Company acquired the land and certain improvements at Casino Queen Marquette for $32.72 million. The property was added to the Third Amended and Restated Casino Queen Master Lease and annual rent was increased by $2.7 million. The purchase price allocation of these assets based on their fair values at the acquisition date are summarized below (in thousands).


Land and improvements	$	32,032
Building and improvements	690
Total purchase price	$	32,722

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Maturity Schedule) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 16, 2024	Dec. 31, 2023	Jan. 03, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2020	$ 17,210
2021	17,289
2022	16,785
2023	16,672
2024	16,709
Thereafter	787,924
Total lease payments	872,589
Less: interest	(627,616)
Present value of lease liabilities	$ 244,973	$ 49,200	$ 196,853	$ 37,100

Business and Basis of Presentation - Bally's Master Lease (Details) $ in Thousands	Dec. 16, 2024 USD ($) renewaloption shares	Jul. 12, 2024 USD ($)	Jan. 13, 2023 USD ($)	Jan. 03, 2023 USD ($) shares	Jun. 28, 2022 USD ($)	Jun. 03, 2021 USD ($) renewaloption	Dec. 31, 2024	Dec. 29, 2021 shares
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments for Deposits on Real Estate Acquisitions			$ 200,000	$ 200,000
Bally's Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Leases, Covenant, Annual Rental Escalator, Consumer Price Index,						1.00%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, Maximum Rent Increase						2.00%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase						0.50%
Lessor leasing arrangements, operating leases, term of contract							15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption						4
Lessor leasing arrangements, operating lease, renewal term						5 years
Units of Partnership Interest, Amount \| shares				286,643
Bally's Master Lease- Lincoln
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set					$ 58,800
New Bally's Master Lease \| Chicago, IL
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Lease, Funding Commitment, Maximum		$ 940,000
The Cordish Companies
Organization Consolidation and Presentation of Financial Statements [Line Items]
Units of Partnership Interest, Amount \| shares								7,366,683
Bally's Corp
Organization Consolidation and Presentation of Financial Statements [Line Items]
Units of Partnership Interest, Amount \| shares	137,309
Bally's Master Lease II- Kansas City/Shreveport
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set					32,200
Units of Partnership Interest, Amount \| shares	137,309
Bally's Master Lease II
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Leases, Covenant, Annual Rental Escalator, Consumer Price Index,	1.00%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, Maximum Rent Increase	2.00%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase	0.50%
Lessor leasing arrangements, operating leases, term of contract							15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption	4
Lessor leasing arrangements, operating lease, renewal term						5 years
Units of Partnership Interest, Amount \| shares	137,309
Bally's Tropicana Evansville
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees						$ 340,000
Dover Downs Hotel & Casino
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees						$ 144,000
Bally's Lincoln
Organization Consolidation and Presentation of Financial Statements [Line Items]
Business Combination, Consideration Transferred					$ 735,000
Bally's Chicago Land
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees		250,000
Bally's Kansas City, Bally's Shreveport, and Bally's Chicago
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees		$ 1,585,000
Bally's Shreveport and Kansas City
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees	$ 395,000

Investment in leases, financing receivables, net and other receivables (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Accounts Receivable, Credit Loss Expense (Reversal)	$ 37,254	$ 6,461	$ 6,898
Sales Type Leases Unguaranteed Residual Asset	21,800
Sales-type Lease, Lease Receivable	256,700
Direct Financing Leases Unguaranteed Residual Asset	$ 77,100	$ 54,200

Business and Basis of Presentation - Casino Queen Master Lease (Details)				12 Months Ended
	Jun. 03, 2024 USD ($)	Sep. 06, 2023 USD ($)	Nov. 25, 2020	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 17, 2021	Jun. 03, 2021 renewaloption	Oct. 01, 2018
Organization Consolidation and Presentation of Financial Statements [Line Items]
Proceeds from assets held for sale				$ 0	$ 0	$ 148,709,000
Casino Queen Marquette
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees		$ 32,720,000
Casino Queen Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract							15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption								4
Lessor leasing arrangements, operating lease, renewal term									5 years
Operating Lease, Rent Escalator, Year 1 through 6			0.50%	0.50%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase			0.25%
Operating Leases, Covenant, Annual Rental Escalation, Rent Increase			1.25%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, No Rent Increase			0.25%
Yield	9.00%		8.25%
Casino Queen Lease \| Marquette, IA
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Lease, Funding Commitment, Maximum		16,500,000
Casino Queen Lease \| Baton Rouge, LA
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Lease, Funding Commitment, Maximum	$ 111,000,000
Operating Lease, Funding Commitment, Funded				$ 35,100,000
Casino Queen Master Lease- Marquette
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set		$ 2,700,000

Real Estate Loans, net

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Real Estate Loans, Net

5. Real estate loans, net


	December 31, 2024		December 31, 2023
	(in thousands)		(in thousands)
Real estate loans	$	165,160	$	40,000
Less: Allowance for credit losses	(4,570)		(964)
Real estate loans, net	$	160,590	$	39,036

The change in the allowance for credit losses for the Company's Real estate loans is shown below (in thousands):


	Rockford Loan		Ione Loan		Total
Balance at December 31, 2022	$	—	$	—	$	—
Change in allowance	(964)		—		(964)
Balance at December 31, 2023	(964)		—		(964)
Change in allowance	(3,523)		(83)		(3,606)
Ending balance at December 31, 2024	$	(4,487)	$	(83)	$	(4,570)

Summary of Significant Accounting Policies (Details) Other Assets - USD ($) $ in Millions	Jan. 13, 2023	Jan. 03, 2023
Accounting Policies [Abstract]
Payments for Deposits on Real Estate Acquisitions	$ 200	$ 200

Earnings Per Share Earnings Per Share (Weighted Average Common Shares Outstanding) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Basic weighted-average common shares outstanding (in shares)	272,802	264,053	252,716
Diluted weighted-average common shares outstanding (in shares)	273,534	264,993	253,846
Incremental Common Shares Attributable to Dilutive Effect of Equity Forward Agreements	32	0	0
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	160	156	159
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	540	784	971

Supplemental Disclosures of Cash Flow Information and Noncash Activities

12 Months Ended

Dec. 31, 2024

Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]

Supplemental Disclosures of Cash Flow Information and Noncash Activities

Supplemental disclosures of cash flow information are as follows:


Year ended December 31,	2024		2023		2022
	(in thousands)
Cash paid for income taxes, net of refunds received	$	3,525	$	1,845	$	21,189
Cash paid for interest	330,063		309,924		286,043

Noncash Investing and Financing Activities

On December 16, 2024, as part of the consideration for the land and real estate assets of Bally's Kansas City and Bally's Shreveport, the Company issued 137,309 OP Units to affiliates of Bally's that were valued at $6.8 million for accounting

purposes at closing. The Company also recognized a right of use asset and liability of $49.2 million on two ground leases in connection with the transaction.

In connection with the rental term changes on the Tropicana Las Vegas Lease during the three months ended September 30, 2024, the Company reclassified this lease from an operating lease to a sales type lease which resulted in a non-cash gain of $3.8 million which represented the fair value of the land at the reassessment date in excess of the carrying value of the land and the additional funding under the lease of $274.7 million.

On May 16, 2024, the Company recorded a non-cash increase to Investment in leases, financing receivables and Financing lease liabilities of $6.1 million associated with the acquisition of certain real estate assets of Strategic. See Note 15 for further details.

On February 6, 2024, as partial consideration for the closing of the real property assets under the Tioga Downs Lease, the Company’s operating partnership issued 434,304 newly-issued OP units to an affiliate of Tioga Downs which were valued at $19.6 million for accounting purposes at closing and assumed debt of $63.5 million that was repaid after closing with the offsetting increase to Investment in leases, financing receivables, net.

On January 3, 2023, as part of the consideration for the land and real estate assets of Bally's Biloxi and Bally's

Tiverton, the Company issued 286,643 OP Units to affiliates of Bally's that were valued at $14.9 million for accounting

purposes at closing. The Company also recognized a right of use asset and liability of $37.1 million on a ground lease which was subsequently remeasured due to a renegotiation and reduced the right of use asset and lease liability to $18.4 million for the year ended December 31, 2023.

On March 1, 2022, as part of the consideration for the real estate assets acquired pursuant to the Pennsylvania Live! Master Lease, the Company issued 3,017,909 OP Units that were valued at $137.0 million and assumed debt of $422.9 million that was repaid after closing with the offsetting increase to Investment in leases, financing receivables, net.

Investment in leases, financing receivables, net and other receivables (Details) Sales Type Lease $ in Thousands	Dec. 31, 2024 USD ($)
Investments, All Other Investments [Abstract]
Net Investment in Sales Type Lease , Year One, Originated, Current Fiscal Year, Allowance For Credit Loss	$ (23,681)
Net Investment in Sales Type Lease Year One, Originated, Current Fiscal Year, Amortized Cost	254,821
Net Investment in Sales Type Lease , Year One, Originated, Current Fiscal Year	$ 278,502

Commitments and Contingencies (Employee Benefit Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, employer matching contribution, percent of match	50.00%
Defined contribution plan, employer discretionary contribution amount	$ 0.1	$ 0.1
Deferred compensation arrangement employer contribution vesting period	5 years
Deferred Compensation Arrangement with Individual, Compensation Expense	$ 0.6	0.5	$ 0.5
Deferred compensation plan liabilities	39.0	32.9
Deferred compensation plan assets	$ 38.9	$ 31.8
Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, employer matching contribution, percent of employees' gross pay	6.00%

Real Estate Loans, net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Allowance for credit losses	$ (34,065)	$ (21,971)	$ (34,065)	$ (21,971)	$ (19,124)
Real estate loans, net	160,590	39,036	160,590	39,036
Change in allowance	12,047	(1,020)	23,728	3,867
Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Credit Loss, Expense (Reversal)			3,600	1,000
Real Estate Loans	165,160	40,000	165,160	40,000
Less: Allowance for credit losses	(4,570)	(964)	(4,570)	(964)	$ 0
Real estate loans, net	160,590	39,036	160,590	39,036
Change in allowance			(3,606)	(964)
Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Allowance for credit losses	$ 500	$ 2,600	500	2,600
Change in allowance			$ 2,100	$ 2,600

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	18. Segment informationThe Company's operations consist solely of investments in real estate for which all such real estate properties are similar to one another in that they consist of destination and leisure properties and related offerings, whose tenants offer casino gaming, hotel, convention, dining, entertainment and retail amenities, have similar economic characteristics and are governed by triple-net operating leases. Accordingly, the Company has one operating and reportable segment and the accounting policies of the segment are the same as those described in the summary of significant accounting policies in Note 2. The operating results of the Company's real estate investments are reviewed in the aggregate using the Company's consolidated financial statements, by the Company's chief executive officer who is the chief operating decision maker (as such term is defined in ASC 280 - Segment Reporting). The Company's chief executive officer assesses performance for the segment and decides how to allocate resources based on measures that are most closely aligned with consolidated net income, as well as other measures to evaluate the Company's results. These measures are utilized to decide whether to pursue additional real estate investments, to monitor results against budgeted targets, and in competitive analysis in certain benchmarking against peer group companies to assess the performance of the segment and in establishing management's compensation for certain performance based equity plans. The measure of segment assets is reported on the Company's Consolidated Balance Sheet as total assets.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The provision for income taxes charged to operations for years ended December 31, 2024, 2023 and 2022 was as follows:


Year ended December 31,	2024		2023		2022
	(in thousands)
Current tax expense
Federal	$	—	$	—	$	14,653
State	2,129		1,997		2,402
Total current	2,129		1,997		17,055
Deferred tax (benefit) expense
Federal	—		—		—
State	—		—		—
Total deferred	—		—		—
Total provision	$	2,129	$	1,997	$	17,055

Schedules of Effective Income Tax Rate Reconciliations

The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2024, 2023 and 2022:


Year ended December 31,	2024		2023		2022
Percent of pretax income
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%

State and local income taxes	0.3	%	0.3	%	0.4	%
Valuation allowance	—	%	—	%	(0.5)	%

REIT conversion benefit	(21.0)	%	(21.0)	%	(19.2)	%
Permanent differences	—	%	—	%	0.7	%
Other miscellaneous items	—	%	—	%	—	%
	0.3	%	0.3	%	2.4	%


Year ended December 31,	2024		2023		2022
	(in thousands)
Amount based upon pretax income
U.S. federal statutory income tax	$	170,053	$	159,047	$	151,271

State and local income taxes	2,129		1,997		2,402
Valuation allowance	—		—		(3,489)

REIT conversion benefit	(170,053)		(159,047)		(138,151)

Permanent differences	—		—		5,006
Other miscellaneous items	—		—		16
	$	2,129	$	1,997	$	17,055

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation, Restricted Stock Awards Activity

The following table contains information on restricted stock award activity for the years ended December 31, 2024 and 2023:


	Number of Award Shares	Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2022	247,051	$	45.68
Granted	243,291	$	38.01
Released	(220,413)	$	32.54

Outstanding at December 31, 2023	269,929	$	49.49
Granted	263,328	$	33.16
Released	(247,814)	$	31.44
Canceled	(600)	$	50.15
Outstanding at December 31, 2024	284,843	$	50.10

Schedule of Share-based Compensation, Performance-Based Restricted Stock Awards Activity

The following table contains information on performance-based restricted stock award activity for the years ended December 31, 2024 and 2023:


	Number of Performance-Based Award Shares	Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2022	1,394,220	$	26.55
Granted	514,000	$	32.32
Released	(416,220)	$	23.62

Outstanding at December 31, 2023	1,492,000	$	29.36
Granted	523,000	$	28.73
Released	(478,000)	$	24.89

Outstanding at December 31, 2024	1,537,000	$	30.53

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, New York

Business and Basis of Presentation - Rockford Lease (Details) - USD ($)	Sep. 11, 2024	Aug. 29, 2023	Jun. 28, 2022	Jan. 01, 2025	Dec. 31, 2024
Rockford Loan \| Secured Debt
Organization Consolidation and Presentation of Financial Statements [Line Items]
Line of credit facility, maximum borrowing capacity		$ 150,000,000
Debt Instrument, Interest Rate, Stated Percentage		10.00%		8.00%
Debt Instrument, Term Including Extension		6 years
Debt instrument term		5 years
Debt Instrument, Extension Term		1 year
Outstanding balance on credit facility					$ 150,000,000
Rockford Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees		$ 100,000,000
Lessor leasing arrangements, operating leases, term of contract		99 years
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set			$ 8,000,000
Annual rent escalator		2.00%
New Bally's Master Lease- Chicago
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set	$ 20,000,000

