Company: GLPI
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001193125-25-179509
Chunk: 3

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 3
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 read and consider all
information contained in this prospectus supplement and the accompanying prospectus, including the documents incorporated by reference herein and therein, and any free writing prospectus we have authorized for use in connection with this offering in
making your investment decision. See “Information Incorporated by Reference” in this prospectus supplement and in the accompanying prospectus, and “Where You Can Find More Information” in the accompanying prospectus.

This prospectus supplement and the accompanying prospectus contain, or incorporate by reference, forward-looking statements. Such forward-looking statements
should be considered together with the cautionary statements and important factors included or referred to in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein or therein. See “Cautionary
Statement Regarding Forward-Looking Statements” in this prospectus supplement and in the accompanying prospectus.

S-ii

BASIS OF PRESENTATION Except as otherwise indicated or required by the context, references in this prospectus supplement to:

| • |     | “2026 Notes” refers to the Issuers’ 5.375% senior unsecured notes in the aggregate principal 
 amount of $975.0 million that mature on April 15, 2026;                                      |

| • |     | “Capital Corp.” refers to GLP Financing II, Inc., a Delaware corporation and wholly-owned subsidiary of 
 the Operating Partnership;                                                                              |

| • |     | “Existing senior unsecured notes” is defined in “Description of Certain Other 
 Indebtedness—Existing Senior Unsecured Notes”;                                |

| • |     | “GLPI” refers to Gaming and Leisure Properties, Inc., a Pennsylvania corporation and the guarantor of 
 the notes, and, unless the context otherwise requires, none of its subsidiaries;                      |

| • |     | “Issuers” refer to the Operating Partnership (as defined below) and Capital Corp. and none of their 
 consolidated subsidiaries;                                                                          |

| • |     | “Operating Partnership” refers to GLP Capital, L.P., a Pennsylvania limited partnership and                                                            
 majority-owned subsidiary of GLPI, through which GLPI conducts substantially all of its business and owns substantially all of its real estate assets; |

| • |     | “Revolving Credit Facility” refers to the $2.09 billion revolving credit facility under the 
 Revolving Credit Agreement;                                                                 |

| • |     | “Term Loan Credit Facility” refers to the $600.0 million delayed draw credit facility under the 
 Term Loan Credit Agreement