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GLPI on Nasdaq

Gaming and Leisure Properties

Logo: glpropinc.com5

American real estate investment trust

Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 64 casino properties, all of which are leased to other companies.3 Its shares trade on Nasdaq under the symbol GLPI.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

2013Founded1

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  • TickerGLPI on Nasdaq1
  • IndustryReal Estate Investment Trusts1
  • HeadquartersWyomissing1
  • Websitewww.glpropinc.com
  • Incorporated inPA6
  • Business address845 Berkshire Blvd, Suite 200, Wyomissing, Pa 196106
  • Filer categoryLarge accelerated filer6
  • Legal formBusiness Corporation4
  • LEI5493006GWRDBCZYWTM574
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O Corporation Service Company, 17110 Harrisburg, United States4
  • Registered withPennsylvania Department of State, 41652594

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Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 64 casino properties, all of which are leased to other companies.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

75.3%Operating margin9
51.7%Net margin9
4.1%Revenue growth, 20259
17.8%Return on equity9
1.56×Debt to equity9

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs48¢$767.4M
  • Income tax0¢$2.2M
  • Profit52¢$825.1M

Out of $1.6B in revenue.9

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid77¢$871.9M
  • Kept or used elsewhere23¢$257.5M

Out of $1.1B of cash from operations.9

Financial statements

Revenue101112139$1.6B in 2025+1142% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $128.4M$128.4M20192020: $103.0M$103.0M2020−20%2021: $109.7M$109.7M2021+6%2022: $0$020222023: $0$020232024: $1.5B$1.5B20242025: $1.6B$1.6B2025+4%
Operating income101112139$1.2B in 2025+67% since 2019
0$500.0M$1.0B$1.5B2019: $717.4M$717.4M20192020: $809.3M$809.3M2020+13%2021: $841.8M$841.8M2021+4%2022: $1.0B$1.0B2022+22%2023: $1.1B$1.1B2023+4%2024: $1.1B$1.1B2024+6%2025: $1.2B$1.2B2025+6%
Net income101112139$825.1M in 2025+111% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $390.9M$390.9M20192020: $505.7M$505.7M2020+29%2021: $534.0M$534.0M2021+6%2022: $684.7M$684.7M2022+28%2023: $734.3M$734.3M2023+7%2024: $784.6M$784.6M2024+7%2025: $825.1M$825.1M2025+5%

Every line of the income statement as filed: the last 3 fiscal years, latest first.9

Period ending2025-12-312024-12-312023-12-31
Rental income$1.4B$1.3B$1.3B
Income from investment in leases, sales type$15.1M$5.0M$0
Interest income from real estate loans$16.0M$10.5M$1.0M
Total income from real estate$1.6B$1.5B$1.4B
Land rights and ground lease expense$55.4M$47.7M$48.1M
General and administrative$63.5M$59.6M$56.5M
Gains from dispositions of property-$125.0K-$3.8M-$22.0K
Impairment Charge and Property Tax Recovery$0$0-$2.2M
Depreciation$265.9M$260.2M$262.9M
Accounts Receivable, Credit Loss Expense (Reversal)$8.7M$37.3M$6.5M
Total operating expenses$393.3M$400.9M$371.7M
Income from operations$1.2B$1.1B$1.1B
Interest expense-$373.9M-$366.9M-$323.4M
Interest income$28.8M$46.0M$12.6M
Losses on debt extinguishment-$3.8M$0-$556.0K
Total other expenses-$348.9M-$320.9M-$311.3M
Income before income taxes$852.6M$809.8M$757.4M
Income tax expense$2.2M$2.1M$2.0M
Net income$850.4M$807.6M$755.4M
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable-$25.2M-$23.0M-$21.1M
Net income$825.1M$784.6M$734.3M
Basic earnings per common share (in dollars per share)$2.95$2.87$2.78
Diluted earnings per common share (in dollars per share)$2.95$2.87$2.77
Reclassification of derivative gain to interest expense-$33.0K$0$0
Gain on cash flow hedges$967.0K$0$0
Comprehensive income$851.3M$807.6M$755.4M
Comprehensive income attributable to non-controlling interest in the Operating Partnership-$25.3M-$23.0M-$21.1M
Comprehensive income attributable to common shareholders$826.0M$784.6M$734.3M