Long-term Debt (Senior Unsecured Credit Facility) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Long-term debt
Letters of credit outstanding	$ 400,000
Line of credit facility, available borrowing capacity	$ 1,757,200,000
Debt, Weighted Average Interest Rate	5.68%
Line of Credit [Member] \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Basis spread on variable rate debt	1.05%
Line of Credit [Member] \| Base Rate
Long-term debt
Basis spread on variable rate debt	0.05%
Line of Credit [Member] \| Minimum \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Basis spread on variable rate debt	0.725%
Line of Credit [Member] \| Minimum \| Base Rate
Long-term debt
Basis spread on variable rate debt	0.00%
Line of Credit [Member] \| Maximum \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Basis spread on variable rate debt	1.40%
Line of Credit [Member] \| Maximum \| Base Rate
Long-term debt
Basis spread on variable rate debt	0.40%
Unsecured $2,090 million revolver due December 2028
Long-term debt
Revolving credit facility, commitment fee percentage	0.25%
Unsecured $2,090 million revolver due December 2028 \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Basis spread on variable rate debt	1.30%
Unsecured $2,090 million revolver due December 2028 \| Base Rate
Long-term debt
Basis spread on variable rate debt	0.30%
Unsecured $2,090 million revolver due December 2028 \| Minimum
Long-term debt
Revolving credit facility, commitment fee percentage	0.125%
Unsecured $2,090 million revolver due December 2028 \| Minimum \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Basis spread on variable rate debt	0.85%
Unsecured $2,090 million revolver due December 2028 \| Minimum \| Base Rate
Long-term debt
Basis spread on variable rate debt	0.00%
Unsecured $2,090 million revolver due December 2028 \| Maximum
Long-term debt
Revolving credit facility, commitment fee percentage	0.30%
Unsecured $2,090 million revolver due December 2028 \| Maximum \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Basis spread on variable rate debt	170.00%
Unsecured $2,090 million revolver due December 2028 \| Maximum \| Base Rate
Long-term debt
Basis spread on variable rate debt	0.70%
Senior Unsecured Notes 4.00 Percent Due 2031
Long-term debt
Debt Instrument, Face Amount	$ 700,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.00%
Long-term Debt, Gross	$ 700,000,000	$ 700,000,000
$700 million 4.00% senior unsecured notes due January 2030
Long-term debt
Debt Instrument, Face Amount	$ 700,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.00%
Long-term Debt, Gross	$ 700,000,000	$ 700,000,000
Unsecured $2,090 million revolver due December 2028
Long-term debt
Line of credit facility, maximum borrowing capacity	332,500,000
Initial Revolving Credit Facility
Long-term debt
Line of credit facility, maximum borrowing capacity	1,750,000,000
Initial Revolving Credit Facility Amended
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 2,090,000,000.00

Income Taxes (Effective Income Tax Rate Reconciliation, Amount) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. federal statutory income tax	$ 170,053	$ 159,047	$ 151,271
State and local income taxes	2,129	1,997	2,402
Valuation allowance	0	0	(3,489)
REIT conversion benefit	(170,053)	(159,047)	(138,151)
Permanent differences	0	0	5,006
Other miscellaneous items	0	0	16
Total provision	$ 2,129	$ 1,997	$ 17,055

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Shareholders' Equity (Dividend Classification) (Details) - $ / shares	3 Months Ended					12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Dividends
Common stock, cash dividends paid (in dollars per share)	$ 0.76	$ 0.76	$ 0.705	$ 0.705	$ 0.705	$ 3.04	$ 3.15	$ 2.85
Common stock, cash dividends, classification of distribution, percent						100.00%	100.00%	100.00%
Non-qualified dividends
Dividends
Common stock, cash dividends paid (in dollars per share)						$ 2.9584
Common stock, cash dividends, classification of distribution, percent						97.32%
Capital gains
Dividends
Common stock, cash dividends paid (in dollars per share)						$ 0.0178
Common stock, cash dividends, classification of distribution, percent						0.58%
Non-taxable return of capital
Dividends
Common stock, cash dividends paid (in dollars per share)						$ 0.0638
Common stock, cash dividends, classification of distribution, percent						2.10%
O 2024 A Qualified Dividends
Dividends
Common stock, cash dividends paid (in dollars per share)						$ 0
Common stock, cash dividends, classification of distribution, percent						0.00%
O 2023 A Qualified Dividends
Dividends
Common stock, cash dividends paid (in dollars per share)							$ 0
Common stock, cash dividends, classification of distribution, percent							0.00%
O 2023 A Non-qualified Dividends
Dividends
Common stock, cash dividends paid (in dollars per share)							$ 3.0215
Common stock, cash dividends, classification of distribution, percent							95.92%
O 2023 A Capital Gains Dividends
Dividends
Common stock, cash dividends paid (in dollars per share)							$ 0.0004
Common stock, cash dividends, classification of distribution, percent							0.01%
O 2023 A Non-taxable Return of Capital Dividends
Dividends
Common stock, cash dividends paid (in dollars per share)							$ 0.1281
Common stock, cash dividends, classification of distribution, percent							4.07%
O 2022 A Qualified Dividends
Dividends
Common stock, cash dividends paid (in dollars per share)								$ 0
Common stock, cash dividends, classification of distribution, percent								0.00%
O 2022 A Non-qualified Dividends
Dividends
Common stock, cash dividends paid (in dollars per share)								$ 2.5686
Common stock, cash dividends, classification of distribution, percent								90.26%
O 2022 A Capital Gains Dividends
Dividends
Common stock, cash dividends paid (in dollars per share)								$ 0.2773
Common stock, cash dividends, classification of distribution, percent								9.74%
O 2022 A Non-taxable Return of Capital Dividends
Dividends
Common stock, cash dividends paid (in dollars per share)								$ 0
Common stock, cash dividends, classification of distribution, percent								0.00%

Acquisitions (Details)- Strategic - USD ($)	May 16, 2024	Dec. 31, 2024	Dec. 31, 2023
Consideration
Direct Financing Lease, Lease Receivable		$ 2,290,000,000	$ 1,991,400,000
Present value of finance lease liability		$ (60,788,000)	$ (54,261,000)
Deadwood, South Dakota \| SGMSD, LLC Master Lease
Restructuring and Related Activities [Abstract]
Operating Lease, Funding Commitment, Maximum	$ 5,000,000
Consideration
Operating Lease, Funding Commitment, Maximum	5,000,000
Strategic Gaming Management, LLC- Silverado, DMG, and Baldini's
Restructuring and Related Activities [Abstract]
Payments to acquire real estate, exclusive of transaction fees	105,000,000
Consideration
Direct Financing Lease, Lease Receivable	116,217,000
Present value of finance lease liability	(6,054,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	110,163,000
Payments to acquire real estate, exclusive of transaction fees	$ 105,000,000

Schedule III Real Estate Assets and Accumulated Depreciation

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure

SCHEDULE III

REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

December 31, 2024

(in thousands)


				Initial Cost to Company				Net Capitalized Costs (Retirements) Subsequent to Acquisition		Gross Amount at which Carried at Close of Period										Life on which Depreciation in Latest Income Statement is Computed
																		Original Date of Construction / Renovation
Description	Location	Encumbrances		Land and Improvements		Buildings and Improvements				Land and Improvements		Buildings and Improvements		Total (8)		Accumulated Depreciation			Date Acquired
Rental Properties:
Hollywood Casino Lawrenceburg	Lawrenceburg, IN	$	—	$	15,251	$	342,393	$	(30)	$	15,221	$	342,393	$	357,614	$	213,990	1997/2009	11/1/2013	31
Hollywood Casino Aurora (1)	Aurora, IL	—		4,937		98,378		8,337		13,656		97,996		111,652		94,704		1993/2002/ 2012	11/1/2013	3
Hollywood Casino Joliet (1)	Joliet, IL	—		19,214		101,104		7,610		26,824		101,104		127,928		99,183		1992/2003/ 2010	11/1/2013	3
Argosy Casino Alton	Alton, IL	—		—		6,462		—		—		6,462		6,462		5,309		1991/1999	11/1/2013	31
Hollywood Casino Toledo	Toledo, OH	—		12,003		144,093		(201)		11,802		144,093		155,895		66,454		2012	11/1/2013	31
Hollywood Casino Columbus	Columbus, OH	—		38,240		188,543		105		38,266		188,622		226,888		89,762		2012	11/1/2013	31
Hollywood Casino at Charles Town Races	Charles Town, WV	—		35,102		233,069		—		35,102		233,069		268,171		177,197		1997/2010	11/1/2013	31
Hollywood Casino at Penn National Race Course	Grantville, PA	—		25,500		161,810		—		25,500		161,810		187,310		112,312		2008/2010	11/1/2013	31
M Resort	Henderson, NV	—		66,104		126,689		(436)		65,668		126,689		192,357		63,562		2009/2012	11/1/2013	30
Hollywood Casino Bangor	Bangor, ME	—		12,883		84,257		—		12,883		84,257		97,140		49,869		2008/2012	11/1/2013	31
Zia Park Casino	Hobbs, NM	—		9,313		38,947		—		9,313		38,947		48,260		28,976		2005	11/1/2013	31
Hollywood Casino Gulf Coast	Bay St. Louis, MS	—		59,388		87,352		(229)		59,176		87,335		146,511		66,710		1992/2006/ 2011	11/1/2013	40
Argosy Casino Riverside	Riverside, MO	—		23,468		143,301		(77)		23,391		143,301		166,692		90,211		1994/2007	11/1/2013	37
Hollywood Casino Tunica	Tunica, MS	—		4,634		42,031		—		4,634		42,031		46,665		34,601		1994/2012	11/1/2013	31
Boomtown Biloxi	Biloxi, MS	—		3,423		63,083		(137)		3,286		63,083		66,369		57,202		1994/2006	11/1/2013	15
Hollywood Casino St. Louis	Maryland Heights, MO	—		44,198		177,063		(3,239)		40,959		177,063		218,022		145,980		1997/2013	11/1/2013	13
Hollywood Casino at Dayton Raceway	Dayton, OH	—		3,211		—		86,288		3,211		86,288		89,499		28,866		2014	11/1/2013	31
Hollywood Casino at Mahoning Valley Race Track	Youngstown, OH	—		5,683		—		94,314		5,833		94,164		99,997		31,303		2014	11/1/2013	31
Resorts Casino Tunica	Tunica, MS	—		—		12,860		(12,860)		—		—		—		—		1994/1996/ 2005/2014	5/1/2017	N/A
1st Jackpot Casino	Tunica, MS	—		161		10,100		—		161		10,100		10,261		2,852		1995	5/1/2017	31
Ameristar Black Hawk	Black Hawk, CO	—		243,092		334,024		25		243,117		334,024		577,141		69,963		2000	4/28/2016	31
Ameristar East Chicago	East Chicago, IN	—		4,198		123,430		—		4,198		123,430		127,628		28,792		1997	4/28/2016	31
Belterra Casino Resort	Florence, IN	—		63,420		172,876		—		63,420		172,876		236,296		40,435		2000	4/28/2016	31
Ameristar Council Bluffs	Council Bluffs, IA	—		84,009		109,027		—		84,009		109,027		193,036		25,332		1996	4/28/2016	31
L'Auberge Baton Rouge	Baton Rouge, LA	—		205,274		178,426		—		205,274		178,426		383,700		39,803		2012	4/28/2016	31
Boomtown Bossier City	Bossier City, LA	—		79,022		107,067		—		79,022		107,067		186,089		23,315		2002	4/28/2016	31
L'Auberge Lake Charles	Lake Charles, LA	—		14,831		310,877		(92)		14,739		310,877		325,616		72,951		2005	4/28/2016	31


Boomtown New Orleans	Boomtown, LA	—		46,019		58,258		—		46,019		58,258		104,277		14,179		1994	4/28/2016	31
Ameristar Vicksburg	Vicksburg, MS	—		128,068		96,106		—		128,068		96,106		224,174		28,930		1994	4/28/2016	31
River City Casino & Hotel	St Louis, MO	—		8,117		221,038		—		8,117		221,038		229,155		50,991		2010	4/28/2016	31
Ameristar Kansas City	Kansas City, MO	—		239,111		271,598		—		239,111		271,598		510,709		69,891		1997	4/28/2016	31
Ameristar St. Charles	St. Charles, MO	—		375,597		437,908		—		375,596		437,908		813,504		93,616		1994	4/28/2016	31
Jackpot Properties	Jackpot, NV	—		48,784		61,550		—		48,784		61,550		110,334		16,743		1954	4/28/2016	31
Plainridge Park Casino	Plainridge, MA	—		127,068		123,850		—		127,068		123,850		250,918		24,803		2015	10/15/2018	31
Belterra Park Gaming and Entertainment Center	Cincinnati, OH	—		11,689		45,995		—		11,689		45,995		57,684		10,371		2013	5/6/2020	31
The Meadows Racetrack and Casino	Washington, PA	—		181,532		141,370		(2,864)		179,598		140,440		320,038		45,049		2006	9/9/2016	31
DraftKings at Casino Queen	East St. Louis, IL	—		70,716		70,014		8,700		70,716		78,714		149,430		28,802		1999	1/23/2014	31
Tropicana Atlantic City	Atlantic City, NJ	—		166,974		392,923		(1,066)		165,907		392,923		558,830		78,761		1981	10/1/2018	31
Bally's Evansville	Evansville, IN	—		47,439		146,930		(194,369)		—		—		—		—		1995	10/1/2018	N/A
Bally's Evansville	Evansville, IN	—		120,473		153,130		—		120,473		153,130		273,603		18,074		1995	6/3/2021	31
Tropicana Laughlin	Laughlin, NV	—		20,671		80,530		(132)		20,539		80,530		101,069		18,071		1988	10/1/2018	27
Trop Casino Greenville	Greenville, MS	—		—		21,680		—		—		21,680		21,680		4,342		2012	10/1/2018	31
Belle of Baton Rouge	Baton Rouge, LA	—		11,873		52,400		38,967		13,072		90,166		103,238		12,104		1994	10/1/2018	31
Isle Casino Waterloo	Waterloo, IA	—		64,263		77,958		(410)		63,852		77,958		141,810		10,164		2005	12/18/2020	31
Isle Casino Bettendorf	Bettendorf, IA	—		29,636		85,150		(189)		29,447		85,150		114,597		11,102		2015	12/18/2020	31
Horseshoe St. Louis	St Louis, MO	—		26,930		219,070		—		26,930		219,070		246,000		31,653		2005	10/1/2020	31
Hollywood Casino Morgantown	Morgantown, PA	—		30,253		—		—		30,253		—		30,253		—		2020	10/1/2020	N/A
Hollywood Casino Perryville	Perryville, MD	—		23,266		31,079		—		23,266		31,079		54,345		20,861		2010	07/1/2021	31
Bally's Dover Casino Resort	Dover, DE	—		99,106		48,300		—		99,106		48,300		147,406		21,585		1995	06/3/2021	31
Casino Queen Baton Rouge	Baton Rouge, LA	—		7,320		40,812		72,683		7,320		113,509		120,829		31,447		1994	12/17/2021	31
Tropicana Las Vegas (7)	Las Vegas NV	—		226,160		—		(226,160)		—		—		—		—		1955	04/16/2020	N/A
Bally's Black Hawk	Black Hawk, CO	—		17,537		13,730		—		17,537		13,730		31,267		1,438		1991	04/01/2022	27
Bally's Quad Cities Casino & Hotel	Rock Island, IL	—		36,848		82,010		—		36,848		82,010		118,858		9,535		2007	04/01/2022	31
Hard Rock Hotel & Casino	Biloxi, MS	—		204,533		195,950		—		204,533		195,950		400,483		13,202		2005	01/03/2023	31
Bally's Tiverton Hotel & Casino	Tiverton, RI	—		116,622		110,150		—		116,622		110,150		226,772		8,323		2017	01/03/2023	31
Casino Queen Marquette	Marquette, IA	—		32,032		690		—		32,032		690		32,722		247		2000	09/06/2023	6
Bally's Chicago	Chicago, IL	—		250,745		—		3,874		250,745		3,874		254,619		—		2024	9/11/2024	N/A
Bally's Kansas City	Kansas City, MO	—		940		96,400		—		940		96,400		97,340		134		1996	12/16/2024	31
Bally's Shreveport	Shreveport, LA	—		190		76,770		—		190		76,770		76,960		145		1999	12/16/2024	31
		—		3,847,071		6,850,611		(121,588)		3,583,043		6,993,060		10,576,103		2,434,197
Headquarters Property:
GLPI Corporate Office	Wyomissing, PA	—		750		8,465		142		750		8,608		9,358		2,545		2014/2015	9/19/2014	31
Other Properties
Other owned land	various	—		6,798		—		(6,798)		—		—		—		—
		$	—	$	3,854,619	$	6,859,076	$	(128,244)	$	3,583,793	$	7,001,668	$	10,585,461	$	2,436,742

(1) In connection with the funding agreement with PENN, new facilities are being developed for the relocation of PENN's riverboat casino in Aurora and PENN is also in the process of relocating its Hollywood Casino Joliet operations. The Company accelerated the lives of its depreciable assets in the first quarter of 2023 at the two existing locations to coincide with the expected opening dates of the new facilities.

