Gaming and Leisure Properties, Inc. GLPI

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.