Company: GLPI
Filing Date: 2025-05-02
Form Type: 424B5
Source: 0001193125-25-111614
Chunk: 9

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-02
Form: 424B5
Chunk 9
---
 the risks incorporated by reference herein from our Annual Report on Form 10-Kfor the year ended December 31, 2024 (“2024 10-K”)and other reports filed with the SEC. S-iv

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 by reference herein and therein, including, without limitation, the “Risk Factors” section beginning on page S-5of this prospectus supplement and the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections included in the Company’s most recent Annual Report on Form 10-Kbefore making an investment decision regarding our common stock. Gaming and Leisure Properties, Inc. GLPI is a self-administered and self-managed Pennsylvania REIT, the primary business of which consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-netlease arrangements. As of March 31, 2025, GLPI’s portfolio consisted of interests in 68 gaming and related facilities which was comprised of the real property associated with the following:

| • |     | 34 gaming and related facilities operated by PENN Entertainment, Inc., formerly known as Penn National Gaming, 
 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 1 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 (“Strategic”); and |

| • |     | 1 gaming and related facility operated by American Racing & Entertainment LLC (“American 
 Racing”).                                                                                |

These facilities, including our corporate headquarters building, are geographically diversified across 20 states and contain approximately 30.1 million square