(2) On April 13, 2021, Bally’s agreed to acquire both GLPI’s non-land real estate assets and PENN's outstanding equity interests in Tropicana Las Vegas Hotel and

Casino, Inc. This deal closed on September 26, 2022. In August 2024, a change in rent terms resulted in a lease reconsideration event. The lease is now a sales type lease and the assets are no longer reported on this schedule.

(3) The aggregate cost for federal income tax purposes of the properties listed above was $9.5 billion at December 31, 2024. This amount does not include the real estate part of Investment in Financing Lease, net or Investment in Sales-type leases, net.

A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2024, 2023 and 2022 is as follows:


	Year Ended December 31,
	2024		2023		2022
Real Estate:	(in thousands)
Balance at the beginning of the period	$	10,347,315	$	9,626,018	$	9,458,918
Acquisitions	426,562		678,130		150,126
Construction in progress	39,542		—		23,864
Capital expenditures and assets placed in service	—		43,167		—
Dispositions (1)	(227,958)		—		(6,890)
Balance at the end of the period	$	10,585,461	$	10,347,315	$	9,626,018
Accumulated Depreciation:
Balance at the beginning of the period	$	(2,178,523)	$	(1,918,083)	$	(1,681,367)
Depreciation expense	(258,219)		(260,440)		(236,809)
Additions	—		—		—
Dispositions	—		—		93
Balance at the end of the period	$	(2,436,742)	$	(2,178,523)	$	(1,918,083)

(1) The 2024 amount primarily represents the reclassification of the Tropicana Las Vegas Lease to a sales type lease from an operating lease due to a lease reclassification event due to a change in terms.

Investment in leases, financing receivables, net and other receivables

12 Months Ended

Dec. 31, 2024

Investments, All Other Investments [Abstract]

Investment in leases, financing receivables, net and other receivables

Investment in leases, net

Certain of the Company's leases are recorded as an Investment in leases, financing receivables, net, as the sale lease back transactions were accounted for as failed sale leasebacks due to the leases significant initial lease terms. Additionally, as described in Note 1, the Company reassessed the Tropicana Las Vegas Lease during 2024 which results in the lease being classified as a sales type lease. The following is a summary of the balances of the Company's investment in leases, financing receivables and investment in leases, sales type (in thousands).


	December 31, 2024		December 31, 2024		December 31, 2023		December 31, 2023
	Investment in leases, sales type		Investment in leases, financing receivables		Investment in leases, sales type		Investment in leases, financing receivables
Minimum lease payments receivable	$	708,456	$	9,806,998	$	—	$	9,088,298
Estimated residual values of lease property (unguaranteed)	278,500		1,276,674		—		1,041,087
Total	986,956		11,083,672		—		10,129,385

Less: Unearned income	(708,454)		(8,716,493)		—		(8,083,808)
Less: Allowance for credit losses	(23,681)		(34,065)		—		(21,971)
Investment in leases - net	$	254,821	$	2,333,114	$	—	$	2,023,606

The present value of the net investment in the lease payment receivable and unguaranteed residual value at December 31, 2024 was $2,290.0 million and $77.1 million compared to $1,991.4 million and $54.2 million at December 31, 2023 for the Company's Investment in leases, financing receivables. The present value of the net investment in lease payment receivable and unguaranteed residual value at December 31, 2024 was $256.7 million and $21.8 million for the Company's Investment in leases, sales type.

At December 31, 2024, minimum lease payments owed to us for each of the five succeeding years under the Company's financing receivables were as follows (in thousands):


Year ending December 31,	Future Minimum Lease Payments- Sales Type		Future Minimum Lease Payments for Investment in leases, financing receivables
2025	$	14,837	$	164,103
2026	14,837		166,917
2027	14,837		169,858
2028	14,837		172,851
2029	14,837		175,897
Thereafter	634,271		8,957,372
Total	$	708,456	$	9,806,998

The change in the allowance for credit losses for the Company's investment in leases is illustrated below (in thousands):


	Balance at December 31, 2022		Initial allowance from current period investments		Current period change in credit allowance		Ending Balance at December 31, 2023		Initial allowance from current period investments		Current period change in credit allowance		Balance at December 31, 2024
Maryland Live Lease	$	4,095	$	—	$	1,566	$	5,661	$	—	$	3,071	$	8,732
PA Live Master Lease	15,029		—		(1,393)		13,636		—		4,835		18,471
Rockford Lease	—		3,867		(1,193)		2,674		—		403		3,077
Tioga Lease	—		—		—		—		1,579		1,072		2,651
Strategic Lease	—		—		—		—		856		278		1,134
Tropicana LV Lease	—		—		—		—		21,293		2,388		23,681
Total	$	19,124	$	3,867	$	(1,020)	$	21,971	$	23,728	$	12,047	$	57,746

The amortized cost basis of the Company's investment in leases, financing receivables by year of origination is shown below as of December 31, 2024 (in thousands):


Origination year	Investment in leases, financing receivables		Allowance for credit losses		Amortized cost basis at December 31, 2024		Allowance as a percentage of outstanding financing receivable

2024	$	295,674	$	(3,785)	$	291,889	(1.28)	%
2023	102,861		(3,077)		99,784		(2.99)	%
2022	713,698		(18,471)		695,227		(2.59)	%
2021	1,254,946		(8,732)		1,246,214		(0.70)	%
Total	$	2,367,179	$	(34,065)	$	2,333,114	(1.44)	%

The amortized cost basis of the Company's investment in leases, sales type by year of origination is shown below as of December 31, 2024 (in thousands):


Origination year	Investment in leases, sales type lease		Allowance for credit losses		Amortized cost basis at December 31, 2024		Allowance as a percentage of outstanding sales type lease

2024	$	278,502	$	(23,681)	$	254,821	(8.50)	%

During the year ended December 31, 2024, the Company recorded a provision for credit losses, net of $37.3 million. This was primarily due to the initial establishment of reserves on the Tropicana Las Vegas Lease which was determined based on the underlying credit quality of the tenant, a decline in the estimated real estate values underlying the Company's Investment in leases, financing receivables and, to a lesser extent, the Company's real estate loans and loan commitments. The real estate values are estimated based on the actual and long term projections of the Commercial Real Estate Price Index which, as of December 31, 2024 have declined relative to December 31, 2023.

During the year ended December 31, 2023, the Company recorded a provision for credit losses, net of $6.5 million.

The primary reason for the current year provision was related to the Rockford Lease and the Rockford Loan and related loan commitment (See Note 5 for further discussion).

The reason for differences in the allowance as a percentage of outstanding financing receivable for leases originated in each calendar year in the table above depends on various factors for the leases such as expected rent coverage ratios and loan to value ratios. Future changes in economic probability factors, changes in the estimated value of our real estate property and earnings assumptions at the underlying facilities may result in non-cash provisions or recoveries in future periods that could materially impact our results of operations.

Long-term Debt (Schedule of Long-Term Debt) (Details) - USD ($)		12 Months Ended
	Feb. 12, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 06, 2024	Jan. 13, 2023
Long-term debt
Total long-term debt, gross		$ 7,807,732,000	$ 6,675,434,000
Less: unamortized debt issuance costs, bond premiums and original issuance discounts		(71,855,000)	(47,884,000)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts		7,735,877,000	6,627,550,000
Impairment charges and losses on debt extinguishment	$ (600,000)	0	556,000	$ 2,189,000
Letters of credit outstanding		400,000
Line of credit facility, available borrowing capacity		1,757,200,000
Other Debt
Long-term debt
Long-term debt, gross		$ 277,000	434,000
Unsecured $2,090 million revolver due December 2028
Long-term debt
Revolving credit facility, commitment fee percentage		0.25%
Unsecured $2,090 million revolver due December 2028 \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Basis spread on variable rate debt		1.30%
Unsecured $2,090 million revolver due December 2028 \| Base Rate
Long-term debt
Basis spread on variable rate debt		0.30%
Unsecured $2,090 million revolver due December 2028 \| Minimum
Long-term debt
Revolving credit facility, commitment fee percentage		0.125%
Unsecured $2,090 million revolver due December 2028 \| Minimum \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Basis spread on variable rate debt		0.85%
Unsecured $2,090 million revolver due December 2028 \| Minimum \| Base Rate
Long-term debt
Basis spread on variable rate debt		0.00%
Unsecured $2,090 million revolver due December 2028 \| Maximum
Long-term debt
Revolving credit facility, commitment fee percentage		0.30%
Unsecured $2,090 million revolver due December 2028 \| Maximum \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Basis spread on variable rate debt		170.00%
Unsecured $2,090 million revolver due December 2028 \| Maximum \| Base Rate
Long-term debt
Basis spread on variable rate debt		0.70%
Line of Credit [Member] \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Basis spread on variable rate debt		1.05%
Line of Credit [Member] \| Base Rate
Long-term debt
Basis spread on variable rate debt		0.05%
Line of Credit [Member] \| Minimum \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Basis spread on variable rate debt		0.725%
Line of Credit [Member] \| Minimum \| Base Rate
Long-term debt
Basis spread on variable rate debt		0.00%
Line of Credit [Member] \| Maximum \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Basis spread on variable rate debt		1.40%
Line of Credit [Member] \| Maximum \| Base Rate
Long-term debt
Basis spread on variable rate debt		0.40%
Unsecured $2,090 million revolver due December 2028
Long-term debt
Long-term debt, gross		$ 332,455,000	0
$500 million 5.375% senior unsecured notes due November 2023
Long-term debt
Debt instrument, face amount						$ 500,000,000
Debt instrument, interest rate, stated percentage						5.375%
$400 million 3.35% senior unsecured notes due September 2024
Long-term debt
Long-term debt, gross		0	400,000,000
Debt instrument, face amount		$ 400,000,000
Debt instrument, interest rate, stated percentage		3.35%
$850 million 5.250% senior unsecured notes due June 2025
Long-term debt
Long-term debt, gross		$ 850,000,000	850,000,000
Debt instrument, face amount		$ 850,000,000
Debt instrument, interest rate, stated percentage		5.25%
$975 million 5.375% senior unsecured notes due April 2026
Long-term debt
Long-term debt, gross		$ 975,000,000	975,000,000
Debt instrument, face amount		$ 975,000,000
Debt instrument, interest rate, stated percentage		5.375%
$500 million 5.750% senior unsecured notes due June 2028
Long-term debt
Long-term debt, gross		$ 500,000,000	500,000,000
Debt instrument, face amount		$ 500,000,000
Debt instrument, interest rate, stated percentage		5.75%
$750 million 5.300% senior unsecured notes due January 2029
Long-term debt
Long-term debt, gross		$ 750,000,000	750,000,000
Debt instrument, face amount		$ 750,000,000
Debt instrument, interest rate, stated percentage		5.30%
$700 million 4.00% senior unsecured notes due January 2030
Long-term debt
Long-term debt, gross		$ 700,000,000	700,000,000
Debt instrument, face amount		$ 700,000,000
Debt instrument, interest rate, stated percentage		4.00%
Senior Unsecured Notes 4.00 Percent Due 2031
Long-term debt
Long-term debt, gross		$ 700,000,000	700,000,000
Debt instrument, face amount		$ 700,000,000
Debt instrument, interest rate, stated percentage		4.00%
Senior Unsecured Notes 3.25 Percent Due 2032
Long-term debt
Long-term debt, gross		$ 800,000,000	800,000,000
Debt instrument, face amount		$ 800,000,000
Debt instrument, interest rate, stated percentage		3.25%
Term Loan Credit Facility
Long-term debt
Long-term debt, gross		$ 600,000,000	600,000,000
Senior Unsecured Notes 6.75 Percent Due 2033
Long-term debt
Long-term debt, gross		400,000,000	400,000,000
Debt instrument, face amount		$ 400,000,000
Debt instrument, interest rate, stated percentage		6.75%
Unsecured term loans A-2
Long-term debt
Long-term debt, gross		$ 600,000,000	600,000,000
Senior Unsecured Notes 6.250 Percent Due 2054
Long-term debt
Long-term debt, gross		800,000,000	0
Debt instrument, face amount		$ 400,000,000	$ 400,000,000		$ 400,000,000
Debt instrument, interest rate, stated percentage		6.25%	6.25%		6.25%
Senior Unsecured Notes 5.625 Percent Due 2034
Long-term debt
Long-term debt, gross		$ 400,000,000	$ 0
Debt instrument, face amount		$ 800,000,000	$ 800,000,000		$ 800,000,000
Debt instrument, interest rate, stated percentage		5.625%	5.625%		5.625%
Unsecured $2,090 million revolver due December 2028
Long-term debt
Line of credit facility, maximum borrowing capacity		$ 332,500,000
Delayed Draw
Long-term debt
Line of credit facility, maximum borrowing capacity		$ 600,000,000

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Components of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Operating lease cost		$ 14,651	$ 14,805
Variable lease cost		19,753	19,757
Total lease cost	$ 18,400	47,674	48,116
Land rights, net
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of land right assets		$ 13,270	$ 13,554

New Accounting Pronouncements	12 Months Ended
New Accounting Pronouncements	Dec. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses" will require all public business entities to disclose in the notes to their financial statements the following items; disclose the amounts of purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization recognized as part of oil-and gas-producing activities included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed here. ASU 2024-03 will also require a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and disclose the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. The standard is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The Company is evaluating the impact this statement will have on the Company's financial statement disclosures. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting" - Improvements to Reportable Segment Disclosures." ASU 2023-07 improves disclosure about a public entity's reportable segments and addresses requests from investors for additional, more detailed information about a reportable segment's expenses. The provisions in this amendment are applicable to all public entities, even those with a single reportable segment. The standard is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The adoption of ASU 2023-07 did not have a material impact on the Company's financial statements and disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-6

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org/250/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The Company elected on its U.S. federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT. The benefits of the intended REIT conversion on the Company's tax provision and effective income tax rate are reflected in the tables below. As a result of the Tax Cuts and Jobs Act, the corporate tax rate was permanently lowered from the previous maximum rate of 35% to 21%, effective for tax years including or commencing January 1, 2018.

