Company: GLPI
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001193125-25-181872
Chunk: 26

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-15
Form: 424B5
Chunk 26
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 was found to be ineffective to protect the guarantee. S-13

The gaming industry is heavily regulated by local gaming, racing and other regulatory authorities.

The ownership, operation, financing and transfer of gaming and racing facilities are subject to extensive regulation. The operators of our gaming
properties must be licensed under applicable state law and, prior to the transfer of gaming and/or racing facilities, including a controlling interest, the new owner or operator generally must become licensed under state law. In addition, many
gaming and racing regulatory agencies in the jurisdictions in which our tenants operate require GLPI, its affiliates and certain officers and directors to maintain licenses as a key business entity, supplier or key person because of GLPI’s
status as landlord. Some jurisdictions may also limit the number of gaming licenses in which a person may hold an ownership or a controlling interest.

Additionally, substantially all material loans, significant acquisitions, leases, sales of securities and similar financing transactions by us and our
subsidiaries must be reported to and in some cases approved by gaming authorities in advance of the transaction. Subject to certain administrative proceeding requirements and regulations, the gaming regulators have the authority to deny any
application or limit, condition, restrict, revoke or suspend any license, registration, finding of suitability or approval, or fine any person licensed, registered or found suitable or approved, for any cause deemed reasonable by the gaming
authorities. Regulatory actions that substantially restrict our ability to hold, acquire or invest in gaming assets in our chosen markets may have a material adverse impact on our business, financial condition and cash flows, which in turn could
have an adverse effect on the price of the notes and our ability to make payments on the notes.

Tax protection agreements may limit our ability to sell or otherwise dispose of certain properties and may require the Operating Partnership to maintain certain debt levels that otherwise would not be required to operate our business.

Proposed sales by us of properties contributed to the Operating Partnership by holders of OP Units, and/or the repayment by us of certain related indebtedness,
may affect our shareholders and holders of OP Units differently from an income tax perspective. While we, as sole general partner of the Operating Partnership, have exclusive authority under the amended partnership agreement of the Operating
Partnership to determine when to refinance or repay debt or whether, when, and on what terms to sell a property, our ability to take such actions may be limited pursuant to the terms of one or more tax protection agreements that we and the Operating
Partnership may enter into from time to time for