Company: GLPI
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001193125-25-181872
Chunk: 19

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-15
Form: 424B5
Chunk 19
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 |     | it could increase our interest expense if interest rates in general increase because our indebtedness under the 
 Revolving Credit Facility bears interest at floating rates;                                                     |

| • |     | it could limit our ability to take advantage of strategic business opportunities; and |

| • |     | it could make it more difficult for us to satisfy our obligations with respect to our indebtedness, including                                                                                                                                             
 under the notes, and any failure to comply with the obligations of any of our debt instruments, including any financial and other restrictive covenants, could result in an event of default under the indenture governing the notes or under the         
 agreements governing our other indebtedness which, if not cured or waived, could result in the acceleration of our indebtedness under the Revolving Credit Facility and the Term Loan Credit Facility, the existing senior unsecured notes and the notes. |

S-9

We cannot assure you that our business will generate sufficient cash flow from operations, or that future
borrowings will be available to us under the Revolving Credit Facility and the Term Loan Credit Facility or from other debt financing, in an amount sufficient to enable us to pay our indebtedness or to fund our other liquidity needs. If we do not
generate sufficient cash flow from operations to satisfy our debt service obligations, we may have to undertake alternative financing plans, such as refinancing or restructuring our indebtedness, selling assets or seeking to raise additional
capital, including by issuing equity securities or securities convertible into equity securities. Our ability to restructure or refinance our indebtedness will depend on the capital markets and our financial condition at such time. Any refinancing
of our indebtedness could be at higher interest rates and may require us to comply with more onerous covenants, which could further restrict our business operations. Our inability to generate sufficient cash flow to satisfy our debt service
requirements or to refinance our obligations on commercially reasonable terms may have an adverse effect, which could be material, on our business, financial position and results of operations. To the extent that we will incur additional
indebtedness or such other obligations, the risks associated with our leverage, including our possible inability to service our debt, would increase.

Our indebtedness imposes restrictive covenants on us that could limit our operations and lead to events of default if we do not comply.

The Revolving Credit Agreement and the Term Loan Credit Agreement require us, among other obligations, to maintain specified financial ratios and to satisfy
certain financial tests, including a maximum total debt to