The provision for income taxes charged to operations for years ended December 31, 2024, 2023 and 2022 was as follows:


Year ended December 31,	2024		2023		2022
	(in thousands)
Current tax expense
Federal	$	—	$	—	$	14,653
State	2,129		1,997		2,402
Total current	2,129		1,997		17,055
Deferred tax (benefit) expense
Federal	—		—		—
State	—		—		—
Total deferred	—		—		—
Total provision	$	2,129	$	1,997	$	17,055

The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2024, 2023 and 2022:


Year ended December 31,	2024		2023		2022
Percent of pretax income
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%

State and local income taxes	0.3	%	0.3	%	0.4	%
Valuation allowance	—	%	—	%	(0.5)	%

REIT conversion benefit	(21.0)	%	(21.0)	%	(19.2)	%
Permanent differences	—	%	—	%	0.7	%
Other miscellaneous items	—	%	—	%	—	%
	0.3	%	0.3	%	2.4	%


Year ended December 31,	2024		2023		2022
	(in thousands)
Amount based upon pretax income
U.S. federal statutory income tax	$	170,053	$	159,047	$	151,271

State and local income taxes	2,129		1,997		2,402
Valuation allowance	—		—		(3,489)

REIT conversion benefit	(170,053)		(159,047)		(138,151)

Permanent differences	—		—		5,006
Other miscellaneous items	—		—		16
	$	2,129	$	1,997	$	17,055

The Company is still subject to federal income tax examinations for its years ended December 31, 2021 and forward.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Real Estate Loans, net (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The Company also entered into the Ione Loan for up to $110.0 million, of which $15.1 million was drawn as of December 31, 2024. On January 1, 2025, the Company amended the terms of the Rockford Loan to reduce the interest rate to 8% with a maturity date of June 30, 2026, subject to a 6 month extension. The following is a summary of the balances of the Company's Real estate loans, net.


	December 31, 2024		December 31, 2023
	(in thousands)		(in thousands)
Real estate loans	$	165,160	$	40,000
Less: Allowance for credit losses	(4,570)		(964)
Real estate loans, net	$	160,590	$	39,036

Financing Receivable, Allowance for Credit Loss

The change in the allowance for credit losses for the Company's Real estate loans is shown below (in thousands):


	Rockford Loan		Ione Loan		Total
Balance at December 31, 2022	$	—	$	—	$	—
Change in allowance	(964)		—		(964)
Balance at December 31, 2023	(964)		—		(964)
Change in allowance	(3,523)		(83)		(3,606)
Ending balance at December 31, 2024	$	(4,487)	$	(83)	$	(4,570)

Stock-Based Compensation (Restricted Stock Award Activity) (Details) - Restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Number of Award Shares
Outstanding at the beginning of the period (in shares)	269,929	247,051
Granted (in shares)	263,328	243,291
Released (in shares)	(247,814)	(220,413)
Canceled (in shares)	(600)
Outstanding at the end of the period (in shares)	284,843	269,929
Weighted Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 49.49	$ 45.68
Granted (in dollars per share)	33.16	38.01
Released (in dollars per share)	31.44	32.54
Canceled (in dollars per share)	50.15
Outstanding at the end of the period (in dollars per share)	$ 50.10	$ 49.49

Summary of Significant Accounting Policies (Property and Equipment Used in Operations) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Income tax penalties and interest, net of deferred income taxes	$ 0	$ 0	$ 0
Period for which entity will not be permitted to qualify for tax treatment as real estate investment trust in case of failure to qualify as REIT in any taxable year	4 years

Business and Basis of Presentation - Tropicana Las Vegas Lease (Details)	Aug. 28, 2024 USD ($)	Jan. 03, 2023	Sep. 26, 2022 USD ($)	Apr. 16, 2020 USD ($)	Dec. 31, 2024	May 13, 2023 USD ($) a
Bally's Tropicana Las Vegas
Organization Consolidation and Presentation of Financial Statements [Line Items]
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	$ 3,800,000
Tropicana Las Vegas
Organization Consolidation and Presentation of Financial Statements [Line Items]
Sale and Leaseback Transaction, Gain (Loss), Net			$ 67,400,000
Gains (Losses) on Sales of Other Real Estate			$ 52,800,000
Tropicana Las Vegas Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract					50 years
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase			0.50%
Bally's Tropicana Las Vegas Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Leases, Covenant, Annual Rental Escalator, Consumer Price Index,		1.00%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, Maximum Rent Increase		2.00%
Area of real estate property \| a						9
Operating Lease, Funding Commitment, Maximum						$ 175,000,000.0
Operating Lease, Development Period, Percent Of Funding						8.50%
Operating Lease, Development Period, Amount Not Subject To Increased Rent						$ 15,000,000
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set	4,100,000
Bally's Tropicana Las Vegas Lease \| Clark County, Nevada
Organization Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property \| a						35
Bally's Tropicana Las Vegas Lease \| Las Vegas, NV
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Lease, Funding Commitment, Funded	$ 48,500,000
Bally's Tropicana Las Vegas Lease \| Maximum
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract			99 years
Tropicana Entertainment
Organization Consolidation and Presentation of Financial Statements [Line Items]
Asset Acquisition, Rent Credits Transferred				$ 307,500,000
Bally's Tropicana Las Vegas
Organization Consolidation and Presentation of Financial Statements [Line Items]
Business Combination, Consideration Transferred			$ 145,000,000

Shareholders' Equity (Noncontrolling Interests) (Details) - USD ($) $ in Thousands				12 Months Ended
	Dec. 16, 2024	Feb. 06, 2024	Mar. 01, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Payments to Noncontrolling Interests				$ 24,586	$ 24,107	$ 20,664
PA Live! Master Lease
Lessee, Lease, Description [Line Items]
Units of Partnership Interest, Amount			3,017,909
Stock Issued			$ 137,000
Bally's Master Lease II
Lessee, Lease, Description [Line Items]
Units of Partnership Interest, Amount	137,309
Bally's Master Lease II- Kansas City/Shreveport
Lessee, Lease, Description [Line Items]
Units of Partnership Interest, Amount	137,309
Stock Issued	$ 6,800
Tioga Downs Lease
Lessee, Lease, Description [Line Items]
Units of Partnership Interest, Amount		434,304
Stock Issued		$ 19,600

Earnings Per Share Earnings Per Share (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Calculation of basic EPS:
Net income	$ 784,620	$ 734,283	$ 684,653
Less: Net income allocated to participating securities	(459)	(434)	(432)
Net income attributable to common shareholders	$ 784,161	$ 733,849	$ 684,221
Basic weighted-average common shares outstanding (in shares)	272,802,000	264,053,000	252,716,000
Basic earnings per common share (in dollars per share)	$ 2.87	$ 2.78	$ 2.71
Calculation of diluted EPS:
Net income	$ 784,620	$ 734,283	$ 684,653
Diluted weighted-average common shares outstanding (in shares)	273,534,000	264,993,000	253,846,000
Diluted earnings per common share (in dollars per share)	$ 2.87	$ 2.77	$ 2.70
Antidilutive securities excluded from computation of earnings per share (in shares)	25,000	103,000	0

Schedule IV Mortgage Loans on Real Estate Reconciliation of Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 165,160
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages	165,160
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	0
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	160,590	$ 39,036	$ 0
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, New Mortgage Loan	125,160	40,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Collections of Principal	0	0
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Other Deduction	(3,606)	(964)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	0
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	$ 160,590	$ 39,036	$ 0
815 Entertainment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate	10.00%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 150,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages	150,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate	10.00%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	$ 145,513
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Prior Lien, Amount	0
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	0
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	145,513
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Prior Lien, Amount	$ 0
Ione Band Economic Development Authority
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate	11.00%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 15,160
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages	15,160
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	$ 0
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate	11.00%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	$ 15,077
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Prior Lien, Amount	0
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans	0
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	15,077
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Prior Lien, Amount	$ 0

