Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 187

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 187
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 30, 2025Relocation of Hollywood Casino Aurora (1)$225 millionNoneRelocation of Hollywood Casino Joliet $130 million$130.0 millionConstruction of a hotel tower at the M Resort (2)$150 millionNoneConstruction of a hotel at Hollywood Casino Columbus$70 millionNoneFunding associated with a landside move at Ameristar Casino Council Bluffs(3)NonePotential transaction at the former Tropicana Las Vegas site with Bally's$175 million$48.5 millionReal estate construction costs for Bally's Chicago $940 millionNone (4)Funding and oversight of a landside move and hotel renovation at The Belle$111 million$75.6 millionConstruction costs for a landside development project at Casino Queen Marquette$16.5 million$5.1 millionIone Loan to fund a new casino development near Sacramento, California$110 million$39.3 millionCall right to acquire Bally's Lincoln$735 millionNone

(1)    PENN anticipates completing the relocation of its riverboat casino in Aurora to a land based facility in the first half of 2026.  The Company anticipates funding $225 million at a 7.75% capitalization rate.

(2)    On August 11, 2025, PENN requested $150 million for its M Resort hotel tower project which will be subject to a capitalization rate of 7.79% and is anticipated to be funded in early November 2025. 

(3)    The Company has agreed to fund, if requested by PENN at their sole discretion, on or before March 31, 2029, construction improvements in an amount not to exceed the greater of (i) the hard costs associated with the project and (ii) $150.0 million.

(4)    In October 2025, the Company funded $125.4 million on this development project.  

Critical Accounting Estimates

We make certain judgments and use certain estimates and assumptions when applying accounting principles in the preparation of our consolidated financial statements. The nature of the estimates and assumptions are material due to the levels of subjectivity and judgment necessary to account for highly uncertain factors or the susceptibility of such factors to change. We have identified the accounting for leases, investment in leases, financing receivables, net, allowance for credit losses, income taxes, and real estate investments as critical accounting estimates, as they are the most important to our financial statement presentation and require difficult, subjective and