Company: GLPI
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001193125-25-181872
Chunk: 21

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-15
Form: 424B5
Chunk 21
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 Credit Facility, the Term Loan Credit Facility and our existing senior unsecured notes, will be
subject to future economic conditions and to financial, business and other factors, many of which are beyond our control.

S-10

The notes are unsecured. Therefore, our future secured creditors, if any, would have a priority claim ahead of the notes on our assets.

The notes are unsecured. As a result, upon any distribution to our creditors in a bankruptcy, liquidation or
reorganization or similar proceeding relating to us or our property, the holders of our future secured debt, if any, will be entitled to be paid in full from our assets securing that secured debt before any payment may be made with respect to the
notes. In addition, if we fail to meet our payment or other obligations under any such secured debt, the holders of that secured debt would be entitled to foreclose on our assets securing that secured debt and liquidate those assets. Accordingly, we
may not have sufficient funds to pay amounts due on the notes. As a result you may lose a portion of or the entire value of your investment in the notes. As of June 30, 2025 and after giving effect to the issuance of the notes offered hereby,
GLPI and the Issuers (not including any of their subsidiaries) would have had no secured debt outstanding.

Because the notes are not guaranteed by any of our subsidiaries, 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