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

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 25
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 and our estimated expenses, will be
approximately $ million.

We intend to use the net proceeds from this offering together with cash on hand, if necessary, to fund the
redemption in full of the 2026 Notes at a redemption price equal to par, plus accrued and unpaid interest to, but not including, the date of redemption, plus a make-whole premium, and any related fees and expenses. The redemption in full of the 2026
Notes is conditioned upon the issuance of at least $975.0 million of notes in this offering. We intend to use the remaining proceeds, if any, or, if we do not issue at least $975.0 million of notes in this offering, the full net proceeds,
for working capital and general corporate purposes, which may include funding development and expansion projects at existing and new properties, repayment of indebtedness (including partial redemption of the 2026 Notes), capital expenditures and
other general business purposes.

The 2026 Notes have a 5.375% coupon and mature on April 15, 2026.

Certain of the underwriters and/or their affiliates may hold a position in the 2026 Notes and, as a result, may receive a portion of the net proceeds of the
notes offered hereby. See “Underwriting—Conflicts of Interest”.

For the avoidance of doubt, nothing contained in this prospectus
supplement constitutes a notice of redemption of the 2026 Notes.

S-15

CAPITALIZATION The following table sets forth our cash and cash equivalents and capitalization as of June 30, 2025:

| • |     | on an actual basis; and |

| • |     | on an as adjusted basis to give effect to the issuance of the notes offered hereby and the application of the 
 proceeds from this offering as described under “Use of Proceeds”.                                             |

You should read this table in conjunction with the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our unaudited consolidated financial statements as of and for the fiscal quarter ended June 30, 2025 contained in our Q2 2025 10-Q,which is incorporated by reference into this prospectus supplement.

|                                                                                                   |     | As of June 30, 2025 
 (in thousands)      |            |   |     |             |           |
|:--------------------------------------------------------------------------------------------------|:----|:--------------------|-----------:|:--|:----|:------------|----------:|
|