Company: GLPI
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001193125-25-179509
Chunk: 19

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 19
---
, the creditors of our subsidiaries have a priority claim, ahead of the notes, on all of our subsidiaries’ assets.

We
have no material direct operations and no material assets other than ownership of equity interests in our subsidiaries. Because we conduct our operations through our subsidiaries, we depend on those entities for dividends and other payments to
generate the funds necessary to meet our financial obligations, including payments of principal and interest on the notes.

Unless and until our
subsidiaries become guarantors of the notes, creditors of our subsidiaries (including potentially lenders under the Revolving Credit Facility and the Term Loan Credit Facility, as certain of our subsidiaries may in the future elect to guarantee the
Revolving Credit Facility and the Term Loan Credit Facility without triggering a guarantee obligation with respect to the notes) and holders of any of our debt that is guaranteed by any of our subsidiaries will have a prior claim, ahead of the
notes, on all of such subsidiaries’ assets. In addition, our subsidiaries have no obligation, contingent or otherwise, to pay amounts due under the notes or to make any funds available to pay those amounts, whether by dividend, distribution,
loan or other payments. In the event of a bankruptcy, liquidation, reorganization or other winding up of any of our subsidiaries, holders of indebtedness and trade creditors of our subsidiaries will generally be entitled to payment of their claims
from the assets of our subsidiaries before any assets are made available for distribution to us. Accordingly, there may be insufficient funds to satisfy claims of noteholders.

Legal and contractual restrictions in agreements governing current and future indebtedness of our subsidiaries, as well as the financial condition and
operating requirements of our subsidiaries, may further limit our ability to obtain cash from our subsidiaries. In addition, the earnings of our subsidiaries, covenants contained in our and our subsidiaries’ debt agreements (including the
Revolving Credit Facility, the Term Loan Credit Facility, the indenture governing the existing senior unsecured notes and the indenture governing the notes offered hereby), covenants contained in other agreements to which we or our subsidiaries are
or may become subject, business and tax considerations, and applicable law, including laws regarding the payment of dividends and distributions, may further restrict the ability of our subsidiaries to make distributions to us. We cannot assure you
that our subsidiaries will be able to provide us with sufficient dividends, distributions or loans to fund the interest and principal payments on the notes when due.

GLPI has no material assets other than its investment in the Operating Partnership.