Company: GLPI
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001193125-25-181872
Chunk: 14

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-15
Form: 424B5
Chunk 14
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, among other things: |

| • |     | the ability of the Issuers and their subsidiaries to incur additional indebtedness and use their assets to secure 
 indebtedness; and                                                                                                 |

| • |     | the ability of the Issuers to merge, consolidate or transfer all or substantially all of our and our 
 subsidiaries’ assets, taken as a whole.                                                              |

| These covenants are subject to a number of important and significant limitations, qualifications and exceptions. See “Description of Notes—Certain Covenants”. |

| No Prior Market | Although certain of the underwriters have informed us that they intend to make a market in the notes, they are not obligated to do so, and they may discontinue market making activities at any time without notice. Accordingly, we cannot assure 
 you that a liquid market for the notes will develop or be maintained.                                                                                                                                                                              |

| Use of Proceeds | We estimate that the net proceeds from this offering, after the deduction of the underwriting discounts and commissions and our estimated expenses, will be approximately $1.28 billion. |

| We intend to use the net proceeds from this offering to fund the redemption in full of the 2026 Notes at a redemption price equal to par, plus accrued and unpaid interest to, but not including, the date of redemption,                              
 plus a make-whole premium, and any related fees and expenses. We intend to use the remaining proceeds for working capital and general corporate purposes, which may include funding development and expansion projects at existing and new properties, 
 repayment of indebtedness, capital expenditures and other general business purposes. See “Use of Proceeds”.                                                                                                                                            |

| For the avoidance of doubt, nothing contained in this prospectus supplement constitutes a notice of redemption of the 2026 Notes. |

| Conflicts of Interest | As described above under “Use of Proceeds”, we intend to use the net proceeds from this offering to fund the redemption of the 2026 Notes. Because certain of the underwriters and/or their affiliates may hold a position in the 2026                    
 Notes, more than 5% of the net proceeds of this offering (not including underwriting discounts and commissions) may be received by such underwriters and/or affiliates. Nonetheless, in accordance with the Financial Industry Regulatory Authority, Inc. 
 Rule 5121, the appointment of a qualified independent underwriter is not necessary in connection with this offering. See “Underwriting—Conflicts of Interest”.                                                                                            |

S-5

| Risk Factors | In analyzing an investment