Company: GLPI
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001193125-25-181872
Chunk: 1

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-15
Form: 424B5
Chunk 1
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 the 2037 notes Par Call Date, we may redeem all or part of the applicable series of notes at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the redemption date. See “Description of Notes—Redemption—Optional Redemption”. In addition, the notes will be subject to redemption requirements imposed by gaming laws and regulations of gaming authorities in jurisdictions where we conduct gaming operations. See “Description of Notes—Redemption—Gaming Redemption”. The notes will be guaranteed on a senior unsecured basis by Gaming and Leisure Properties, Inc. (“GLPI”), but will not initially be guaranteed by, or be obligations of, any subsidiary of the Issuers. GLPI does not have any material assets other than its investment in GLP Capital, L.P. GLP Financing II, Inc., a wholly-owned subsidiary of GLP Capital, L.P., is nominally capitalized and does not have any material assets or significant operations, other than with respect to acting as co-Issuerfor the notes offered hereby, as well as for certain other debt obligations of GLP Capital, L.P. The notes will rank pari passuin right of payment with all of our existing and future senior indebtedness, including our existing senior unsecured notes and borrowings under our senior unsecured credit facilities, and senior in right of payment to all of our future subordinated indebtedness, without giving effect to collateral arrangements. The notes will be effectively subordinated to all of our future secured indebtedness to the extent of the value of the assets securing such indebtedness. The notes will be structurally subordinated to all indebtedness and other liabilities of any of our subsidiaries, certain of which may in the future elect to guarantee our senior unsecured credit facilities. The notes will be issued only in registered form in denominations of $2,000 and integral multiples of $1,000 thereafter. Investing in the notes involves risks. You should carefully read and consider the “ Risk Factors” on page S-9 ofthis prospectus supplement and beginning on page 29 of our Annual Report on Form 10-K forthe year ended December 31, 2024, which is incorporated by reference herein.

| Per 2033 note |     | Price to  
 Public(1) |      99.642 | % |     | Underwriting 
 Discount     |     0.625 | % |     | Proceeds to 
 Us,         
 Before      
 Expenses    |