Gaming & Leisure Properties, Inc.

Overview

Gaming & Leisure Properties, Inc. (GLPI) is a self-administered, self-managed real estate investment trust that acquires, finances, and owns real estate leased to gaming operators, primarily through triple-net leases. It is a property owner and financier rather than a casino operator, and its portfolio spans 20 U.S. states.[1][2] As of June 30, 2026, GLPI reported interests in 71 gaming and related facilities.[3]

GLPI’s stated investment objective is to provide exposure to growth in the gaming industry alongside the stability and cash-flow characteristics of real estate investment.[1] It reported $419.985 million in income from real estate for the three months ended March 31, 2026.[4] The company had 20 full-time employees as of December 31, 2025.[2] GLPI was incorporated in 2013 and became an independent company following its spin-off from PENN in November of that year.[5] [1]+4

Products & services

Gaming & Leisure Properties, Inc. (GLPI) offers casino and resort real estate through leases to gaming operators. Its named lease arrangements include the PENN 2023 Master Lease and Amended PENN Master Lease, covering properties including Hollywood Casino Aurora and Hollywood Casino Lawrenceburg, as well as leases associated with Bally’s, Caesars, Boyd and Cordish properties.[6]+2 Lease terms can include long initial periods, renewal options, rent escalators and protections such as cross-default and cross-collateralization. For example, Bally’s Master Lease II has a 15-year initial term, four five-year renewal options and CPI-based rent increases subject to a 1% floor and 2% cap.[9]

GLPI also provides real-estate loans and development financing that may be converted into leases. It provided the Ione Band of Miwok Indians a $110 million delayed-draw loan for casino development, with an option at maturity to convert outstanding principal into a triple-net lease with a 25-year initial term and a maximum 45-year term.[10] For Virginia Live!, disclosed financing included a planned $27 million land acquisition and $440 million in hard-cost development funding.[11] In the six months ended June 30, 2026, building base rent represented approximately 78.6% of reported real-estate income, land base rent 11.7%, percentage rent and other rental revenue 4.2%, and real-estate loan interest 1.7%; these percentages are calculated from the reported line items and total.[8] [6]+6

Geographic presence

Gaming & Leisure Properties, Inc.’s real-estate portfolio is located in the United States. Its portfolio listing covers 21 states: Colorado, Delaware, Illinois, Indiana, Iowa, Louisiana, Maine, Maryland, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, New York, Ohio, Pennsylvania, Rhode Island, South Dakota, Virginia, and West Virginia.[12] The latest reported portfolio update, for June 30, 2026, lists interests in 71 gaming and related facilities, including development projects in Chicago, Illinois, and Petersburg, Virginia. These are property interests; the facilities are operated by tenants and other operators.[13]

The company’s principal executive office is in Wyomissing, Pennsylvania.[14] Its 2025 annual filing reports 69 properties across 20 states at December 31, 2025, but does not provide revenue by state, region, or country; the filing’s geographic information identifies property locations rather than a regional revenue allocation.[15][16] [13]+5

Business segments

For fiscal 2025, Gaming & Leisure Properties, Inc. reported one operating and reportable segment, encompassing all of its reported operations (approximately 100%); it did not disclose a multi-segment contribution breakdown.[17]

The segment focuses on investing in destination and leisure real estate leased to tenants whose properties offer casino gaming, hotels, conventions, dining, entertainment, and retail. GLPI reviews the business and allocates resources on an aggregate basis, rather than reporting separate segments for property types, tenants, or leases.[17] [17]

Company history

Gaming & Leisure Properties, Inc. was incorporated as a subsidiary of Penn National Gaming on February 13, 2013. Penn transferred substantially all of its real-estate interests and development business to GLPI before completing its tax-free spin-off on November 1, 2013. Peter Carlino has served as chairman and CEO since the company’s inception.[18][19]

A major early expansion came in 2016, when GLPI acquired substantially all of Pinnacle Entertainment’s real-estate assets and leased them back to Pinnacle.[20] In 2018, it broadened its relationships with casino operators through lease arrangements involving Penn, Boyd and Caesars, and in 2020 it acquired Belterra Park’s real estate.[21]+3 GLPI’s Bally’s Master Lease began in 2021; in 2023, the company reorganized parts of its Penn lease arrangements.[25][26]

GLPI continued adding properties through the 2020s, including three casino properties acquired from Strategic Gaming in 2024 and Sunland Park Racetrack and Casino in 2025.[27][28] In February 2026, it acquired the real estate of Bally’s Twin River Lincoln for $700 million and added it to Bally’s Master Lease II.[9] [18]+11

Sources

• Gaming & Leisure Properties, Inc. — Full financial report (2026 Q 1)
  3 citations

  [1][4][5]
• www.sec.gov[2]
• investors.glpropinc.com[3]
• Gaming & Leisure Properties, Inc. — Full financial report (2026 Q 2)
  15 citations

  [6][7][8][9][10][11][13][20][21][22][23][24][25][26][28]
• www.glpropinc.com[12]
• Gaming & Leisure Properties, Inc. — Full financial report (2025 Y)
  6 citations

  [14][15][16][17][19][27]
• Gaming & Leisure Properties, Inc. — Full financial report (2024 Y)[18]