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Corporate structure

Gaming and Leisure Properties sits at the top of its group. 10 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Gaming and Leisure Properties

  • Gaming and Leisure Properties Wyomissing, Pennsylvania, United States
    • CCR PA Racing, LLC Subsidiary · Pennsylvania, United States
    • GLP Capital, L.P. Subsidiary · Wyomissing, Pennsylvania, United States
    • GLP Financing I, LLC Subsidiary · Delaware, United States
    • GLP Financing II, Inc. Subsidiary · Delaware, United States
    • GLPC Administrator, LLC Subsidiary · Pennsylvania, United States
    • Gold Merger Sub, LLC Subsidiary · Delaware, United States
    • Morgantown Real Property, LLC Subsidiary · Delaware, United States
    • PA Meadows, LLC Subsidiary · Delaware, United States
    • Tropicana Land, LLC Subsidiary · Nevada, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Gaming and Leisure Properties reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Construction in progress$230.8M9 Dec 31, 2025$39.5M9 Dec 31, 2024+483.8%
Operating-lease assets (leased space)$1.1B9 Dec 31, 2025$1.1B9 Dec 31, 2024−1.8%

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net$8.5B9 Dec 31, 2025$8.1B9 Dec 31, 2024+4.0%
Real estate investments, at cost$11.2B9 Dec 31, 2025$10.6B9 Dec 31, 2024+5.6%
Real estate accumulated depreciation$2.7B9 Dec 31, 2025$2.4B9 Dec 31, 2024+10.8%

Investments

ItemLatestA year beforeChange
Marketable securities, current$09 Dec 31, 2025$560.8M9 Dec 31, 2024−100.0%

Properties, in its own words

Rental Properties

As of December 31, 2025, the Company had 69 rental properties, consisting of 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, the real property associated with 4 gaming and related facilities operated by Boyd, the real property associated with 3 gaming and related facilities operated by the Cordish Companies, 15 gaming and related facilities operated by Bally's (including Casino Queen) and 1 facility under development for Bally's in Chicago, Illinois, 1 gaming facility managed by a subsidiary of Hard Rock, 4 gaming and related facilities operated by Strategic and 1 gaming and related facility operated by American Racing. We do have a specific policy to acquire assets primarily for capital gain or primarily for income. We also currently do not limit our investment in any specific property to a set percentage of our assets. All rental properties are subject to long-term triple-net leases. For additional information pertaining to our tenant leases and our rental properties see Item 1.

The rest of Item 2

Corporate Office

The Company's corporate headquarters building is located in Wyomissing, Pennsylvania and is owned by the Company.

Item 2 of the 10-K filed Feb 19, 2026.18

The story

The company was created as a corporate spin-off from Penn National Gaming (now Penn Entertainment), effective November 1, 2013. The corporate breakup was designed to increase investor returns by taking advantage of the lack of federal income taxes on REITs.

In November 2013, GLPI agreed to finance a proposed billion-dollar casino in Milford, Massachusetts, but the project was killed days later when town voters rejected the casino.

In January 2014, the company acquired the real estate assets of the Casino Queen in East St. Louis, Illinois for $140 million, and leased them back to the casino's operating company for $14 million a year. GLPI also loaned $43 million to the casino.

The company's Argosy Casino in Sioux City, Iowa was forced to close in July 2014, and GLPI then sold the casino's real estate.

In May 2014, GLPI agreed to buy The Meadows Racetrack and Casino in western Pennsylvania from Cannery Casino Resorts for $465 million. The company said it would sell the facility's license to a third-party operator, while retaining ownership of the land and buildings. The deal ran into trouble, with GLPI filing a lawsuit accusing Cannery of fraud in October 2014; the lawsuit was eventually settled with an agreement on a reduced purchase price of $440 million.

After casino operator Pinnacle Entertainment announced its own plan in November 2014 to spin off a REIT with the real estate assets of its 15 casinos, GLPI approached Pinnacle with an offer to buy those assets, which it said would be simpler and faster than Pinnacle's plan. Pinnacle did not respond to the offer, so GLPI went public with its offer in March 2015. In July, the companies reached a deal for GLPI to buy 14 of Pinnacle's 15 properties for $4.75 billion in stock, and lease them back to Pinnacle, with rent starting at $377 million per year. The acquisition was completed in April 2016. GLPI also completed its purchase of The Meadows in September 2016 and sold the racetrack operation to Pinnacle for $138 million.

