Company: GLPI
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001193125-25-181872
Chunk: 12

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-15
Form: 424B5
Chunk 12
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 into, this prospectus supplement or the
accompanying prospectus, and you should not consider it part of this prospectus supplement or the accompanying prospectus. For additional information, see “Information Incorporated by Reference” in this prospectus supplement and in the
accompanying prospectus, and “Where You Can Find More Information” in the accompanying prospectus.

S-2

The Offering The following is a brief summary of some of the terms of this offering. For a more complete description of the terms of the notes, see the sections entitled “Description of Notes” in this prospectus supplement and “Description of Debt Securities” in the accompanying prospectus. In this section, “we”, “our”, and “us” refer only to the Issuers and none of their subsidiaries.

| Issuers | GLP Capital, L.P. and GLP Financing II, Inc. |

| Securities | $600,000,000 aggregate principal amount of 5.250% Senior Notes due 2033 and $700,000,000 aggregate principal amount of 5.750% Senior Notes due 2037. |

| Interest Rate | Interest on the 2033 notes will be payable in cash and will accrue at a rate of 5.250% per annum. Interest on the 2037 notes will be payable in cash and will accrue at a rate of 5.750% per annum. |

| Guarantees | The notes will be guaranteed on a senior unsecured basis by GLPI. The notes will not be guaranteed by any of our subsidiaries; provided that, in the event that $100.0 million principal amount or more of certain of our existing or future 
 debt securities are guaranteed or co-issued by any of the Operating Partnership’s subsidiaries (other than Capital Corp.), such subsidiaries will be required to guarantee the notes.                                                        |

| Ranking | The notes and GLPI’s guarantee of the notes will be our and GLPI’s general senior unsecured obligations and will: |

| • |     | rank equally in right of payment with all of our and GLPI’s existing and future senior unsecured                                                     
 indebtedness, including our existing senior unsecured notes, Revolving Credit Facility and Tern Loan Credit Facility, and GLPI’s guarantees thereof; |

| • |     | rank senior in right of payment to all of our and GLPI’s future subordinated indebtedness; |

| • |     | be effectively subordinated to all of our and GLPI’s future secured indebtedness