Company Overview

Gaming and Leisure Properties, Inc. (GLPI) is a publicly traded real estate investment trust (REIT) focused on the ownership, acquisition, and leasing of gaming, leisure, and entertainment real estate assets. The company operates within the gaming real estate and specialized net-lease REIT industries, generating revenue primarily through long-term, triple-net lease arrangements with casino and gaming operators. GLPI does not operate casinos itself; instead, it functions as a landlord to licensed gaming operators, which reduces operating risk while providing stable, contractually defined cash flows.

GLPI’s core business model centers on owning casino properties and related amenities and leasing them to experienced operators under master lease agreements that typically include built-in rent escalators. The company serves regional gaming markets across the United States and positions itself as a capital partner to gaming operators seeking to unlock real estate value. GLPI was formed in 2013 through a tax-free spin-off from Penn National Gaming (now PENN Entertainment), allowing it to establish scale rapidly as the first pure-play, publicly traded gaming REIT in the United States.

Business Operations

GLPI generates substantially all of its revenue from rental income derived from long-term leases of gaming and entertainment properties. Its portfolio consists primarily of casino facilities, including gaming floors, hotels, restaurants, entertainment venues, and related infrastructure. The leases are typically structured as triple-net agreements, under which tenants are responsible for property taxes, insurance, and maintenance, providing GLPI with predictable and stable cash flows.

The company’s operations are almost entirely domestic, with properties located across multiple U.S. states. GLPI’s tenants include major regional gaming operators such as PENN Entertainment, Boyd Gaming, Caesars Entertainment, and Bally’s Corporation, among others. The company also controls certain non-gaming assets, including adjacent hotel and entertainment facilities, that are integrated into its leased properties and enhance tenant performance and asset value.

Strategic Position & Investments

GLPI’s strategic direction emphasizes disciplined growth through acquisitions, sale-leaseback transactions, and selective development financing with established gaming operators. The company seeks opportunities where operators monetize real estate assets to redeploy capital into operations or growth initiatives, positioning GLPI as a long-term real estate partner rather than a short-term financier. Its strategy prioritizes assets in stable or growing regional gaming markets with strong tenant credit profiles.

Notable investments include large-scale sale-leaseback transactions with Bally’s Corporation, Boyd Gaming, and Caesars Entertainment, as well as the acquisition of casino real estate previously owned by PENN Entertainment beyond the original spin-off portfolio. GLPI has also expanded into experiential and leisure-oriented real estate adjacent to gaming, while maintaining a conservative balance sheet and REIT-focused capital allocation strategy.

Geographic Footprint

GLPI’s real estate portfolio spans multiple U.S. regions, including the Midwest, Northeast, South, and West. Its headquarters is located in Wyomissing, Pennsylvania, and the company maintains a national footprint through leased properties in more than a dozen states. This geographic diversification reduces reliance on any single market or regulatory jurisdiction.

While GLPI does not currently own international properties, its influence extends across the U.S. regional gaming landscape through long-term leases with operators that serve millions of customers annually. The company’s focus remains on jurisdictions with established regulatory frameworks for gaming and stable demand for destination and regional casino entertainment.

Leadership & Governance

GLPI is led by an executive team with extensive experience in gaming, real estate, and REIT management, many of whom have long-standing backgrounds with the company dating back to its formation. The leadership philosophy emphasizes conservative financial management, long-term tenant relationships, and steady dividend growth consistent with REIT best practices.

Key executives include:

• Peter M. Carlino – Chairman of the Board and Chief Executive Officer
• Brandon Moore – Executive Vice President and Chief Operating Officer
• Don Colvin – Executive Vice President and Chief Financial Officer
• Barry A. Path – Executive Vice President, Treasurer, and Secretary

The board and management team maintain a governance framework aligned with public REIT standards, with oversight focused on capital discipline, regulatory compliance, and shareholder returns.