Gaming and Leisure Properties Provides Updates on Recent Financing and Development Activities

Rhea-AI Summary

Gaming and Leisure Properties (NASDAQ: GLPI) updated progress across five development financings totaling approximately $1.5 billion of GLPI capital commitments for projects with Caesars, Bally’s, PENN, and the Ione Band of Miwok Indians.

Key actions: funded $45M of a $200M term loan B for Caesars Republic Sonoma County (part of a $225M GLPI commitment); advanced funding of $76M to Bally’s Chicago (leaving ~$739M available under $940M commitment); funded $92.5M of $111M for Bally’s Baton Rouge (9.0% incremental rental yield); funded $150M for PENN’s M Resort expansion at a 7.79% cap rate; and funded $56.6M of $110M for Acorn Ridge (opening Feb 2026).

Positive

• Total capital commitments of approximately $1.5 billion
• Funded $150M for M Resort at a 7.79% cap rate
• Caesars Sonoma: $45M funded; up to $180M delayed draw
• Bally’s Baton Rouge: $92.5M funded; 9.0% incremental rental yield

Negative

• Bally’s Chicago: ~$739M remaining funding under $940M commitment
• Caesars Sonoma: up to $112.5M–$180M conversion risk to 45‑year sublease at 9.75%
• Acorn Ridge: $53.4M of commitment remains unfunded before Feb 2026 opening

Key Figures

Total project commitments $1.5 billion GLPI capital commitments across five projects mentioned in this release

Caesars Sonoma term loan B $45 million GLPI share of $200M term loan B (SOFR +900) for Caesars Republic Sonoma County

Caesars Sonoma commitment $225 million Total GLPI commitment including delayed draw term loan for Sonoma project

Bally’s Chicago commitment $940 million Total GLPI funding commitment for Bally’s Chicago development

Baton Rouge funding $92.5 million Amount funded by GLPI out of $111.0M commitment to Bally’s Baton Rouge

M Resort funding $150 million GLPI funding at a 7.79% cap rate for PENN’s M Resort expansion

Acorn Ridge facility $110 million Delayed draw term loan for Ione Band of Miwok Indians casino at 11% interest

Baton Rouge yield 9.0% Incremental rental yield on Bally’s Baton Rouge development funding and post-opening rent

Market Reality Check

$42.80 Last Close

Volume Volume 2,494,191 vs 20-day average 2,343,139 (1.06x average). normal

Technical Pre-news price 42.8, trading below 200-day MA of 47 and closer to 52-week low of 42.255 than high of 52.245.

Peers on Argus

GLPI was down 2.1% pre-news while key REIT peers were mixed: LAMR +0.08%, SBAC +1.66%, IRM +1.82%, CCI +0.59%, and WY -1.79%. This points to stock-specific rather than sector-wide pressure.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 24	Dividend declaration	Positive	-0.1%	Announced Q4 2025 cash dividend of $0.78 per share with 7.25% yield.
Nov 10	Peer earnings	Positive	+0.4%	Bally’s reported revenue growth and major divestiture; GLPI noted in Chicago funding.
Nov 06	Peer earnings	Neutral	-2.0%	PENN reported Q3 results and ended ESPN alliance while outlining digital realignment.
Oct 30	Earnings, guidance	Positive	+4.5%	Record Q3 2025 results, narrowed 2025 AFFO guidance, and multiple accretive transactions.
Oct 27	Acquisition, funding	Positive	-1.2%	Committed $27M land purchase and $440M hard-cost funding for Live! Virginia at 8% cap.

Pattern Detected

GLPI’s own positive operating and acquisition news has sometimes seen mixed near-term price reactions, with both aligned rallies and divergences on good updates.

Recent Company History

Over the last few months, GLPI has focused on dividend stability, record operating results, and growth projects. On Oct 27, it agreed to fund Live! Virginia with $27M for land and $440M for development at an 8.0% cap rate. Record Q3 2025 results and updated guidance on Oct 30 drove a 4.49% gain. A Q4 2025 dividend of $0.78 per share announced on Nov 24 implied a 7.25% yield. Today’s development and financing update extends this growth-capital narrative across multiple partners and projects.

