Company: GLPI
Filing Date: 2025-05-02
Form Type: 424B5
Source: 0001193125-25-111614
Chunk: 36

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-02
Form: 424B5
Chunk 36
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 appropriate, about certain U.S. federal income tax considerations relating to, and any listing on
a securities exchange of, the securities covered by the prospectus supplement. The prospectus supplement may add to, update or change the information in this prospectus. You should read this prospectus and any prospectus supplement carefully before
you invest in our securities. This prospectus may not be used to sell securities unless accompanied by a prospectus supplement.

GLPI, the
Operating Partnership, Capital Corp. or selling security holders may offer the securities directly to investors, through agents designated from time to time by GLPI, or to or through underwriters or dealers. If any agents, underwriters, or dealers
are involved in the sale of any of the securities, their names, and any applicable purchase price, fee, commission or discount arrangement with, between or among them will be set forth, or will be calculable from the information set forth, in an
accompanying prospectus supplement. See “Plan of Distribution”. We will not receive any of the proceeds from the sale of securities by the selling securityholders.

GLPI’s common stock is listed on the NASDAQ Global Select Market (“NASDAQ”) under the symbol “GLPI”. On April 30,
2025, the last reported sale price of our common stock on NASDAQ was $47.86 per share.

Investing in our securities involves various risks. See “ Risk Factors” beginning on page 6 of this prospectus and in the most recent Annual Report on Form 10-Kof GLPI, along with the disclosure related to the risk factors contained in GLPI’s subsequent filings with the Securities and Exchange Commission (the “SEC”), to the extent incorporated by reference herein.

Neither the SEC nor any state securities commission has approved or disapproved of these securities, or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

No gaming or regulatory agency has approved or disapproved of these securities, or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.

The date of this prospectus is May 1, 2025.

TABLE OF CONTENTS

|                                                                                          |     | Page |    |
| CERTAIN DEFINED TERMS                                                                    |     |      |  1 |
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS                                |     |      |  2 |
| PROSPECTUS SUMMARY                                                                       |     |      |  4 |