Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 49

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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 obligations of our tenants.  The Company maintains what it believes is adequate insurance coverage to further mitigate the risks of such proceedings. However, such proceedings can be costly, time consuming, and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company’s financial condition, results of operations or liquidity. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. Funding commitments As of June 30, 2025, the Company has entered into various commitments or call rights to finance/acquire future investments in gaming and related facilities for our tenants. These are detailed in the table below.  Our tenants retain the option to decline our financing for certain projects and may seek alternative financing solutions.  The inclusion of a commitment in this disclosure does not guarantee that the financing will be utilized by the tenant in circumstances where a tenant has the option.  See Note 1 in the Notes to the Condensed Consolidated Financial Statements for further details.  DescriptionMaximum Commitment amountAmount funded at June 30, 2025Relocation of Hollywood Casino Aurora$225 millionNoneRelocation of Hollywood Casino Joliet (1)$130 millionNoneConstruction of a hotel at Hollywood Casino Columbus and a hotel tower at the M Resort$220 millionNoneFunding associated with a landside move at Ameristar Casino Council Bluffs(2)NonePotential transaction at the former Tropicana Las Vegas site with Bally's$175 million$48.5 millionReal estate construction costs for Bally's Chicago $940 millionNoneFunding and oversight of a landside move and hotel renovation at The Belle$111 million$59.3 millionConstruction costs for a landside development project at Casino Queen Marquette$16.5 million$2.3 millionIone Loan to fund a new casino development near Sacramento, California$110 million$25.8 millionCall right to acquire Bally's Lincoln$735 millionNone

(1)   On June 6, 2025, PENN gave notice to the Company that it intended to utilize the $130 million commitment for the project.  GLPI expects to fund this amount on August 1, 2025 and will receive a 7.75% cap rate on the funding.  

(2)  The Company has agreed to fund, if requested by PENN at their sole discretion, on or before March 1, 2029, construction improvements in an amount