In May 2015, GLPI agreed to finance the real estate portion of a proposed $650-million casino in New Bedford, Massachusetts, but the plan was canceled months later after developers failed to secure the rest of the needed funding.

In May 2017, GLPI purchased the real estate assets of Bally's Casino Tunica and Resorts Casino Tunica for a total of $83 million, while Penn National simultaneously acquired their operating assets.

Read the full text

In October 2018, the company acquired the real estate of five casinos from Tropicana Entertainment for $964 million. The purchase was part of a three-way deal in which Eldorado Resorts simultaneously acquired Tropicana's operating business and leased the casinos from GLPI for a total of $88 million per year.

Weeks later, GLPI completed a four-way deal that saw its two largest tenants combine into one, as Penn National acquired Pinnacle. GLPI also gained a new tenant in Boyd Gaming, which purchased the operations of three of Pinnacle's leased properties. In connection with the merger, GLPI acquired the real estate of Plainridge Park Casino from Penn National for $250 million, and lent $58 million to Boyd to acquire the real estate of Belterra Park. GLPI later acquired ownership of Belterra Park in satisfaction of the loan.

In April 2020, during the COVID-19 pandemic, Penn National faced the prospect of financial issues brought on by resort closures. As a result, it sold the real estate of the Tropicana Las Vegas to GLPI for $338 million in rent credits. Penn National would continue to operate the Tropicana for another two years, or until the resort were sold.

GLPI took ownership of Lumière Place from Caesars Entertainment (formerly Eldorado Resorts) in October 2020, in satisfaction of a $246 million loan.

In 2021, GLPI sold the operations of its two owned-and-operated casinos for a total of $59 million, to focus on its core business of real estate. The operating business of Hollywood Casino Perryville was sold to Penn National, while that of Hollywood Casino Baton Rouge was sold to Casino Queen.

In June 2021, GLPI added Bally's Corporation as a new tenant, purchasing the Dover Downs racino for $144 million. GLPI also agreed to sell the operations of the Tropicana Las Vegas to Bally's and to buy two other casinos from Bally's for $150 million, and obtained a right of first refusal to buy future casinos developed by Bally's. Two more properties (Bally's Tiverton and Hard Rock Hotel & Casino Biloxi) were acquired from Bally's in 2023 for $635 million. Another two properties (Bally's Kansas City and Bally's Shreveport) were bought in 2024 for $395 million. Bally's Twin River Lincoln was added in 2026 for $700 million.

In December 2021, GLPI reached a deal with the Cordish Companies to purchase three casino properties (Live Casino Philadelphia, Live Casino Maryland, and Live Casino Pittsburgh) for a total of $1.8 billion and lease them back for a total of $125 million per year, and to partner with Cordish in future casino projects. The purchase was completed in March 2022.

In 2023, GLPI purchased the land where the Hard Rock Casino was being built in Rockford, Illinois, for $100 million. In 2024, it acquired Tioga Downs, a racino in New York, for $175 million, and three small casinos in Nevada and South Dakota from Strategic Gaming Management, for $105 million. A fourth property, Sunland Park Racetrack & Casino, was purchased from Strategic Gaming in 2025 for $184 million.

From Wikipedia’s article on Gaming and Leisure Properties, shared under CC BY-SA 4.0.7

Leadership

Who has led Gaming and Leisure Properties, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Peter M. Carlino2013–now

Chair

  1. Peter M. Carlino2015–now

President

  1. Peter M. Carlino2013–2024
  2. Brandon John Moore2024–now

Chief financial officer

  1. William J. Clifford2013–2018
  2. Desiree A. Burke2023–now

Chief operating officer

  1. Brandon John Moore2022–now
201520202025
Board members and other officers (17)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • CCR PA Racing, LLC Pennsylvania8
  • GLP Capital, L.P. Pennsylvania8
  • GLP Financing I, LLC Delaware8
  • GLP Financing II, Inc. Delaware8
  • GLPC Administrator, LLC Pennsylvania8
  • Gold Merger Sub, LLC Delaware8
  • Morgantown Real Property, LLC Delaware8
  • PA Meadows, LLC Delaware8
  • Tropicana Land, LLC Nevada8

