Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 179

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 2
Chunk 179
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 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 June 30, 2025Relocation of Hollywood Casino Aurora$225 millionNoneRelocation of Hollywood Casino Joliet (1)$130 millionNoneConstruction of a hotel at Hollywood Casino Columbus and a hotel tower at the M Resort$220 millionNoneFunding associated with a landside move at Ameristar Casino Council Bluffs(2)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 millionNoneFunding and oversight of a landside move and hotel renovation at The Belle$111 million$59.3 millionConstruction costs for a landside development project at Casino Queen Marquette$16.5 million$2.3 millionIone Loan to fund a new casino development near Sacramento, California$110 million$25.8 millionCall right to acquire Bally's Lincoln$735 millionNone

(1)  On June 6, 2025, PENN gave notice to the Company that it intended to utilize the $130 million commitment for the project.  GLPI expects to fund this amount on August 1, 2025 and will receive a 7.75% cap rate on the funding.  

(2)  The Company has agreed to fund, if requested by PENN at their sole discretion, on or before March 1, 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.

Critical Accounting Estimates

We make certain judgments and use certain estimates and assumptions when applying accounting principles in the preparation of our consolidated financial statements. The nature of the estimates and assumptions are material due to the levels of subjectivity and judgment necessary to account for highly uncertain factors or the susceptibility of such factors to change. We have identified the accounting for leases, investment in leases, financing receivables, net, allowance for credit losses, income taxes, and real estate investments as critical accounting estimates, as they are the most important to our financial statement presentation and require difficult, subjective and complex judgments.

We believe the current assumptions and other considerations used to estimate amounts reflected in our