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Real Estate Investments	Real Estate Investments Real estate investments primarily represent land and buildings leased to the Company's tenants. The Company records the acquisition of real estate assets at fair value, including acquisition and closing costs. The cost of properties developed by the Company include costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. The Company considers the period of future benefit of the asset to determine the appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful lives of the buildings and building improvements which are generally between 5 years to 31 years. The Company continually monitors events and circumstances that could indicate that the carrying amount of its real estate investments may not be recoverable or realized. The factors considered by the Company in performing these assessments include evaluating whether the tenant is current on its lease payments, the tenant’s rent coverage ratio, the financial stability of the tenant and its parent company, and any other relevant factors. When indicators of potential impairment suggest that the carrying value of a real estate investment may not be recoverable, the Company determines whether the undiscounted cash flows from the underlying lease exceeds the real estate investments' carrying value. If we determine the estimated undiscounted cash flow are less than the asset's carrying value, then the Company would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP. The Company groups its real estate investments together by lease, the lowest level for which identifiable cash flows are available, in evaluating impairment. In assessing the recoverability of the carrying value, the Company must make assumptions regarding future cash flows and other factors. The factors considered by the Company in performing this assessment include current operating results, market and other applicable trends and residual values, as well as the effect of obsolescence, demand, competition and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss.
Loans Receivable	Investment in Leases - Financing receivables and Investment in Leases - Sales Type In accordance with ASC 842 - Leases ("ASC 842"), for transactions in which the Company enters into a contract to acquire an asset and leases it back to the seller under a sales-type lease (i.e. a sale leaseback transaction), the Company must determine whether control of the asset has transferred to the Company. In cases whereby control has not transferred to the Company, we do not recognize the underlying asset but instead recognize a financial asset in accordance with ASC 310 "Receivables". The accounting for the financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - sales type under ASC 842. The Company recognizes interest income on Investment in leases - financing receivables under the effective yield method. Generally, we would recognize interest income to the extent the tenant is not more than 90 days delinquent on their rental obligations. Certain of the Company's leases were required to be accounted for as Investment in leases - financing receivable on the Consolidated Balance Sheets in accordance with ASC 310, since control of the underlying assets was not considered to have transferred to the Company under GAAP given the significant initial term of each of the leases. Allowance for Credit Losses The Company follows ASC 326 “Credit Losses” (“ASC 326”), which requires that the Company measure and record current expected credit losses (“CECL”), the scope of which includes our Investments in leases - financing receivables, net, Investment in leases, sales type, net, as well as real estate loans. We have elected to use an econometric default and loss rate model to estimate the Allowance for credit losses, or CECL allowance. This model requires us to calculate and input lease and property-specific credit and performance metrics which in conjunction with forward-looking economic forecasts, project estimated credit losses over the life of the lease or loan. The Company then records a CECL allowance based on the expected loss rate multiplied by the outstanding investment. Expected losses within our cash flows are determined by estimating the probability of default (“PD”) and loss given default (“LGD”) of our investments subject to CECL. We have engaged a nationally recognized data analytics firm to assist us with estimating both the PD and LGD. The PD and LGD are estimated during the initial term of the instruments subject to CECL. The PD and LGD estimates were developed using current financial condition forecasts. The PD and LGD predictive model was developed using the average historical default rates and historical loss rates, respectively, of over 100,000 commercial real estate loans dating back to 1998 that have similar credit profiles or characteristics to the real estate underlying the Company's instruments subject to CECL. Management will monitor the credit risk related to its instruments subject to CECL by obtaining the applicable rent and interest coverage on a periodic basis. The Company also monitors legislative changes to assess whether it would have an impact on the underlying performance of its tenant or borrower. We are unable to use our historical data to estimate losses as the Company has no loss history to date on its lease portfolio. Our tenants and borrowers are current on all of their obligations as of December 31, 2024 and December 31, 2023. The CECL allowance is recorded as a reduction to our net Investments in leases - financing receivables, Investment in leases - sales type and real estate loans, on our Consolidated Balance Sheets. We are required to update our CECL allowance on a quarterly basis with the resulting change being recorded in the provision for credit losses, net, in the Consolidated Statement of Income for the relevant period. Finally, each time the Company makes a new investment in an asset subject to ASC 326, the Company will be required to record an initial CECL allowance for such asset, which will result in a non-cash charge to the Consolidated Statement of Income for the relevant period. See Note 7 for further information. Charge-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all cash balances and highly-liquid investments with original maturities of three months or less to be cash and cash equivalents. Held to maturity investment securities In February 2024, the Company purchased zero coupon United States Treasury Bills of approximately $341 million which matured in August 2024 for $350 million. In August 2024, the Company purchased zero coupon United States Treasury Bills of approximately $550 million which matured in January 2025 for $563 million. The Company classified these debt securities as held to maturity in accordance with ASC 320, Investments-Debt Securities since these are fixed income investments that the Company has the intent and ability to hold until maturity. The securities are recorded at amortized cost on the Consolidated Balance Sheet which approximated their fair value.
Prepaid Expenses and Other Assets	Other Assets Other assets primarily consists of accounts receivable and deferred compensation plan assets (See Note 11 for further details on the deferred compensation plan). Other assets also include prepaid expenditures for goods or services before the goods are used or the services are received. These amounts are deferred and charged to operations as the benefits are realized and primarily consist of prepayments for insurance, property taxes and other contracts that will be expensed during the subsequent year.
Debt Issuance Costs	Debt Issuance Costs and Bond Premiums and Discounts Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the contractual term of the underlying indebtedness. In accordance with ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, the Company records long-term debt net of unamortized debt issuance costs on its Consolidated Balance Sheets. Similarly, the Company records long-term debt net of any unamortized bond premiums and original issuance discounts on its Consolidated Balance Sheets. Any original issuance discounts or bond premiums are also amortized to interest expense over the contractual term of the underlying indebtedness.
Fair Value of Financial Assets and Liabilities	Fair Value of Financial Assets and Liabilities Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are classified based upon the level of judgment associated with the inputs used to measure their fair value. ASC 820 - Fair Value Measurements and Disclosures ("ASC 820") establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy related to the subjectivity of the valuation inputs are described below: •Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. •Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets, such as interest rates and yield curves that are observable at commonly quoted intervals. •Level 3: Unobservable inputs that reflect the reporting entity's own assumptions, as there is little, if any, related market activity. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy
Revenue Recognition	Revenue Recognition The Company accounts for our investments in leases under ASC 842. Upon lease inception or lease modification, we assess lease classification to determine whether the lease should be classified as a sales-type, direct financing or operating lease. As required by ASC 842, we separately assess the land and building components of the property to determine the classification of each component. If the lease component is determined to be a sales-type lease or direct financing lease, we record a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized at lease inception or the lease reassessment date or deferred and recognized over the life of the lease, depending on the classification of the lease. Since we purchase properties and simultaneously enter into new leases directly with the tenants, the net investment in the lease is generally equal to the purchase price of the asset, and, due to the long term nature of our leases, the land and building components of an investment generally have the same lease classification. The Company recognizes the related income from our financing receivables using an effective interest rate at a constant rate over the term of the applicable leases. As a result, the cash payments received under financing receivables will not equal the income recognized for accounting purposes. Rather, a portion of the cash rent the Company will receive is recorded as interest income with the remainder as a change to financing receivables. Initial direct costs incurred in connection with entering into financing receivables are included in the balance of the financing receivables. Such amounts will be recognized as a reduction to interest income from financing receivables over the term of the lease using the effective interest rate method. Costs that would have been incurred regardless of whether the lease was signed, such as legal fees and certain other third party fees, are expensed as incurred. The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractually fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured in accordance with ASC 842. Additionally, percentage rent that is fixed and determinable at the lease inception date is recorded on a straight-line basis over the lease term, resulting in the recognition of deferred rental revenue on the Company’s Consolidated Balance Sheets. Deferred rental revenue is amortized to rental revenue on a straight-line basis over the remainder of the lease term. The lease term includes the initial non-cancelable lease term and any reasonably assured renewable periods. Contingent rental income that is not fixed and determinable at lease inception is recognized only when the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant. Additionally, in accordance with ASC 842, the Company records revenue for the ground lease rent paid by its tenants with an offsetting expense in land rights and ground lease expense within the Consolidated Statement of Income as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The Company subleases these ground leases back to its tenants, who are responsible for payment directly to the landlord. The Company may periodically loan funds to casino owner-operators for the purchase of gaming related real estate. Interest income related to real estate loans is recorded as revenue from real estate within the Company's consolidated statements of income in the period earned.
Stock-Based Compensation	Stock-Based Compensation The Company's Amended 2013 Long Term Incentive Compensation Plan (the "2013 Plan") provides for the Company to issue restricted stock awards, including performance-based restricted stock awards, and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards. The Company accounts for stock compensation under ASC 718 - Compensation - Stock Compensation, which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value of the Company's time-based restricted stock awards is equivalent to the closing stock price on the day prior to grant. The Company utilizes a third-party valuation firm to measure the fair value of performance-based restricted stock awards at grant date using the Monte Carlo model. The unrecognized compensation cost relating to restricted stock awards and performance-based restricted stock awards is recognized as expense over the awards’ remaining vesting periods. See Note 13 for further information related to stock-based compensation.
Income Taxes	Income Taxes The Company's TRS were able to engage in activities resulting in income that would not be qualifying income for a REIT. As a result, certain activities of the Company which occured within its TRS are subject to federal and state income taxes. The Company accounts for income taxes in accordance with ASC 740 - Income Taxes ("ASC 740"). Under ASC 740, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and are measured at the prevailing enacted tax rates that will be in effect when these differences are settled or realized. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realizability of the deferred tax assets is evaluated by assessing the valuation allowance and by adjusting the amount of the allowance, if any, as necessary. The factors used to assess the likelihood of realization are the forecast of future taxable income. ASC 740 also creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not have any uncertain tax positions for the three years ended December 31, 2024. The Company is required under ASC 740 to disclose its accounting policy for classifying interest and penalties, the amount of interest and penalties charged to expense each period, as well as the cumulative amounts recorded in the Consolidated Balance Sheets. If and when they occur, the Company will classify any income tax-related penalties and interest accrued related to unrecognized tax benefits in taxes on income within the Consolidated Statements of Income. During the years ended December 31, 2024, 2023 and 2022, the Company recognized no penalties and interest, net of deferred income taxes. The Company continues to be organized and to operate in a manner that will permit the Company to qualify as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to shareholders. As a REIT, the Company generally will not be subject to federal, state or local income tax on income that it distributes as dividends to its shareholders, except in those jurisdictions that do not allow a deduction for such distributions. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal, state and local income tax, including any applicable alternative minimum tax, on its taxable income at regular corporate income tax rates, and dividends paid to its shareholders would not be deductible by the Company in computing taxable income. Any resulting corporate liability could be substantial and could materially and adversely affect the Company's net income and net cash available for distribution to shareholders. Unless the Company was entitled to relief under certain Internal Revenue Code provisions, the Company also would be disqualified from re-electing to be taxed as a REIT for the four taxable years following the year in which it failed to qualify to be taxed as a REIT
Earnings Per Share	Earnings Per Share The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings Per Share. Basic EPS is computed by dividing net income applicable to common shareholders by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options, unvested restricted shares, unvested performance-based restricted shares and the dilutive effect of the Company's forward sale agreement as described in Note 16. The effect of the conversion of the Operating Partnership ("OP") units to common shares is excluded from the computation of basic and diluted earnings per share because all net income attributable to the Noncontrolling interest holders are recorded as income attributable to non-controlling interests, thus it is excluded from net income available to common shareholders. See Note 15 for further details on the Company's earnings per share calculations.
Segment Information	Segment Information The Company's operations consist solely of investments in real estate for which all such real estate properties are similar to one another in that they consist of destination and leisure properties and related offerings, whose tenants offer casino gaming, hotel, convention, dining, entertainment and retail amenities, have similar economic characteristics and are governed by triple-net operating leases. As such, the Company has one reportable segment. The operating results of the Company's real estate investments are reviewed in the aggregate using the Company's consolidated financial statements, by the Company's chief executive officer who is the chief operating decision maker (as such term is defined in ASC 280 - Segment Reporting). See Note 18 for further information.
Concentration of Credit Risk	Concentration of Credit Risk Concentrations of credit risk arise when a number of operators, tenants, or obligors related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. Additionally, concentrations of credit risk may arise when revenues of the Company are derived from a small number of tenants. As of December 31, 2024, substantially all of the Company's real estate properties were leased to PENN, Cordish, Caesars, Bally's and Boyd. During the year ended December 31, 2024, approximately 61%, 11%, 11%, 8% and 8% of the Company's collective income from real estate was derived from tenant leases with PENN, Cordish, Bally's (including Casino Queen), Caesars and Boyd, respectively. PENN, Caesars, Bally's and Boyd are publicly traded companies that are subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and are required to file periodic reports on Form 10-K and Form 10-Q and current reports on Form 8-K with the Securities and Exchange Commission ("SEC"). Readers are directed to PENN, Caesars, Bally's and Boyd respective websites for further financial information on these companies. Other than the Company's tenant concentration, management believes the Company's portfolio was reasonably diversified by geographical location and did not contain any other significant concentrations of credit risk. As of December 31, 2024, the Company's portfolio of 68 properties is diversified by location across 20 states. Financial instruments that subject the Company to credit risk consist of cash and cash equivalents, Investment in leases, financing receivables, Investment in leases, sales type and real estate loans. The Company's policy is to limit the amount of credit exposure to any one financial institution and place investments with financial institutions evaluated as being creditworthy, or in short-term money market and tax-free bond funds which are exposed to minimal interest rate and credit risk. At times, the Company has bank deposits and overnight repurchase agreements that exceed federally-insured limits
Lessee, Leases	Lease Assets and Lease Liabilities The Company determines whether a contract is or contains a lease at its inception. A lease is defined as the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Right-of-use assets and lease liabilities are recorded on the Company's Consolidated Balance Sheet at the lease commencement date for leases in which the Company acts as lessee. Right-of-use assets represent the Company's rights to use underlying assets for the term of the lease and lease liabilities represent the Company's future obligations under the lease agreement. Right-of-use assets and lease liabilities are recognized at the lease commencement date based upon the estimated present value of the lease payments. As the rate implicit in the Company's leases (in which the Company acts as lessee) cannot readily be determined, the Company utilizes its own estimated incremental borrowing rates to determine the present value of its lease payments. Consideration is given to the Company's recent debt issuances, as well as publicly available data for instruments with similar characteristics, including tenor, when determining the incremental borrowing rates of the Company's leases. The Company includes options to extend a lease in its lease term when it is reasonably certain that the Company will exercise those renewal options. In the instance of the Company's ground leases associated with its tenant occupied properties, the Company has included all available renewal options in the lease term, as it intends to renew these leases indefinitely. The Company accounts for the lease and nonlease components (as necessary) of its leases of all classes of underlying assets as a single lease component. Leases with a term of 12 months or less are not recorded on the Company's Consolidated Balance Sheets. Land rights, net represent the Company's rights to land subject to long-term ground leases. The Company obtained ground lease rights through the acquisition of several of its rental properties and immediately subleased the land to its tenants. These land rights represent the below market value of the related ground leases. The Company assessed the acquired ground leases to determine if the lease terms were favorable or unfavorable, given market conditions at the acquisition date. Because the market rents to be received under the Company's triple-net tenant leases were greater than the rents to be paid under the acquired ground leases, the Company concluded that the ground leases were below market and were therefore required to be recorded as a definite lived asset (land rights) on its books. Right-of-use assets and land rights are monitored for potential impairment in much the same way as the Company's real estate assets, using the impairment model in ASC 360 - Property, Plant and Equipment. If the Company determines the carrying amount of a right-of-use asset or land right is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP.

Investment in leases, financing receivables, net and other receivables - Direct Financing Leases (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			$ 21,971	$ 19,124
Ending balance	$ 34,065	$ 21,971	34,065	21,971
Net Investment in Lease And Financing Receivable, Year One, Originated, Current Fiscal Year	295,674		295,674
Net Investment in Lease And Financing Receivable, Year One, Originated, Current Fiscal Year, Allowance For Credit Loss	(3,785)		(3,785)
Net Investment in Lease and Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Allowance For Credit Loss	(3,077)		(3,077)
Net Investment in Lease and Financing Receivable, Allowance for Credit Loss	(34,065)		(34,065)
Net Investment in Lease And Financing Receivable, Year One, Originated, Current Fiscal Year, Amortized Cost	291,889		291,889
Net Investment in Lease and Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Amortized Cost	99,784		99,784
Net Investment in Lease and Financing Receivable, Amortized Cost	$ 2,333,114		$ 2,333,114
Net Investment in Lease And Financing Receivable, Year One, Originated, Current Fiscal Year, Allowance For Credit Loss, Percentage	(1.28%)		(1.28%)
Net Investment in Lease and Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Allowance For Credit Loss, Percentage	(2.99%)		(2.99%)
Net Investment in Lease and Financing Receivable, Allowance for Credit Loss, Percentage	(1.44%)		(1.44%)
Change in allowance	$ 12,047	(1,020)	$ 23,728	3,867
Net Investment in Lease and Financing Receivable, Year Three, Originated, Two Fiscal Years before Current Fiscal Year, Allowance For Credit Loss	$ 18,471		$ 18,471
Net Investment in Lease and Financing Receivable, Year Three, Originated, Two Fiscal Years before Current Fiscal Year, Allowance For Credit Loss, Percentage	(2.59%)		(2.59%)
Net Investment in Lease and Financing Receivable, Year Four, Originated, Three Fiscal Years before Current Fiscal Year, Allowance For Credit Loss	$ 8,732		$ 8,732
Net Investment in Lease and Financing Receivable, Year Four, Originated, Three Fiscal Years before Current Fiscal Year, Allowance For Credit Loss, Percentage	(0.70%)		(0.70%)
Net investment in lease and financing receivable, Year Three, originate two years prior to current fiscal year	$ 713,698		$ 713,698
Net investment in lease and financing receivable, Year Four, Originated, Three Fiscal Years before Current Fiscal Year, Amortized Costs ,	1,246,214		1,246,214
Net investment in lease and financing receivable, Year Three, Originated, Two Fiscal Years before Current Fiscal Year, Amortized Costs ,	$ 695,227		$ 695,227
Net Investment in Sales Type Lease , Year One, Originated, Current Fiscal Year, Allowance For Credit Loss, Percentage	(8.50%)		(8.50%)
Net investment in lease and financing receivable, Year Four, Originated, Three Fiscal Years before Current Fiscal Year,	$ 1,254,946		$ 1,254,946
Net Investment in Lease and Financing Receivable, before Allowance for Credit Loss	2,367,179		2,367,179
Net Investment in Lease and Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	102,861		102,861
Net Investment in Sales Type Lease Year One, Originated, Current Fiscal Year, Amortized Cost	254,821		254,821
Sales Type Lease and Financing Receivable, Allowance for Credit Loss	57,746		57,746
Live! Casino Maryland Lease
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			5,661	4,095
Ending balance	8,732	5,661	8,732	5,661
Change in allowance	3,071	1,566	0	0
PA Live! Master Lease
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Change in allowance	4,835	(1,393)	0	0
Live! Casino PA Master Lease
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			13,636	15,029
Ending balance	18,471	13,636	18,471	13,636
Rockford Lease
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			2,674	0
Ending balance	3,077	2,674	3,077	2,674
Change in allowance	403	(1,193)	0	3,867
Tioga Lease
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			0	0
Ending balance	2,651	0	2,651	0
Change in allowance	1,072	0	1,579	0
Strategic Lease
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			0	0
Ending balance	1,134	0	1,134	0
Change in allowance	278	0	856	0
Tropicana Lease
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			0	0
Ending balance	23,681	0	23,681	0
Change in allowance	$ 2,388	$ 0	$ 21,293	$ 0

Revenue Recognition (Future Minimum Lease Payments Receivable - Operating Leases (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Future Rental Payments Receivable
2019	$ 1,275,677
2020	1,184,527
2021	1,141,974
2022	1,144,120
2023	1,126,082
Thereafter	4,687,215
Total	10,559,595
Straight-Line Rent Adjustments (1)
2019	57,056
2020	49,757
2021	42,967
2022	36,078
2023	30,400
Thereafter	2,745
Total	219,003
Future Base Ground Rents Receivable
2019	15,546
2020	14,792
2021	13,914
2022	13,796
2023	13,796
Thereafter	71,899
Total	143,743
Future Income to be Recognized Related to Operating Leases
2019	1,348,279
2020	1,249,076
2021	1,198,855
2022	1,193,994
2023	1,170,278
Thereafter	4,761,859
Total	$ 10,922,341

