Barry Jonas

Chad Beynon

Greg McGinniss

Todd Thomas

Brad Heffern

Daniel Guglielmo

David Katz

Mitch Germain

Robin Farley

Ronald Kamdem

Anthony Paolone

Caitlin Burrows

Ravi Vaidya

Rich Hightower

Smedes Rose

Bennett Rose

Chris Darling

Colin Mansfield

Dan Guglielmo

Haendel St. Juste

Jay Kornreich

Jenny Li

John Kilichowski

Michael Herron

Richard Hightower

R.J. Milligan

William John Kilichowski

- Gaming and Leisure Properties, Inc. reported **Q3 2025 Diluted Earnings per Share of $0.85**, **Adjusted Funds from Operations (AFFO) of $282.0 million**, and **Adjusted EBITDA of $366.4 million**.  **[0001575965_2218030:8]** 
- The company updated its **2025 current guidance**, projecting AFFO between **$1,115 million and $1,118 million** and AFFO per share between **$3.86 and $3.88**.  **[0001575965_2218030:7]** 
- Recent strategic activities include the **October 15, 2025** acquisition of Sunland Park Racetrack and Casino for **$183.75 million** (8.2% cap rate), a **$467 million** commitment for Cordish's Live! Virginia Casino & Hotel, and initial funding of **$125.4 million** for Bally's Chicago.  **[0001575965_2218030:5]** 
- Financing activities in **Q3 2025** included the issuance of **$600 million** of Senior Notes due 2033 (5.25%) and **$700 million** of Senior Notes due 2037 (5.75%), alongside the redemption of **$975 million** of Senior Notes due 2026, and the sale of **7.59 million shares** for **$363.3 million**.  **[0001575965_2218030:5]**

GLPI Announces Q3 2025 Financial Results and Updated Guidance

- Gaming and Leisure Properties, Inc. (GLPI) announced an agreement to acquire the real estate for the future Live! Casino and Hotel Virginia for **$27 million** and committed to fund **$440 million** in hard costs for its development.  **[1575965_574cd271e43047128430ca5b561f4635_0]** 
- The transaction, which carries an **8.0% cap rate** on both the land purchase and hard cost funding, is anticipated to be **accretive** to GLPI's operating results.  **[1575965_574cd271e43047128430ca5b561f4635_0]** 
- GLPI expects to fund the land purchase in **Q1 2026**, with the remaining **$440 million** committed financing drawn from the **second half of 2026** through the **first quarter of 2028**.  **[1575965_574cd271e43047128430ca5b561f4635_0]** 
- This development marks the **fourth Cordish property** for which GLPI will own the real estate assets, expanding its portfolio to its **21st state**.  **[1575965_574cd271e43047128430ca5b561f4635_0]** 
- The permanent facility is projected to open in **late 2027**, with a temporary casino scheduled for a **late January 2026** opening.  **[1575965_574cd271e43047128430ca5b561f4635_0]**

GLPI to Acquire Land and Fund Live! Casino & Hotel Virginia Project

- Strategic Gaming Management, LLC (SGM) completed its acquisition of **Sunland Park Racetrack & Casino** for **$301 million** on **October 15, 2025**.  **[1575965_20251015LA96941:0]** 
- Immediately following the acquisition, SGM sold the real property to Gaming and Leisure Properties, Inc. (GLPI) in a **sale-leaseback transaction**.  **[1575965_20251015LA96941:0]** 
- This acquisition represents SGM's **third in the last two years** and adds a property with **738 slots and 12 EGTs** across **25,000 square feet of gaming space**.  **[1575965_20251015LA96941:0]** 
- SGM announced the appointment of **Matthew Flandermeyer** as **Chief Financial Officer** of Strategic Gaming Management and **Fred Heinrich** as **President of Sunland Park**, effective immediately.  **[1575965_20251015LA96941:0]**

Strategic Gaming Management Completes Acquisition and Announces Management Changes

- Gaming and Leisure Properties, Inc. (GLPI) intends to acquire the real estate assets of **Sunland Park Racetrack & Casino** for **$183.75 million** at an initial **8.2% cap rate**, with annual rent escalating at **2.0%** per annum.  **[1575965_75d96da1d661469f89f5fe41574253ad_0]** 
- The transaction is expected to be immediately **accretive to AFFO per share** upon closing, which is anticipated on **October 15, 2025**.  **[1575965_75d96da1d661469f89f5fe41574253ad_0]** 
- This acquisition expands GLPI's relationship with **Strategic Gaming Management, LLC**, adding a fourth asset to their existing triple-net master lease agreement.  **[1575965_75d96da1d661469f89f5fe41574253ad_0]**

GLPI to Acquire Sunland Park Racetrack & Casino Real Estate Assets

- **Gaming and Leisure Properties (GLPI)** announced a **$225 million** commitment to serve as the lead real estate financing partner for the new Caesars Republic Sonoma County integrated resort.  **[1575965_f56460f243864286999e40bf2f0c8bb1_1]** 
- The financing structure includes a **$180 million** delayed draw term loan at a fixed rate of **12.50%** and a **$45 million** term loan B with a current yield to maturity of **13.95%**, resulting in a blended interest rate of approximately **12.79%**.  **[1575965_f56460f243864286999e40bf2f0c8bb1_0]** **[1575965_f56460f243864286999e40bf2f0c8bb1_1]** 
- Upon or prior to maturity of the 6-year term loans, the property will transition to a **45-year lease** for an amount no less than **$112.5 million**, with GLPI subleasing it back at a **9.75% cap rate**.  **[1575965_f56460f243864286999e40bf2f0c8bb1_0]** **[1575965_f56460f243864286999e40bf2f0c8bb1_1]** 
- The project, a partnership with Caesars Entertainment and the Dry Creek Rancheria Band of Pomo Indians, is expected to be completed by summer **2027** and expands GLPI's presence in the California market.  **[1575965_f56460f243864286999e40bf2f0c8bb1_1]**

Gaming & Leisure Properties Commits to Financing Caesars Republic Sonoma County Resort

- Gaming and Leisure Properties, Inc. (GLPI) closed a **$1.3 billion** notes offering on **August 27, 2025**.  **[1575965_0001193125-25-189701_d79316d8k.htm:0]** 
- The offering included two tranches: **5.250% senior notes due 2033** and **5.750% senior notes due 2037**.  **[1575965_0001193125-25-189701_d79316d8k.htm:1]** 
- The net proceeds of approximately **$1.28 billion** will be used primarily to redeem **$975.0 million** of 5.375% senior unsecured notes due April 15, 2026, with the remainder allocated for working capital and general corporate purposes.  **[1575965_0001193125-25-189701_d79316d8k.htm:2]**

Gaming & Leisure Properties, Inc. Closes $1.3 Billion Notes Offering

Gaming & Leisure Properties (GLPI)