Company: GLPI
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001193125-25-181872
Chunk: 35

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-15
Form: 424B5
Chunk 35
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, as applicable, is referred to as the “indenture”) and those made part of the indenture by reference to the Trust Indenture Act of 1939, as amended (the “TIA”). The following description is a summary of the material provisions of the indenture. It does not restate the indenture in its entirety. We urge you to read the indenture because the indenture, and not this description, defines your rights as holders of the notes. The indenture is available from us upon request. See “—Additional Information” and “Where You Can Find More Information”. Certain defined terms used in this description but not defined below under the caption “—Certain Definitions” have the meanings assigned to them in the indenture. The registered holder of a note will be treated as the owner of it for all purposes. Only registered holders will have rights under the indenture. Brief Description of the Notes and the Note Guarantee The Notes The notes:

| • |     | will be general senior unsecured obligations of the Issuers; |

| • |     | will be pari passu in right of payment with all of the Issuers’ senior indebtedness, including the Existing                                   
 Notes and borrowings under the Revolving Credit Facility and the Term Loan Credit Facility, without giving effect to collateral arrangements; |

| • |     | will be effectively subordinated in right of payment to all of the Issuers’ secured indebtedness to the 
 extent of the value of the assets securing such indebtedness;                                           |

| • |     | will be senior in right of payment to all of the Issuers’ senior subordinated or subordinated indebtedness; |

| • |     | will be structurally subordinated to all liabilities of the Issuers’ subsidiaries (other than Capital 
 Corp., which is a co-Issuer of the notes); and                                                        |

| • |     | will be fully and unconditionally guaranteed by the Guarantor. |

S-21

The Note Guarantee The notes will be guaranteed by the Guarantor; however, the Guarantor is not subject to most of the covenants in the indenture. The guarantee of the notes:

| • |     | will be a general unsecured obligation of the Guarantor; |

| • |     | will be pari passu in right of payment with all of the Guarantor’s senior indebtedness, including its                                                                   
 guarantee of the Existing Notes and borrowings under the Revolving Credit Facility and the Term Loan Credit Facility, without giving effect to