Business and Basis of Presentation	12 Months Ended
Business and Basis of Presentation	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation Gaming and Leisure Properties, Inc. ("GLPI") is a self-administered and self-managed Pennsylvania real estate investment trust ("REIT"). GLPI (together with its subsidiaries, the "Company") was incorporated on February 13, 2013, as a wholly-owned subsidiary of PENN Entertainment, Inc., formerly known as Penn National Gaming, Inc. (NASDAQ: PENN) ("PENN"). On November 1, 2013, PENN contributed to GLPI, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with PENN’s real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville (which are referred to as the "TRS Properties") and then spun-off GLPI to holders of PENN's common and preferred stock in a tax-free distribution (the "Spin-Off"). The assets and liabilities of GLPI were recorded at their respective historical carrying values at the time of the Spin-Off in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 505-60 - Spinoffs and Reverse Spinoffs ("ASC 505"). The Company elected on its United States ("U.S.") federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT and GLPI, together with its former indirect wholly-owned subsidiary, GLP Holdings, Inc., jointly elected to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. (d/b/a Hollywood Casino Baton Rouge) and Penn Cecil Maryland, Inc. (d/b/a Hollywood Casino Perryville) as a "taxable REIT subsidiary" ("TRS") effective on the first day of the first taxable year of GLPI as a REIT. In connection with the Spin-Off, PENN allocated its accumulated earnings and profits (as determined for U.S. federal income tax purposes) for periods prior to the consummation of the Spin-Off between PENN and GLPI. In connection with its election to be taxed as a REIT for U.S. federal income tax purposes, GLPI declared a special dividend to its shareholders to distribute any accumulated earnings and profits relating to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off, to comply with certain REIT qualification requirements. On July 1, 2021, the Company sold the operations of Hollywood Casino Perryville to PENN and leased the real estate to PENN pursuant to a standalone lease. On December 17, 2021, the Company sold the operations of Hollywood Casino Baton Rouge to The Queen Casino & Entertainment Inc., formerly known as CQ Holding Company ("Casino Queen") and leased the real estate to Casino Queen pursuant to the Second Amended and Restated Casino Queen Master Lease as described below. On December 17, 2021, GLPI declared a special dividend to the Company's shareholders to distribute the accumulated earnings and profits attributable to these sales. In 2021, subsequent to the sale of the operations of the TRS Properties, GLP Holdings, Inc. was merged into GLP Capital, L.P., the operating partnership of GLPI ("GLP Capital"). On February 7, 2025, Bally's Corporation (NYSE: BALY) ("Bally's") completed its merger transactions with Standard General L.P. ("Standard General") and its affiliates, and pursuant to the terms of the merger agreement, Casino Queen is now a subsidiary of Bally's. During 2020, the Company and Tropicana LV, LLC, a wholly owned subsidiary of the Company that at the time held the real estate of the Tropicana Las Vegas Casino Hotel Resort ("Tropicana Las Vegas"), elected to treat Tropicana LV, LLC as a TRS. In September 2022, Bally's acquired both the building assets from GLPI and PENN's outstanding equity interests in Tropicana Las Vegas. GLPI retained ownership of the land and entered into a ground lease with Bally's. In connection with this transaction, Tropicana LV, LLC was merged into GLP Capital. GLPI paid a special earnings and profit dividend of $0.25 per share in the first quarter of 2023 related to the sale of the building to Bally's. As partial consideration for the transactions with The Cordish Companies ("Cordish") described below, GLP Capital issued 7,366,683 newly-issued operating partnership units ("OP Units") to affiliates of Cordish. OP Units are exchangeable for common shares of the Company on a one-for-one basis, subject to certain terms and conditions. Such issuance of OP Units to Cordish in exchange for its contribution of certain real property assets resulted in GLP Capital becoming treated as a partnership for income tax purposes, with GLPI being deemed to contribute substantially all of the assets and liabilities of GLP Capital in exchange for the general partnership and a majority of the limited partnership interests, and a minority limited partnership interest being owned by Cordish (the "UPREIT Transaction"). In advance of the UPREIT Transaction, the Company, together with GLP Financing II, Inc., jointly elected for GLP Financing II, Inc. to be treated as a TRS effective December 23, 2021. On January 3, 2023, the Company issued 286,643 OP Units to affiliates of Bally's in connection with its acquisition of Bally's Hard Rock Hotel & Casino Biloxi ("Bally's Biloxi") and Bally's Tiverton Casino & Hotel ("Bally's Tiverton"). On December 16, 2024, the Company issued 137,309 OP Units in connection with its acquisition of Bally's Kansas City Casino ("Bally's Kansas City") and Bally's Shreveport Casino & Hotel ("Bally's Shreveport'). There were 8,224,939 OP Units outstanding as of December 31, 2024. GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of December 31, 2024, GLPI’s portfolio consisted of interests in 68 gaming and related facilities, 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 Corporation (NASDAQ: CZR) ("Caesars"), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation (NYSE: BYD) ("Boyd"), the real property associated with 15 gaming and related facilities operated by Bally's (including Casino Queen) and 1 facility under development with Bally's in Chicago, Illinois, the real property associated with 3 gaming and related facilities operated by Cordish, 1 gaming facility managed by a subsidiary of Hard Rock International ("Hard Rock"), 3 gaming and related facilities operated by Strategic Gaming Management, LLC ("Strategic") and 1 gaming and related facility operated by American Racing. These facilities, including our corporate headquarters building, are geographically diversified across 20 states and we own over 5,400 acres and lease approximately 1,000 acres. As of December 31, 2024, the Company's properties were 100% occupied. GLPI expects to continue growing its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms. PENN 2023 Master Lease and Amended PENN Master Lease As a result of the Spin-Off, GLPI owns substantially all of PENN’s former real property assets (as of the consummation of the Spin-Off) and leases back most of those assets to PENN for use by its subsidiaries pursuant to a unitary master lease (the initial form of such lease the "Original PENN Master Lease"). The Original PENN Master Lease was a triple-net lease, the term of which was scheduled to expire on October 31, 2033, with no purchase option, followed by three remaining 5-year renewal options (exercisable by the tenant) on the same terms and conditions. On October 10, 2022, the Company announced that it agreed to create a new master lease with PENN for seven of PENN's properties (the "PENN 2023 Master Lease"). The companies also agreed to a funding mechanism to support PENN's pursuit of relocation and development opportunities at several of the properties included in the new master lease. The PENN 2023 Master Lease became effective on January 1, 2023. Pursuant to this agreement, the Original PENN Master Lease was amended (the "Amended PENN Master Lease") to remove PENN's properties in Aurora and Joliet, Illinois; Columbus and Toledo, Ohio; and Henderson, Nevada. The properties removed from the Original PENN Master Lease were added to a new master lease. In addition, the existing leases for the Hollywood Casino at The Meadows in Pennsylvania (the "Meadows Lease") and the Hollywood Casino Perryville in Maryland (the "Perryville Lease") were terminated and these properties were transferred into the PENN 2023 Master Lease. Both the Amended PENN Master Lease and the PENN 2023 Master Lease are triple-net operating leases, the term of which expires on October 31, 2033, with no purchase option, followed by three remaining 5-year renewal options (exercisable by the tenant) on the same terms and conditions. GLPI agreed to fund up to $225 million for the relocation of PENN's riverboat casino in Aurora at a 7.75% cap rate and, if requested by PENN, will fund up to $350 million for the relocation of the Hollywood Casino Joliet, the construction of a hotel at Hollywood Casino Columbus, and the construction of a second hotel tower at the M Resort Spa Casino at then current market rates. Amended Pinnacle Master Lease, Boyd Master Lease and Belterra Park Lease In April 2016, the Company acquired substantially all of the real estate assets of Pinnacle Entertainment, Inc. ("Pinnacle") for approximately $4.8 billion. GLPI originally leased these assets back to Pinnacle, under a unitary triple-net lease, the term of which expires April 30, 2031, with no purchase option, followed by four remaining 5-year renewal options (exercisable by the tenant) on the same terms and conditions (the "Pinnacle Master Lease"). On October 15, 2018, the Company completed its previously announced transactions with PENN, Pinnacle and Boyd to accommodate PENN's acquisition of the majority of Pinnacle's operations, pursuant to a definitive agreement and plan of merger between PENN and Pinnacle, dated December 17, 2017 (the "PENN-Pinnacle Merger"). Concurrent with the PENN-Pinnacle Merger, the Company amended the Pinnacle Master Lease to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort from Pinnacle to Boyd (the "Amended Pinnacle Master Lease") and entered into a new unitary triple-net master lease agreement with Boyd (the "Boyd Master Lease") for these properties on terms similar to the Company’s Amended Pinnacle Master Lease. The Boyd Master Lease has an initial term of 10 years (from the original April 2016 commencement date of the Pinnacle Master Lease and expiring April 30, 2026), with no purchase option, followed by five 5-year renewal options (exercisable by the tenant) on the same terms and conditions. The Company also purchased the real estate assets of Plainridge Park Casino ("Plainridge Park") from PENN for $250.0 million, exclusive of transaction fees and taxes, and added this property to the Amended Pinnacle Master Lease. The Amended Pinnacle Master Lease was assumed by PENN at the consummation of the PENN-Pinnacle Merger. The Company also entered into a mortgage loan agreement with Boyd in connection with Boyd's acquisition of Belterra Park Gaming & Entertainment Center ("Belterra Park"), whereby the Company loaned Boyd $57.7 million (the "Belterra Park Loan"). In May 2020, the Company acquired the real estate of Belterra Park in satisfaction of the Belterra Park Loan, subject to a long-term lease (the "Belterra Park Lease") with a Boyd affiliate operating the property. The Belterra Park Lease rent terms are consistent with the Boyd Master Lease. The annual rent is comprised of a fixed component, part of which is subject to an annual escalator of up to 2% if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities which is adjusted, subject to certain floors, every two years to an amount equal to 4% of the average annual net revenues of Belterra Park during the preceding two years in excess of a contractual baseline. Third Amended and Restated Caesars Master Lease On October 1, 2018, the Company closed its previously announced transaction to acquire certain real property assets from Tropicana Entertainment Inc. ("Tropicana") and certain of its affiliates pursuant to a Purchase and Sale Agreement dated April 15, 2018 between Tropicana and GLP Capital, which was subsequently amended on October 1, 2018 (as amended, the "Amended Real Estate Purchase Agreement"). Pursuant to the terms of the Amended Real Estate Purchase Agreement, the Company acquired the real estate assets of Tropicana Atlantic City, Bally's Evansville, Tropicana Laughlin, Trop Casino Greenville and the Belle of Baton Rouge ("The Belle") (the "GLP Assets") from Tropicana for an aggregate cash purchase price of $964.0 million, exclusive of transaction fees and taxes (the "Tropicana Acquisition"). Concurrent with the Tropicana Acquisition, Eldorado Resorts, Inc. (now doing business as Caesars) acquired the operating assets of these properties from Tropicana pursuant to an Agreement and Plan of Merger dated April 15, 2018 by and among Tropicana, GLP Capital, Caesars and a wholly-owned subsidiary of Caesars and leased the GLP Assets from the Company pursuant to the terms of a new unitary triple-net master lease with an initial term of 15 years, with no purchase option, followed by four successive 5-year renewal periods (exercisable by the tenant) on the same terms and conditions (the "Caesars Master Lease"). On June 15, 2020, the Company amended and restated the Caesars Master Lease (as amended, the "Amended and Restated Caesars Master Lease") to, (i) extend the initial term of 15 years to 20 years, with renewals of up to an additional 20 years at the option of Caesars, (ii) remove the variable rent component in its entirety commencing with the third lease year, (iii) in the third lease year, increase annual land base rent and annual building base rent, (iv) provide fixed escalation percentages that delay the escalation of building base rent until the commencement of the fifth lease year with building base rent increasing annually by 1.25% in the fifth and sixth lease years, 1.75% in the seventh and eighth lease years and 2% in the ninth lease year and each lease year thereafter, (v) subject to the satisfaction of certain conditions, permit Caesars to elect to replace the Bally's Evansville and/or Trop Casino Greenville properties under the Amended and Restated Caesars Master Lease with one or more of Caesars Gaming Scioto Downs, The Row in Reno, Isle Casino Racing Pompano Park, Isle Casino Hotel – Black Hawk, Lady Luck Casino – Black Hawk, Isle Casino Waterloo ("Waterloo"), Isle Casino Bettendorf ("Bettendorf") or Isle of Capri Casino Boonville, provided that the aggregate value of such new property, individually or collectively, was at least equal to the value of Bally's Evansville or Trop Casino Greenville, as applicable, (vi) permit Caesars to elect to sell its interest in Belle of Baton Rouge and sever it from the Amended and Restated Caesars Master Lease (with no change to the rent obligation to the Company), subject to the satisfaction of certain conditions, and (vii) provide certain relief under the operating, capital expenditure and financial covenants thereunder in the event of facility closures due to pandemics, governmental restrictions and certain other instances of unavoidable delay. The effectiveness of the Amended and Restated Caesars Master Lease was subject to the review and approval of certain gaming regulatory agencies and the expiration of applicable gaming regulatory advance notice periods which conditions were satisfied on July 23, 2020. On December 18, 2020, the Company and Caesars amended and restated the Amended and Restated Caesars Master Lease (as amended and restated, the "Second Amended and Restated Caesars Master Lease") in connection with the completion of an Exchange Agreement (the "Exchange Agreement") with subsidiaries of Caesars in which Caesars transferred to the Company the real estate assets of Waterloo and Bettendorf in exchange for the transfer by the Company to Caesars of the real property assets of Bally's Evansville, plus a cash payment of $5.7 million. In connection with the Exchange Agreement, the annual building base rent and the annual land base rent were increased. On November 13, 2023, the Company and Caesars amended and restated the Second Amended and Restated Caesars Master Lease (as amended and restated "the "Third Amended and Restated Caesars Master Lease") in connection with Caesars selling its interest in The Belle to Casino Queen with no change in rent obligation to the Company. See Note 12 for further discussion. Horseshoe St. Louis Lease On October 1, 2018, the Company entered into a loan agreement with Caesars in connection with Caesars’s acquisition of Lumière Place Casino, now known as Horseshoe St. Louis ("Horseshoe St. Louis"), whereby the Company loaned Caesars $246.0 million (the "CZR loan"). The CZR loan bore interest at a rate equal to (i) 9.09% until October 1, 2019 and (ii) 9.27% until its maturity. On the one-year anniversary of the CZR loan, the mortgage evidenced by a deed of trust on the Horseshoe St. Louis property terminated and the loan became unsecured. On June 24, 2020, the Company received approval from the Missouri Gaming Commission to own the real estate assets of Horseshoe St. Louis property in satisfaction of the CZR loan. On September 29, 2020, the transaction closed and the Company entered into a new single property triple net lease with Caesars (the "Horseshoe St. Louis Lease") the initial term of which expires on October 31, 2033, with four separate renewal options of five years each, exercisable at the tenant's option. The Horseshoe St. Louis Lease rent terms were adjusted on December 1, 2021 such that the annual escalator is now fixed at 1.25% for the second through fifth lease years, increasing to 1.75% for the sixth and seventh lease years and thereafter increasing by 2.0% for the remainder of the lease. Bally's Master Lease, Bally's Chicago Land Lease and Bally's Master Lease II and the Third Amended and Restated Casino Queen Master Lease On June 3, 2021, the Company completed its previously announced transaction pursuant to which a subsidiary of Bally's acquired 100% of the equity interests in the Caesars subsidiary that currently operates Bally's Evansville and the Company reacquired the real property assets of Bally's Evansville from Caesars for a cash purchase price of approximately $340.0 million. In addition, the Company purchased the real estate assets of Dover Downs Hotel & Casino (now Bally's Dover Casino Resort) from Bally's for a cash purchase price of approximately $144.0 million. The real estate assets of these two facilities were added to a new triple net master lease (the "Bally's Master Lease") the annual rent of which is subject to contractual escalations based on the Consumer Price Index ("CPI") with a 1% floor and a 2% ceiling, subject to the CPI meeting a 