Company: GLPI
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001193125-25-181872
Chunk: 10

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-15
Form: 424B5
Chunk 10
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 Annual Report on Form 10-K forthe year ended December 31, 2024 (“2024 10-K”) andother reports filed with the SEC. S-vi

PROSPECTUS SUPPLEMENT SUMMARY This summary highlights selected information contained elsewhere in this prospectus supplement, in the accompanying prospectus and in the documents incorporated by reference herein and therein, and does not contain all of the information that may be important to you. You should carefully read this entire prospectus supplement, the accompanying prospectus and the documents incorporated herein and therein by reference, including the “Risk Factors” section beginning on page S-9of this prospectus supplement, as well as the risks incorporated by reference from our 2024 10-K,before making an investment decision regarding the notes. About the Company GLPI is a self-administered and self-managed REIT, the primary business of which consists of acquiring, financing, and owning real estate property to be leased to gaming and leisure operators in triple-net leasearrangements. As of June 30, 2025, GLPI’s portfolio consisted of interests in the real property of 68 gaming and related facilities as follows:

| • |     | 34 gaming and related facilities operated by PENN Entertainment, Inc. (“PENN”); |

| • |     | 6 gaming and related facilities operated by Caesars Entertainment Corporation (“Caesars”); |

| • |     | 4 gaming and related facilities operated by Boyd Gaming Corporation (“Boyd”); |

| • |     | 15 gaming and related facilities operated by Bally’s and a greenfield facility under development with 
 Bally’s in Chicago, Illinois;                                                                         |

| • |     | 3 gaming and related facilities operated by The Cordish Companies (“Cordish”); |

| • |     | 1 gaming facility managed by a subsidiary of Hard Rock International; |

| • |     | 3 gaming and related facilities operated by Strategic Gaming Management, LLC; and |

| • |     | 1 gaming and related facility operated by American Racing & Entertainment LLC. |

These facilities, including our corporate headquarters building, are geographically diversified across 20 states. As of June 30, 2025, GLPI’s properties were 100% occupied. We expect to continue growing our portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms. The majority of our earnings are a result of revenues we receive from our triple-net masterleases with PENN