Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 50

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 50
---
/acquire future investments in gaming and related facilities for our tenants. These are detailed in the table below.  Our tenants retain the option to decline our financing for certain projects and may seek alternative financing solutions.  The inclusion of a commitment in this disclosure does not guarantee that the financing will be utilized by the tenant in circumstances where a tenant has the option.  See Note 1 in the Notes to the Condensed Consolidated Financial Statements for further details.  DescriptionMaximum Commitment amountAmount funded at September 30, 2025Relocation of Hollywood Casino Aurora (1)$225 millionNoneRelocation of Hollywood Casino Joliet $130 million$130.0 millionConstruction of a hotel tower at the M Resort (2)$150 millionNoneConstruction of a hotel at Hollywood Casino Columbus$70 millionNoneFunding associated with a landside move at Ameristar Casino Council Bluffs(3)NonePotential transaction at the former Tropicana Las Vegas site with Bally's$175 million$48.5 millionReal estate construction costs for Bally's Chicago $940 millionNone (4)Funding and oversight of a landside move and hotel renovation at The Belle$111 million$75.6 millionConstruction costs for a landside development project at Casino Queen Marquette$16.5 million$5.1 millionIone Loan to fund a new casino development near Sacramento, California$110 million$39.3 millionCall right to acquire Bally's Lincoln$735 millionNone

(1)    PENN anticipates completing the relocation of its riverboat casino in Aurora to a land based facility in the first half of 2026.  The Company anticipates funding $225 million at a 7.75% capitalization rate.

(2)    On August 11, 2025, PENN requested $150 million for its M Resort hotel tower project which will be subject to a capitalization rate of 7.79% which GLPI expects to fund on November 3, 2025. 

(3)    The Company has agreed to fund, if requested by PENN in their sole discretion, on or before March 31, 2029, construction improvements in an amount not to exceed the greater of (i) the hard costs associated with the project and (ii) $150.0 million.

(4)    In October 2025, the Company funded $125.4 million on this development project.  

28

10.    Revenue Recognition