Company: GLPI
Filing Date: 2025-05-02
Form Type: 424B5
Source: 0001193125-25-111614
Chunk: 46

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-02
Form: 424B5
Chunk 46
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 this prospectus will be fully and unconditionally guaranteed by GLPI and by no other subsidiaries of GLPI.

9

USE OF PROCEEDS Unless we provide otherwise in the applicable prospectus supplement or any related free writing prospectus, GLPI intends to contribute the net proceeds from any sale of its securities pursuant to this prospectus to its Operating Partnership in exchange for OP Units. The Operating Partnership intends to subsequently use the net proceeds contributed by GLPI, as well as any net proceeds from the sale of debt securities issued by the Operating Partnership and/or Capital Corp. pursuant to this prospectus, for one or more of the following:

| • |     | the acquisition, development, and improvement of properties; |

| • |     | repayment of debt; |

| • |     | capital expenditures; |

| • |     | working capital; and |

| • |     | other general business purposes. |

The precise amounts and timing of the application of net proceeds will depend upon funding requirements and the availability of other funds. Pending such uses, net proceeds may be temporarily invested. Unless otherwise set forth in the applicable prospectus supplement or any related free writing prospectus, we will not receive any of the proceeds of the sale by selling security holders of the securities covered by this prospectus. 10

DESCRIPTION OF DEBT SECURITIES GLP Capital and Capital Corp. may issue debt securities from time to time in one or more series, which will be guaranteed by GLPI. GLP Capital and Capital Corp. will set forth in the accompanying prospectus supplement a description of the debt securities that may be offered under this prospectus, as well as the terms of the guarantees of such debt securities by GLPI. The applicable prospectus supplement and other offering material relating to such offering will describe the specific terms relating to the series of debt securities and guarantees being offered, including a description of the material terms of the indenture (and any supplemental indentures) governing such series. These terms may include the following:

| (1) | the designation of the debt securities of the series, including CUSIP numbers, which shall distinguish the debt                                
 securities of the series from the debt securities of all other series, and which may be part of a series of debt securities previously issued; |

| (2) | any limit upon the aggregate principal amount of the debt securities of the series that may be authenticated 
 and delivered under the indenture;                                                                           |

| (3) | the date or dates on which the principal of and premium, if any,