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Jul 31, 20268-K Results of operations41
  2. Jun 5, 20268-K Shareholder vote42
  3. Apr 24, 20268-K Results of operations43
  4. Mar 10, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation44
  5. Mar 5, 20268-K New debt or obligation45
  6. Mar 2, 20268-K Other events46
  7. Feb 20, 20268-K Results of operations47
  8. Dec 8, 20258-K Executive or director change; Regulation FD disclosure48
  9. Oct 31, 20258-K Results of operations49
  10. Aug 27, 20258-K New debt or obligation50
  11. Aug 18, 20258-K Other events51
  12. Jul 25, 20258-K Results of operations52
  13. Oct 9, 2013New chief executive Peter M. Carlino becomes CEO19
  14. 2013Founded Founded1

Calendar

Coming up

  1. Oct 29, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.97 a share, on Oct 30, 2025.53

When it reported results

  1. Jul 31, 2026Reported quarterly or annual results41
  2. Apr 24, 2026Reported quarterly or annual results43
  3. Feb 20, 2026Reported quarterly or annual results47
  4. Oct 31, 2025Reported quarterly or annual results49
  5. Jul 25, 2025Reported quarterly or annual results52
  6. Apr 25, 2025Reported quarterly or annual results54
  7. Feb 21, 2025Reported quarterly or annual results55
  8. Oct 25, 2024Reported quarterly or annual results56

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

301 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 57 major events, 131 insider forms, 17 large holders, 76 other. The latest 20:

  1. Aug 19, 20264 PRIMARY DOCUMENT EDGAR
  2. Jul 31, 20268-K EDGAR
  3. Jul 30, 202610-Q EDGAR
  4. Jun 11, 20264 PRIMARY DOCUMENT EDGAR
  5. Jun 5, 20268-K EDGAR
  6. Apr 29, 2026SCHEDULE 13G EDGAR
  7. Apr 29, 2026SCHEDULE 13G EDGAR
  8. Apr 24, 20268-K EDGAR
  9. Apr 24, 2026ARS EDGAR
  10. Apr 24, 2026DEFA14A EDGAR
  11. Apr 24, 2026DEF 14A EDGAR
  12. Apr 23, 202610-Q EDGAR
  13. Mar 26, 2026SCHEDULE 13G/A EDGAR
  14. Mar 10, 20268-K EDGAR
  15. Mar 5, 20268-K EDGAR
  16. Mar 2, 20268-K EDGAR
  17. Feb 27, 2026144 EDGAR
  18. Feb 27, 20264 PRIMARY DOCUMENT EDGAR
  19. Feb 27, 2026424B5 EDGAR
  20. Feb 25, 2026FWP EDGAR

The 301 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

76 open-market trades by officers, directors and large owners since October 2021: 10 buys and 66 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 18, 2026SHANKS EARL CDirectorBuy10,000$42.24$422.4KForm 4
Jun 10, 2026Urdang E ScottDirectorSale3,000$48.32$145.0KForm 4
Feb 27, 2026Burke Desiree A.CFO and TreasurerSale9,804$49.02$480.6KForm 4
Feb 24, 2026Moore Brandon JohnPresident, COO, and SecretarySale16,884$48.05$811.3KForm 4
Feb 23, 2026Moore Brandon JohnPresident, COO, and SecretarySale114$48.01$5.5KForm 4
Feb 23, 2026Urdang E ScottDirectorSale4,000$47.37$189.5KForm 4
Feb 20, 2026Moore Brandon JohnPresident, COO, and SecretarySale1,376$48.05$66.1KForm 4
Jan 7, 2026Ladany StevenSVP Chief Development OfficerSale13,409$45.04$603.9KForm 4
Jan 5, 2026Ladany StevenSVP Chief Development OfficerSale2,825$44.30$125.1KForm 4
Jan 2, 2026Ladany StevenSVP Chief Development OfficerSale2,630$44.09$116.0KForm 4
Dec 31, 2025Ladany StevenSVP Chief Development OfficerSale18,000$44.77$805.9KForm 4
Nov 4, 2025Urdang E ScottDirectorSale4,000$45.49$182.0KForm 4
Aug 5, 2025Urdang E ScottDirectorSale3,000$46.54$139.6KForm 4
Jun 13, 2025Urdang E ScottDirectorSale4,000$46.58$186.3KForm 4
Mar 11, 2025Urdang E ScottDirectorSale5,000$50.89$254.4KForm 4
Mar 10, 2025Demchyk MatthewSVP, Chief Investment OfficerSale1,903$51.99$98.9KForm 4
Mar 5, 2025Demchyk MatthewSVP, Chief Investment OfficerSale6,419$50.45$323.8KForm 4
Mar 3, 2025Demchyk MatthewSVP, Chief Investment OfficerSale3,382$50.48$170.7KForm 4
Feb 28, 2025Demchyk MatthewSVP, Chief Investment OfficerSale1,138$50.45$57.4KForm 4
Feb 25, 2025Urdang E ScottDirectorSale5,000$49.72$248.6KForm 4