Market Pulse Summary

This announcement outlines GLPI’s ongoing shift of capital into higher-yielding gaming real estate, detailing progress on approximately $1.5 billion of commitments across five projects. Investors may track funding levels, conversion of loans into long-term leases, and stated yields such as 9.0% on Baton Rouge and 7.79% on the M Resort expansion. Recent record Q3 results, Live! Virginia funding plans, and insider selling form the broader backdrop for assessing balance-sheet and concentration risks.

Key Terms

national indian gaming commission regulatory

"receipt of the declination letter from the National Indian Gaming Commission (NIGC)"

A federal agency that oversees and enforces rules for casino-style gaming on federally recognized Native American lands, acting like both a referee and an auditor to ensure games are fair, finances are secure, and operators follow the law. Investors care because the agency’s findings, rules, investigations or enforcement actions can affect a tribal casino’s ability to operate, its costs, and its revenue risk — similar to how safety inspections or licensing decisions can impact a factory or restaurant.

sofr financial

"$200 million term loan B (SOFR +900) tranche"

The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.

term loan b financial

"funded its $45 million share of the $200 million term loan B (SOFR +900)"

A Term Loan B (TLB) is a large, syndicated loan made to a company that is typically sold to institutional investors rather than held by banks; think of it as a long-term mortgage from a group of investors with higher interest and smaller early payments. It matters to investors because it changes a company’s debt cost, repayment schedule and credit risk—factors that affect profit, cash flow and the market value of both the company’s equity and its traded debt.

delayed draw term loan financial

"remaining $180 million commitment in the form of a delayed draw term loan"

A delayed draw term loan is a financing agreement that lets a borrower take one or more lump-sum loans from a lender at agreed future dates within a set time window instead of receiving all funds up front. It matters to investors because it changes when and how much debt a company will carry, affecting cash flexibility, interest costs and risk exposure—think of it like an approved credit line you only tap when you need cash for a project.

cap rate financial

"will convert to a 45-year sublease, at a cap rate of 9.75%"

The cap rate is a way to estimate how much money a real estate investment might generate relative to its purchase price. Think of it as a measure of the property's annual income divided by its value, helping investors compare different properties quickly. A higher cap rate generally indicates a potentially higher return but may also come with more risk.

AI-generated analysis. Not financial advice.

WYOMISSING, Pa., Dec. 05, 2025 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (the “Company” or “GLPI”) today provided updates on several recent progress milestones associated with four operating partners across five projects. In total, these five projects amount to approximately $1.5 billion of GLPI capital commitments. GLPI is providing a summary of recent events related to the following project commitments: 1) Caesars Republic Sonoma County, 2) Bally’s Chicago, 3) Bally’s Baton Rouge, 4) PENN Entertainment’s M Resort, and 5) Ione Band of Miwok Indians’ Acorn Ridge.

Receipt of NIGC Declination Letter Initiates the Funding for Caesars Republic Sonoma County

Following the recent receipt of the declination letter from the National Indian Gaming Commission (NIGC), GLPI funded its $45 million share of the $200 million term loan B (SOFR +900) tranche. The $45 million participation in the term loan B is part of GLPI’s broader $225 million commitment to the project, with the remaining $180 million commitment in the form of a delayed draw term loan, priced at 12.5%. Of the $225 million total GLPI commitment, no less than $112.5 million, and up to a maximum of $180 million, will convert to a 45-year sublease, at a cap rate of 9.75%, upon or prior to maturity of the 6-year term loans.

Caesars Entertainment and Dry Creek Rancheria broke ground on the new four+ star resort in August of 2025. When completed, the resort, located just outside of Healdsburg, California, and in the heart of Sonoma wine country, will feature a premier gaming experience, overlooking the Alexander Valley and Russian River, with 1,000 slot machines and 28 table games, a 100-room hotel, four restaurants, three bars, a luxury spa, pool, and fitness center. The project is expected to be completed in the summer of 2027. 

Bally’s Chicago Funding Continues

Construction activity continues on the Bally’s Chicago site, with the exterior shell rising, on average, two floors per week. Following its approximately $125 million initial funding in October, GLPI funded an additional $76 million, leaving approximately $739 million of remaining funding under the $940 million commitment. When complete, the project will bring an iconic, world-class entertainment destination to the city of Chicago, featuring a 178,000 square-foot casino with over 3,300 slots and 170 table games, a 500-room luxury hotel, vibrant dining and nightlife, extensive event space, and a community-enhancing riverwalk and green space.