0.5% threshold. The Bally's Master Lease has an initial term of 15 years, with no purchase option, followed by four 5 year renewal options (exercisable by the tenant) on the same terms and conditions. The Company completed the acquisitions of the real estate assets of Bally's Casino Black Hawk ("Bally's Black Hawk") and Bally's Quad Cities on April 1, 2022 and Bally's Biloxi and Bally's Tiverton on January 3, 2023. The Bally's Master Lease was amended to add these properties with annual rent increases that are subject to the escalation clauses described above. In connection with GLPI’s commitment to consummate the Bally’s Biloxi and Bally's Tiverton acquisitions, the Company also agreed to pre-fund, at Bally’s election, a deposit of up to $200.0 million, which was funded in September 2022. This amount was credited to GLPI along with a $9.0 million transaction fee payable at closing which occurred on January 3, 2023. The Company continues to have the option, subject to receipt by Bally's of required consents, to acquire the real property assets of Bally's Twin River Lincoln Casino Resort ("Bally's Lincoln") prior to December 31, 2026 for a purchase price of $735.0 million and additional rent of $58.8 million. The Company has been also granted a call right to acquire the property, subject only to regulatory approval, beginning on October 1, 2026 at the same terms. On July 12, 2024, the Company announced that it entered into a binding term sheet with Bally’s pursuant to which the Company would to acquire the real property assets of Bally’s Kansas City and Bally’s Shreveport Casino as well as the land under Bally’s planned permanent Chicago casino site, and fund the construction of certain real property improvements of the Bally’s Chicago Casino Resort (“Bally’s Chicago”) for aggregate consideration of approximately $1.585 billion. The term sheet represents a binding agreement between the Company and Bally's unless or until superseded by long-form definitive documents reflecting mutually agreed transaction terms and conditions in further detail. The Company intends to fund construction hard costs of up to $940.0 million for Bally's Chicago, with the remainder to be funded by Bally’s with the sale leaseback proceeds related to Bally’s Kansas City and Bally’s Shreveport along with other funding sources such as Bally’s Chicago’s planned initial public offering and cash flows from operations. Funding is expected to occur through December 2026. The Company would own all funded improvements, which would be leased to Bally’s with rent commencing as advances are made. As of December 31, 2024, no construction hard costs have been funded by the Company. The contemplated transactions are subject to several conditions as well as certain third-party consents and regulatory approvals. On September 11, 2024, the Company assumed the ground lease between the existing third party and Bally's for approximately $250 million. The ground lease was amended such that the Company receives initial annual rent of $20 million (the "Bally's Chicago Land Lease"). The Bally's Chicago Land Lease is cross-defaulted with the construction development funding agreement. The parties anticipate entering into a new Bally's Chicago Land Lease to conform certain lease terms to be consistent with what was agreed upon between the Company and Bally's that were disclosed in the binding term sheet mentioned above. Upon completion of the improvements, the Company expects to own substantially all of the real estate land and improvements related to the Chicago casino and hotel for a total investment of $1.19 billion. Rental income on the land and development funding is being deferred until the project is substantially completed and ready for its intended use. On December 16, 2024, the Company completed the purchase of the real property assets of both Bally’s Kansas City and Bally’s Shreveport for total consideration of approximately $395 million, which consisted of 137,309 OP units valued at $6.8 million and $388.6 million of cash of which $332.5 million was funded on the Company's revolving credit facility with the remainder paid with cash on hand. The two properties are in a new triple net master lease that is cross-defaulted with the existing Bally’s Master Lease with the initial annual cash rent pursuant to the agreement for the two new properties of $32.2 million (the "Bally's Master Lease II"). The annual rent is subject to contractual escalations based on CPI with a 1% floor and a 2% ceiling, subject to CPI meeting a 0.5% threshold. Bally's Master Lease II has an initial term of 15 years with no purchase option, followed by four 5 year renewal options (exercisable by the tenant) on the same terms and conditions. On February 7, 2025, Bally's completed its merger transactions with Standard General and its affiliates, and pursuant to the terms of the merger agreement, Casino Queen is now a subsidiary of Bally's. On November 25, 2020, the Company entered into a definitive agreement to sell the operations of its Hollywood Casino Baton Rouge to Casino Queen for $28.2 million (the "HCBR transaction"). The HCBR transaction closed on December 17, 2021. The Company retained ownership of all real estate assets at Hollywood Casino Baton Rouge and simultaneously entered into the Second Amended and Restated Casino Queen Master Lease. The lease has an initial term of 15 years with four 5 year renewal options exercisable by the tenant on the same terms and conditions. See Note 12 for a discussion regarding such renewal options. Annual rent increases by 0.5% for the first six years. Beginning with 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 increase is less than 0.25% then rent will remain unchanged for such lease year. Additionally, the Company's landside development project at Casino Queen Baton Rouge was completed in late August 2023 and the rent under the Second Amended and Restated Casino Queen Master Lease was adjusted upon opening to reflect a yield of 8.25% on GLPI's project costs of $77 million. The Company then entered into an amendment to the Second Amended and Restated Casino Queen Master Lease in connection with the acquisition of the land and certain improvements at Casino Queen Marquette for $32.72 million on September 6, 2023. The annual rent on the Second Amended and Restated Casino Queen Master Lease was increased by $2.7 million for this acquisition. Additionally, the Company anticipates funding certain construction costs of a landside development project at Casino Queen Marquette for an amount not to exceed $16.5 million. The rent will be adjusted to reflect a yield of 8.25% for the funded project costs. The Company entered into the Third Amended and Restated Casino Queen Master Lease on November 13, 2023. On June 3, 2024, the Company announced that it agreed to fund and oversee a landside move and hotel renovation of The Belle for Casino Queen. GLPI committed to provide up to approximately $111 million of funding for the project (of which $35.1 million has been funded as of December 31, 2024, which is expected to be completed by September 2025. The casino will continue to operate during the construction period except while gaming equipment is being moved to the new facility. GLPI will own the new facility and Casino Queen will pay an incremental rental yield of 9% on the development funding beginning a year from the initial disbursement of funds, which occurred on May 30, 2024 and rent will be deferred until the facility is ready for its intended use. Tropicana Las Vegas Lease On April 16, 2020, the Company and certain of its subsidiaries closed on its previously announced transaction to acquire the real property associated with the Tropicana Las Vegas from PENN in exchange for $307.5 million of rent credits which were applied against future rent obligations due under the parties' existing leases during 2020. On September 26, 2022, Bally’s acquired both GLPI’s building assets and PENN's outstanding equity interests in Tropicana Las Vegas for an aggregate cash acquisition price, net of fees and expenses, of approximately $145 million, which resulted in a pre-tax gain of $67.4 million, $52.8 million after-tax. GLPI retained ownership of the land and concurrently entered into a ground lease for an initial term of 50 years (with a maximum term of 99 years inclusive of tenant renewal options). All rent is subject to contractual escalations based on the CPI, with a 1% floor and 2% ceiling, subject to the CPI meeting a 0.5% threshold. The ground lease is supported by a Bally’s corporate guarantee and cross-defaulted with the Bally's Master Lease (the "Tropicana Las Vegas Lease"). On May 13, 2023 the Company, Tropicana Las Vegas, Inc., a Nevada corporation and wholly owned subsidiary of Bally’s, and Athletics Holdings LLC (“Athletics”), which owns the Major League Baseball (“MLB”) team currently known as the Oakland Athletics (the “Team”), entered into a binding letter of intent (the “LOI”) setting forth the terms for developing a stadium that would serve as the home venue for the Team (the “Stadium”). The Stadium is expected to complement the potential resort redevelopment envisioned at our 35-acre property in Clark County, Nevada (the “Tropicana Site”), owned indirectly by GLPI through its indirect subsidiary, Tropicana Land LLC, a Nevada limited liability company and leased by GLPI to Bally’s pursuant to the Tropicana Las Vegas Lease. The LOI allows for Athletics to be granted fee ownership by GLPI of approximately 9 acres of the Tropicana Site for construction of the Stadium. The LOI provides that following the Stadium site transfer, there will be no reduction in the rent obligations of Bally’s on the remaining portion of the Tropicana Site or other modifications to the ground lease, and that to the extent GLPI has any consent or approval rights under the Tropicana Las Vegas Lease, such rights shall remain enforceable unless expressly modified in writing in the definitive documents. Bally's and GLPI are agreeing to provide the Stadium site transfer in exchange for the benefits that the Stadium is expected to bring to the Tropicana Site. The LOI provides that Athletics shall pay all the costs associated with the design, development, and construction of the Stadium and Bally’s shall pay all costs for the redevelopment of the casino and hotel resort amenities. GLPI is expected to commit to up to $175.0 million of funding for hard construction costs, such as demolition and site preparation and build out of minimum public spaces needed for utilization of the Stadium. The LOI provides that during the development period, rent will be due at 8.5% of what has been funded, provided that the first $15.0 million advanced for the costs of construction of the food, beverage and retail entrance plaza shall not be subject to increased rent. GLPI may have the opportunity to fund additional amounts of the construction under certain circumstances. In addition, the LOI provides that the transaction will be subject to customary approvals and other conditions, including, without limitation, approval of a master plan for the site and certain approvals by the Nevada Gaming Control Board and Nevada Gaming Commission. In late August 2024, the Company funded $48.5 million to Bally's that was used to pay for the demolition costs of the Tropicana Las Vegas as part of the development plans for the Stadium and annual rent was increased by $4.1 million as a result. The change in rent terms resulted in a lease reconsideration event. The lease is now classified as a sales type lease which resulted in a $3.8 million gain that was recorded in gains from dispositions of property on the Consolidated Statement of Operations for the year ended December 31, 2024. Morgantown Lease On October 1, 2020, the Company and PENN closed on their previously announced transaction whereby GLPI acquired the land under PENN's gaming facility under construction in Morgantown, Pennsylvania in exchange for $30.0 million in rent credits that were utilized by PENN in the fourth quarter of 2020. The Company is leasing the land back to an affiliate of PENN for an initial term of 20 years, followed by six 5-year renewal options exercisable by the tenant. In lease years two and three rent increased by 1.5% annually (and on a prorated basis for the remainder of the lease year in which the gaming facility opened) and commencing on the fourth anniversary of the opening date and for each anniversary thereafter (i) 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 (ii) if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year (the "Morgantown Lease"). Hollywood Casino Morgantown opened on December 22, 2021. Maryland Live! Lease and Pennsylvania Live! Master Lease On December 6, 2021, the Company announced that it agreed to acquire the real property assets of Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia, and Live! Casino Pittsburgh, including applicable long-term ground leases, from affiliates of Cordish for aggregate consideration of approximately $1.81 billion, excluding transaction costs at deal announcement. The transaction also includes a binding partnership on future Cordish casino developments, as well as potential financing partnerships between the Company and Cordish in other areas of Cordish's portfolio of real estate and operating businesses. On December 29, 2021, the Company completed its acquisition of the real property assets of Live! Casino & Hotel Maryland and entered into a single asset triple net lease for Live! Casino & Hotel Maryland (the "Maryland Live! Lease"). On March 1, 2022, the Company completed its acquisition of the real estate assets of Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh for $689 million and leased back the real estate to Cordish pursuant to a new triple net master lease with Cordish (as amended from time to time, the "Pennsylvania Live! Master Lease"). The Pennsylvania Live! Master Lease and the Maryland Live! Lease both have initial lease terms of 39 years, with a maximum term of 60 years inclusive of tenant renewal options. The annual rent for both leases has a 1.75% fixed yearly escalator on the entirety of rent commencing on the leases' second anniversary. Rockford Lease and Rockford Loan On August 29, 2023, the Company acquired the land associated with a casino development project in Rockford, IL, that upon opening is intended to be managed by Hard Rock, from an affiliate of 815 Entertainment, LLC (together, "815 Entertainment") for $100.0 million. Simultaneously with the land acquisition, GLPI entered into a ground lease with 815 Entertainment for a 99 year term. The initial annual rent for the ground lease is $8.0 million, subject to fixed 2% annual escalation beginning with the lease's first anniversary and for the entirety of its term (the "Rockford Lease"). In addition to the Rockford Lease, the Company has also committed to providing up to $150 million of development funding via a senior secured delayed draw term loan (the "Rockford Loan"). Borrowings under the Rockford Loan will be subject to an interest rate of 10%. The Rockford Loan has a maximum outstanding period of up to 6 years (5-year initial term with a 1-year extension). The Rockford Loan is prepayable without penalty following the opening of the Hard Rock Casino in Rockford, IL, which occurred in late August 2024. The Rockford Loan advances are subject to typical construction lending terms and conditions. As of December 31, 2024, $150.0 million was advanced and outstanding under the Rockford Loan. On January 1, 2025, the Company amended the terms of the Rockford Loan to reduce the interest rate to 8% with a maturity date of June 30, 2026 subject to a 6 month extension. The Company has a right of first refusal on the building improvements of the Hard Rock Casino in Rockford, IL if there is a future decision to sell them once completed. Tioga Downs Lease On February 6, 2024, the Company acquired the real estate assets of Tioga Downs in Nichols, NY from American Racing for $175.0 million. Simultaneous with the acquisition, an affiliate of GLPI and American Racing entered into a triple-net lease agreement for an initial 30 year term followed by two renewal options of 10 years each and a third renewal option of approximately 12 years and ten months (exercisable by the tenant). The initial annual rent is $14.5 million and is subject to annual fixed escalations of 1.75% beginning with the first anniversary which increases to 2% beginning in year fifteen of the lease through the remainder of its initial term (the "Tioga Downs Lease"). Strategic Gaming Leases On May 16, 2024, the Company acquired the real estate assets of Silverado Franklin Hotel & Gaming Complex ("Silverado"), the Deadwood Mountain Grand ("DMG") casino, and Baldini's Casino ("Baldini's") from Strategic for $105 million, plus an additional $5 million that was funded at closing to reimburse Strategic for capital improvements. Simultaneous with the acquisition, GLPI Capital and affiliates of Strategic entered into two cross-defaulted triple-net lease agreements, each for an initial 25-year term with two ten-year renewal periods (exercisable by the tenant). The initial aggregate annual cash rent for the new leases is $9.2 million and is subject to a fixed 2.0% annual escalation beginning in year three of the lease and a CPI-based annual escalation beginning in year 11 of the lease, at the greater of 2% or CPI capped at 2.5% (the "Strategic Gaming Leases"). As part of the transaction, the Company also secured a right of first refusal on the real estate related to future acquisitions until Strategic's adjusted EBITDAR related to GLPI's owned assets reaches $40 million annualized. Ione Loan In September 2024, the Company entered into a $110 million delayed draw term loan facility with the Ione Band of Miwok Indians ("Ione") (the "Ione Loan") to provide the tribe funding on a new casino development near Sacramento, California. Ione has an option at the end of the Ione Loan term to satisfy the loan obligation by converting the outstanding principal into a long-term triple net lease with an initial term of twenty-five years and a maximum term of forty-five years. These agreements were entered into subsequent to receiving a declination letter from the National Indian Gaming Commission approving the transaction documents, including the long-term lease. As of December 31, 2024, $15.1 million was advanced and outstanding under the Ione Loan which has a 5-year term and an interest rate of 11%.