All 76 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Peter M. CarlinoChairman and Chief Executive Officer$1.8M$14.1M64
2025Matthew J. DemchykFormer Senior Vice President, Chief Investment Officer$327.3K$6.0M64
2025Brandon J. MoorePresident, Chief Operating Officer, and Secretary$650.0K$6.0M64
2025Desiree A. BurkeChief Financial Officer and Treasurer$600.0K$4.3M64
2025Steven L. LadanySenior Vice President, Chief Development Officer$460.0K$3.5M64
2024Peter M. CarlinoChairman and Chief Executive Officer$1.8M$14.9M64
2024Brandon J. MoorePresident, Chief Operating Officer, and Secretary$611.5K$5.2M64
2024Desiree A. BurkeChief Financial Officer and Treasurer$525.0K$4.2M64
2024Steven L. LadanySenior Vice President, Chief Development Officer$430.0K$3.5M64
2024Matthew J. DemchykFormer Senior Vice President, Chief Investment Officer$430.0K$3.5M64
2023Peter M. CarlinoChairman and Chief Executive Officer$1.8M$15.9M64
2023Brandon J. MoorePresident, Chief Operating Officer, and Secretary$600.0K$5.6M64
2023Desiree A. BurkeChief Financial Officer and Treasurer$525.0K$4.6M64
2023Steven L. LadanySenior Vice President, Chief Development Officer$430.0K$3.9M64
2023Matthew J. DemchykFormer Senior Vice President, Chief Investment Officer$430.0K$3.8M64

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.35,859,219$1.6B0.0%+544,198
Vanguard Portfolio Management LLC23,686,806$1.1B0.0%−353,596
Dodge & Cox13,773,135$613.3M0.3%+314,978
State Street Corp13,477,304$600.1M0.0%+305,154
Wellington Management Group Llp12,479,396$555.7M0.1%−1,086,039
Vanguard Capital Management LLC12,304,078$547.9M0.0%+107,156
Geode Capital Management, LLC8,397,989$373.3M0.0%+135,479
Principal Financial Group Inc6,681,429$297.5M0.1%−1,090,522
Citadel Advisors LLC6,117,830$272.4M0.2%+528,503
Morgan Stanley4,553,332$202.8M0.0%+334,677
Charles Schwab Investment Management Inc4,231,139$188.4M0.0%+239,358
Jennison Associates LLC4,121,107$183.5M0.1%−257,302
Dimensional Fund Advisors LP4,120,019$183.5M0.0%−40,836
Norges Bank3,871,376$172.4M0.0%New
Jpmorgan Chase & Co3,464,741$159.6M0.0%+1,685,613
Northern Trust Corp3,508,329$156.2M0.0%−23,173
Deutsche Bank Ag\3,397,706$151.3M0.0%−99,682
Nuveen, LLC2,897,501$129.0M0.0%−478,444
Ameriprise Financial Inc2,867,856$127.7M0.0%+888,537
Goldman Sachs Group Inc2,835,551$126.3M0.0%+996,177
Balyasny Asset Management L.P.2,808,432$125.1M0.2%+495,111
Bank of New York Mellon Corp2,514,269$112.0M0.0%−62,455
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC2,443,672$108.8M0.0%+2,442,003
Lasalle Investment Management Securities LLC2,309,247$102.8M3.7%+334,933
Russell Investments Group, Ltd.2,292,027$102.1M0.1%+241,503