Bally’s Baton Rouge Set for Grand Opening

On December 6, Bally’s will host the grand opening of the re-imagined Bally’s Baton Rouge at the site of the former Belle of Baton Rouge. The new land-based facility, located in downtown Baton Rouge, features 25,000 square-feet of casino space, premium hotel product, multiple food and beverage experiences, a sportsbook, and a host of other entertainment amenities. As of December 4, 2025, GLPI funded $92.5 million of its $111.0 million commitment to this project. The incremental rental yield on the development funding, and subsequent rent post opening, is 9.0%.

PENN Entertainment Opens M Resort Hotel Tower Expansion

PENN Entertainment announced that its M Resort hotel tower and conference space expansion in Las Vegas opened ahead of schedule, with the grand opening taking place on December 3. On November 3, 2025, GLPI funded $150 million, at a 7.79% cap rate, in connection with the project.

Acorn Ridge Opening Set

In September 2024, GLPI entered into a $110 million delayed draw term loan facility, at an interest rate of 11%, with the Ione Band of Miwok Indians, to fund the tribe’s new casino development near Sacramento, California. As previously disclosed, at the conclusion of the 5-year term loan, Ione has the option to convert the outstanding principal into a long-term lease, with an initial term of 25 years and a maximum term of 45 years. As of December 4, 2025, GLPI funded $56.6 million of its $110.0 million commitment to this project. The state-of-the-art facility remains scheduled to open in February of 2026.

About Gaming and Leisure Properties

GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our expectations regarding the successful completion and opening of the various projects described above. Forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “intends,” “may,” “will,” “should” or “anticipates” or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: the ability of GLPI’s partners to successfully complete construction of the various casino projects described above on the anticipated timelines and budgets; the ability and willingness of GLPI’s partners to meet and/or perform their respective obligations under the applicable construction financing and/or development documents; the ability of GLPI’s partners to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to GLPI and third parties, including, without limitation, to satisfy obligations under their leases, existing credit facilities and other indebtedness; GLPI's ability to maintain its status as a REIT; GLPI's ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI, including for the satisfaction of GLPI's funding commitments to the extent drawn by its partners, acquisitions or refinancings due to maturities; adverse changes in GLPI’s credit rating; changes in the U.S. tax law and other state, federal or local laws; the impact of weather or climate events or conditions, natural disasters, acts of terrorism and other international hostilities, war or political instability; other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI’s behalf are expressly qualified in their entirety by the cautionary statements included in this press release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur as presented or at all.

Contact:

Gaming and Leisure Properties, Inc.                

Carlo Santarelli, SVP - Corporate Strategy & Investor Relations

610-378-8232

csantarelli@glpropinc.com

Investor Relations

Joseph Jaffoni at JCIR

212-835-8500

glpi@jcir.com

FAQ

How much total capital did GLPI commit to the five projects announced on December 5, 2025?

GLPI reported approximately $1.5 billion of capital commitments across five projects.

What funding did GLPI provide for Caesars Republic Sonoma County (GLPI) on Dec 5, 2025?

GLPI funded $45 million of a $200 million term loan B as part of a $225 million commitment.

How much remaining funding does GLPI have under its Bally’s Chicago commitment (GLPI)?

After a $125 million initial funding and an additional $76 million, GLPI has about $739 million remaining under the $940 million commitment.

What cap rate did GLPI fund the M Resort expansion at and when did it open?

GLPI funded $150 million at a 7.79% cap rate; the M Resort hotel tower expansion opened on December 3, 2025.

What portion of GLPI’s $111 million Bally’s Baton Rouge commitment was funded by Dec 4, 2025?

As of Dec 4, 2025, GLPI had funded $92.5 million of its $111.0 million commitment.

When is the Ione Band Acorn Ridge casino expected to open and how much has GLPI funded?

The Acorn Ridge facility is scheduled to open in February 2026; GLPI has funded $56.6 million of a $110.0 million commitment.