Lease Assets and Lease Liabilities (Finance Lease Payments) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 2,690
2026	2,712
2027	2,735
2028	2,758
2029	2,782
Thereafter	311,040
Total lease payments	324,717
Less: Interest	(263,929)
Financing lease liabilities	$ 60,788	$ 54,261

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	274,422,549	270,922,719
Common stock, shares outstanding	274,422,549	270,922,719

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2024

Revenue Recognition [Abstract]

Operating leases, lease income

Details of the Company's rental income for the year ended December 31, 2024 was as follows (in thousands):


	Year Ended December 31, 2024
Building base rent	$	1,149,743
Land base rent	181,189
Percentage rent and other rental revenue	70,346
Interest income on real estate loans	10,492
Total cash income	$	1,411,770
Straight-line rent adjustments	56,102
Ground rent in revenue	34,708
Accretion on financing receivables	28,966
Total income from real estate	$	1,531,546

Schedule of future minimum lease payments receivable from operating leases


Year ending December 31,	Future Rental Payments Receivable		Straight-Line Rent Adjustments (1)		Future Base Ground Rents Receivable		Future Income to be Recognized Related to Operating Leases
2025	$	1,275,677	$	57,056	$	15,546	$	1,348,279
2026	1,184,527		49,757		14,792		1,249,076
2027	1,141,974		42,967		13,914		1,198,855
2028	1,144,120		36,078		13,796		1,193,994
2029	1,126,082		30,400		13,796		1,170,278
Thereafter	4,687,215		2,745		71,899		4,761,859
Total	$	10,559,595	$	219,003	$	143,743	$	10,922,341

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of estimated fair values of financial instruments

The estimated fair values of the Company’s financial instruments are as follows (in thousands):


	December 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	462,632	$	462,632	$	683,983	$	683,983
Investment securities held to maturity	560,832		561,154		—		—
Investment in leases, financing receivables, net	2,333,114		2,087,705		2,023,606		1,969,326
Investment in leases, sales type lease	254,821		280,970		—		—
Real estate loans, net	160,590		164,750		39,036		40,299
Deferred compensation plan assets	38,948		38,948		32,894		32,894

Financial liabilities:
Long-term debt:
Credit Agreement and Term Loan Credit Facility	932,455		932,455		600,000		600,000
Senior unsecured notes	6,875,000		6,665,565		6,075,000		5,816,919

Income Taxes (Provision for Income Taxes - Current and Deferred) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current tax expense
Federal	$ 0	$ 0	$ 14,653
State	2,129	1,997	2,402
Total current	2,129	1,997	17,055
Deferred tax (benefit) expense
Federal	0	0	0
State	0	0	0
Total deferred	0	0	0
Total provision	$ 2,129	$ 1,997	$ 17,055

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details

Business and Basis of Presentation - Caesars Master Lease (Details) $ in Millions	Dec. 18, 2020 USD ($)	Jun. 15, 2020	Oct. 01, 2018 USD ($) renewaloption
Caesars Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract			15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption			4
Lessor leasing arrangements, operating lease, renewal term			5 years
Amended and Restated Caesars Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract		20 years	15 years
Lessor leasing arrangements, operating lease, renewal term		20 years
Operating Lease, Rent Escalator, Year 5 and Year 6		1.25%
Operating Lease, Rent Escalator, Year 7 and Year 8		1.75%
Operating Lease, Rent Escalator, After Year 9		2.00%
Tropicana Entertainment
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees			$ 964.0
Payments to Acquire Businesses, Gross	$ 5.7

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Future minimum repayments of long-term debt
2025	$ 850,163
2026	975,114
2027	600,000
2028	832,455
2029	750,000
Over 5 years	3,800,000
Total minimum payments	$ 7,807,732	$ 6,675,434
Long-term debt
Debt, Weighted Average Interest Rate	5.68%
Delayed Draw
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 600,000
Senior Unsecured Notes 3.25 Percent Due 2032
Long-term debt
Debt Instrument, Interest Rate, Stated Percentage	3.25%

Investment in leases, financing receivables, net and other receivables (Tables)

12 Months Ended

Dec. 31, 2024

Investments, All Other Investments [Abstract]

Summary of Company's Investment in Leases

Additionally, as described in Note 1, the Company reassessed the Tropicana Las Vegas Lease during 2024 which results in the lease being classified as a sales type lease. The following is a summary of the balances of the Company's investment in leases, financing receivables and investment in leases, sales type (in thousands).


	December 31, 2024		December 31, 2024		December 31, 2023		December 31, 2023
	Investment in leases, sales type		Investment in leases, financing receivables		Investment in leases, sales type		Investment in leases, financing receivables
Minimum lease payments receivable	$	708,456	$	9,806,998	$	—	$	9,088,298
Estimated residual values of lease property (unguaranteed)	278,500		1,276,674		—		1,041,087
Total	986,956		11,083,672		—		10,129,385

Less: Unearned income	(708,454)		(8,716,493)		—		(8,083,808)
Less: Allowance for credit losses	(23,681)		(34,065)		—		(21,971)
Investment in leases - net	$	254,821	$	2,333,114	$	—	$	2,023,606

Summary of Minimum Lease Payments Owed To Us

At December 31, 2024, minimum lease payments owed to us for each of the five succeeding years under the Company's financing receivables were as follows (in thousands):


Year ending December 31,	Future Minimum Lease Payments- Sales Type		Future Minimum Lease Payments for Investment in leases, financing receivables
2025	$	14,837	$	164,103
2026	14,837		166,917
2027	14,837		169,858
2028	14,837		172,851
2029	14,837		175,897
Thereafter	634,271		8,957,372
Total	$	708,456	$	9,806,998

Investment in leases, financing receivables, net and other receivables - Summary of Company's Investment in Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Minimum lease payments receivable	$ 9,806,998	$ 9,088,298
Estimated residual values of lease property (unguaranteed)	278,500	0
Total		10,129,385
Less: Unearned income	(228,508)	(284,893)
Less: Allowance for credit losses	(34,065)	(21,971)	$ (19,124)
Investment in leases - net	2,333,114	2,023,606
Financing Receivable, Contract With Customer, Liability	(8,716,493)	(8,083,808)
Direct Financing Lease, Unguaranteed Residual Asset	1,276,674	1,041,087
Direct Financing Lease, Net Investment in Lease, before Allowance for Credit Loss	11,083,672
Sales Type Leases, Lease Receivable	708,456	0
Sales-Type Lease, Net Investment in Lease, before Allowance for Credit Loss	986,956	0
Sales Type Lease Receivable, Contract With Customer, Liability	(708,454)	0
Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss	(23,681)	0
Sales-Type Lease, Net Investment in Lease, after Allowance for Credit Loss	254,821	0
Net investment in lease and financing receivable, Year Four, Originated, Three Fiscal Years before Current Fiscal Year,	1,254,946
Live! Casino Maryland Lease
Lessee, Lease, Description [Line Items]
Less: Allowance for credit losses	$ (8,732)	$ (5,661)	$ (4,095)

Long-term Debt (Senior Unsecured Notes) (Details) - USD ($)		3 Months Ended	12 Months Ended
	Feb. 12, 2023	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 06, 2024	Jan. 13, 2023
Long-term debt
Impairment charges and losses on debt extinguishment	$ (600,000)		$ 0	$ 556,000	$ 2,189,000
Early Repayment of Senior Debt	$ 507,500,000
Stock option activity (in shares)		7,935,000
At The Market Program
Long-term debt
Stock option activity (in shares)		1,284,556	3,100,000	8,500,000	5,206,499
Proceeds from issuance of common stock		$ 64,600,000	$ 148,200,000	$ 404,700,000	$ 260,800,000
Minimum
Long-term debt
Number of days prior to maturity notes can be redeemed and receive make-whole redemption premium			90 days
Senior Notes
Long-term debt
Long-term Debt, Gross			$ 6,875,000,000
Debt instrument, redemption price, percentage			100.00%
Senior Notes \| Change of Control
Long-term debt
Debt instrument, redemption price, percentage			101.00%
Senior Unsecured Notes 3.25 Percent Due 2032
Long-term debt
Long-term Debt, Gross			$ 800,000,000	800,000,000
Debt Instrument, Face Amount			$ 800,000,000
Debt Instrument, Interest Rate, Stated Percentage			3.25%
Senior Unsecured Notes 4.00 Percent Due 2031
Long-term debt
Long-term Debt, Gross			$ 700,000,000	700,000,000
Debt Instrument, Face Amount			$ 700,000,000
Debt Instrument, Interest Rate, Stated Percentage			4.00%
$400 million 3.35% senior unsecured notes due September 2024
Long-term debt
Long-term Debt, Gross			$ 0	400,000,000
Debt Instrument, Face Amount			$ 400,000,000
Debt Instrument, Interest Rate, Stated Percentage			3.35%
$700 million 4.00% senior unsecured notes due January 2030
Long-term debt
Long-term Debt, Gross			$ 700,000,000	700,000,000
Debt Instrument, Face Amount			$ 700,000,000
Debt Instrument, Interest Rate, Stated Percentage			4.00%
Senior Unsecured Notes 6.75 Percent Due 2033
Long-term debt
Long-term Debt, Gross			$ 400,000,000	400,000,000
Debt Instrument, Face Amount			$ 400,000,000
Debt Instrument, Interest Rate, Stated Percentage			6.75%
$500 million 5.375% senior unsecured notes due November 2023
Long-term debt
Debt Instrument, Face Amount							$ 500,000,000
Debt Instrument, Interest Rate, Stated Percentage							5.375%
Senior Unsecured Notes 5.625 Percent Due 2034
Long-term debt
Long-term Debt, Gross			$ 400,000,000	0
Debt Instrument, Face Amount			$ 800,000,000	$ 800,000,000		$ 800,000,000
Debt Instrument, Interest Rate, Stated Percentage			5.625%	5.625%		5.625%
Debt instrument, discount rate at issuance as a percent of face value						99.094%
Senior Unsecured Notes 6.250 Percent Due 2054
Long-term debt
Long-term Debt, Gross			$ 800,000,000	$ 0
Debt Instrument, Face Amount			$ 400,000,000	$ 400,000,000		$ 400,000,000
Debt Instrument, Interest Rate, Stated Percentage			6.25%	6.25%		6.25%
Debt instrument, discount rate at issuance as a percent of face value						99.183%

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Components of the Company's Right-Of-Use Asset And Land Rights, Net

Components of the Company's right-of use assets and land rights, net are detailed below (in thousands):


	December 31, 2024		December 31, 2023
Right-of-use assets - operating leases (1)	$	244,594	$	196,254
Land rights, net	847,189		639,270
Right-of-use assets and land rights, net	$	1,091,783	$	835,524

Schedule of Land Rights, Net

Land rights net, consist of the following:


	December 31, 2024		December 31, 2023
	(in thousands)
Land rights (2)	$	948,303	$	727,114
Less accumulated amortization (2)	(101,114)		(87,844)
Land rights, net	$	847,189	$	639,270

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of December 31, 2024, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands):


Year ending December 31,
2025	$	17,080
2026	17,080
2027	17,080
2028	17,080
2029	17,080
Thereafter	761,789
Total	$	847,189

Schedule of Lessee, Operating Lease, Liability, Maturity

At December 31, 2024, maturities of the Company's operating lease liabilities were as follows (in thousands):


Year ending December 31,
2025	$	17,210
2026	17,289
2027	16,785
2028	16,672
2029	16,709
Thereafter	787,924
Total lease payments	$	872,589
Less: interest	(627,616)
Present value of lease liabilities	$	244,973

Components of Lease Expense

The components of lease expense were as follows:


	Year Ended December 31, 2024		Year Ended December 31, 2023
	(in thousands)
Operating lease cost	$	14,651	$	14,805
Variable lease cost	19,753		19,757
Amortization of land right assets	13,270		13,554
Total lease cost	$	47,674	$	48,116

Supplemental balance sheet information related to the Company's operating leases was as follows:


			December 31, 2024
Weighted average remaining lease term - operating leases			53.14 years
Weighted average discount rate - operating leases			6.26%

Supplemental cash flow information related to the Company's operating leases was as follows:


	Year Ended December 31, 2024		Year Ended December 31, 2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (3)	$	1,659	$	1,618

Summary of Finance Lease Maturities

At December 31, 2024, payments under the Company's financing lease liabilities were as follows (in thousands):


Year ending December 31,
2025	$	2,690
2026	2,712
2027	2,735
2028	2,758
2029	2,782
Thereafter	311,040
Total lease payments	$	324,717
Less: Interest	(263,929)
Present value of finance lease liability	$	60,788

Business and Basis of Presentation - Morgantown Lease (Details) - Morgantown Lease $ in Millions		3 Months Ended
	Oct. 01, 2020 renewaloption	Sep. 30, 2024 USD ($)
Organization Consolidation and Presentation of Financial Statements [Line Items]
Asset Acquisition, Rent Credits Transferred \| $		$ 30.0
Lessor leasing arrangements, operating leases, term of contract	20 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption	6
Lessor leasing arrangements, operating lease, renewal term	5 years
Operating Lease, Rent Escalator, Year 1 through 3	1.50%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase	0.50%
Operating Leases, Covenant, Annual Rental Escalation, Rent Increase	1.25%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, No Rent Increase	0.50%