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

6 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Sep 26, 2024Ritchie TorresDemocratic, HouseBuy$1,001 - $15,000−58.1%Report
May 3, 2024Tommy TubervilleRepublican, SenateSale$1,001 - $15,000+60.5%Report
Dec 11, 2023Thomas R Carper, SenateBuy$1,001 - $15,000−81.8%Report
Oct 6, 2022Tommy TubervilleRepublican, SenateBuy$1,001 - $15,000−122.7%Report
Nov 26, 2021Thomas R Carper, SenateBuy$1,001 - $15,000−82.4%Report
Nov 16, 2021Thomas R Carper, SenateBuy$1,001 - $15,000−82.5%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Gaming and Leisure Properties is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGaming & Leisure Properties, Inc.2
  • CIK0001575965
  • Employer ID (EIN)46-211648918
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company18
  • Incorporated inPennsylvania18
  • Fiscal year endsDecember 72
  • Industry code (SIC)6798 Real Estate Investment Trusts2
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance2
  • Business address845 Berkshire Blvd, Suite 200, Wyomissing, PA 196102
  • Phone610-401-29002
  • Shares outstanding290,920,043 as of Jul 18, 202615
  • Public float$12.7B as of Jun 30, 202518
  • AuditorDeloitte & Touche LLP, New York, New York PCAOB ID 34; it also attests to the company’s internal control over financial reporting18
  • On EDGAR sinceMay 15, 20132
  • Filings944 in all: 4 (431), 8-K (164), 10-Q (39), 144 (36), SC 13G/A (34), 424B5 (24), 425 (21), 3 (20)2
    All 39 form types

    UPLOAD (17), FWP (15), DEFA14A (14), 10-K (13), 4/A (13), DEF 14A (13), CORRESP (12), 424B2 (11), SC 13G (8), ARS (6), SC 13D/A (6), S-4/A (5), S-11/A (4), S-3ASR (4), 424B3 (3), EFFECT (3), S-8 (3), SC 13D (3), SCHEDULE 13G (3), 10-K/A (2), 10-Q/A (2), 424B7 (2), 8-K/A (2), PRE 14A (2), S-4 (2), SCHEDULE 13G/A (2), 5 (1), 8-A12B (1), CERTNAS (1), POSASR (1), S-11 (1)

  • Latest filingsAnnual report (10-K) Feb 19, 2026
    Quarterly report (10-Q) Jul 30, 2026
    Proxy statement (DEF 14A) Apr 24, 2026
    Latest 8-K (8-K) Jul 31, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $.01 per shareGLPINASDAQ

From the cover page of the 10-K filed Feb 19, 2026 (Section 12(b) of the Exchange Act).18

Risk factors and legal proceedings

The risks Gaming and Leisure Properties names in Item 1A of its 10-K filed Feb 19, 2026: 39 risks under these headings, as written.18

  • The majority of our revenues are dependent on PENN and its subsidiaries. Any event that has a material adverse effect on PENN’s business, financial position or results of operations may have a material adverse effect on our business, financial position or results of operations.
  • The bankruptcy or insolvency of any of our tenants could result in termination of such tenant's lease and material losses to us.
  • Our pursuit of investments in, and acquisitions or development of, additional properties may be unsuccessful or fail to meet our expectations.
  • We are dependent on the gaming industry and may be susceptible to the risks associated with it, which could materially adversely affect our business, financial position or results of operations.
  • Certain of our tenants operate and manage facilities that are located in areas that experience extreme weather conditions and are more sensitive to the adverse effects of climate change.
  • We face extensive regulation from gaming and other regulatory authorities.
  • Required regulatory approvals can delay or prohibit transfers of our gaming properties, which could result in periods in which we are unable to receive rent for such properties.
  • Our agreements to provide funding for various casino development projects expose us to risks of loss that are different from those associated with the ownership and leasing of properties.
  • We might not be able to exercise customary enforcement rights as the lender under our tribal loans.
  • Our pursuit of strategic acquisitions unrelated to the gaming industry may be unsuccessful or fail to meet our expectations.
  • We may experience uninsured or under insured losses, which could result in a significant loss of the capital we have invested in a property, decrease anticipated future revenues or cause us to incur unanticipated expense.
  • Environmental compliance costs and liabilities associated with real estate properties owned by us may materially impair the value of those investments.
The other 27 risks
  • We face risks associated with security breaches through cyber-attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology (IT) networks and related systems.
  • If our tenants fail to detect fraud or theft, including by our tenants’ users and employees, our tenants, and, therefore, our reputation may suffer which could harm our tenants, and, therefore, our brand and reputation and negatively impact our tenants, and therefore, our business, financial condition and results of operations and can subject us to investigations and litigation.
  • Our long-term, triple-net leases include rent escalations over specified periods that in some instances are fixed or capped and will generally continue to apply regardless of the amount of cash flows generated by the properties subject to such lease agreements.
  • We face certain risks related to our properties that are subject to ground and use lease arrangements.
  • Uncertainty regarding and changes in U.S. trade policies and tariffs may increase costs and adversely affect our tenants’, and, therefore, our financial condition.
  • Our success depends on our ability to attract, motivate and retain key personnel and plan for future executive transitions.
  • If we do not qualify to be taxed as a REIT, or fail to remain qualified as a REIT, we will be subject to U.S. federal income tax as a regular corporation and could face a substantial tax liability, which may reduce the amount of cash available for distribution to our shareholders.
  • Qualifying as a REIT involves highly technical and complex provisions of the Code and violations of these provisions could jeopardize our REIT qualifications.
  • We could fail to qualify to be taxed as a REIT if income we receive from our tenants, or their subsidiaries, is not treated as qualifying income.
  • Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.
  • Changes to U.S. federal income tax laws could materially and adversely affect us and our shareholders.
  • REIT distribution requirements could adversely affect our ability to execute our business plan.
  • Even if we remain qualified as a REIT, we may face other tax liabilities that reduce our cash flow.
  • Complying with REIT requirements may cause us to forego otherwise attractive acquisition opportunities or liquidate otherwise attractive investments.
  • Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
  • Our charter restricts the ownership and transfer of our outstanding stock, which may have the effect of delaying, deferring or preventing a transaction or change of control of our company.
  • Risks Related to Our Capital Structure
  • We have a material amount of indebtedness which could have a significant effect on our business.
  • We may have future capital needs and may not be able to obtain additional debt financing on acceptable terms.
  • Our shareholders may be subject to significant dilution caused by the additional issuance of equity securities.
  • Adverse changes in our credit rating may affect our borrowing capacity and borrowing terms.
  • If we cannot obtain additional capital, our growth may be limited.
  • An increase in market interest rates could increase our interest costs on existing and future debt and could adversely affect our stock price.
  • Covenants in our debt agreements may limit our operational flexibility, and a covenant breach or default could materially adversely affect our business, financial position or results of operations.
  • Pennsylvania law and provisions in our charter and bylaws may delay or prevent takeover attempts by third parties and therefore inhibit our shareholders from realizing a premium on their stock.
  • The market price of our common stock may be volatile, and holders of our common stock could lose a significant portion of their investment if the market price of our common stock declines.
  • Our recourse against Tropicana, including for any breaches under the Amended Real Estate Purchase Agreement or the Tropicana Merger Agreement, is limited.
  • PENN has contractual obligations to indemnify us for certain liabilities, including liabilities as successor in interest to Pinnacle. However, there can be no assurance that these indemnities will be sufficient to insure us against the full amount of such liabilities, or that PENN's ability to satisfy its and Pinnacle's indemnification obligations will not be impaired in the future.

Legal proceedings

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 financial 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 and requires its tenants to carry insurance and defend and indemnify the Company from and against any claims or liabilities. 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 consolidated financial condition or results of operations. Further, no assurance can be given that the amount or scope of existing insurance coverage carried by the Company or its tenants will be sufficient to cover losses arising from such matters.

The opening of Item 3, Legal Proceedings.18

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