Company: GLPI
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001193125-25-179509
Chunk: 16

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 16
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 of availability under the Revolving Credit Facility (including $0.4 million of contingent obligations under letters of credit). Our material indebtedness could have important consequences to you, including the following:

| • |     | it may limit our ability to obtain additional debt or equity financing for working capital, capital expenditures, 
 acquisitions, debt service requirements and general corporate or other purposes;                                  |

| • |     | a material portion of our cash flows will be dedicated to the payment of principal and interest on our                                         
 indebtedness, including indebtedness we may incur in the future, and will not be available for other purposes, including to make acquisitions; |

| • |     | it could limit our flexibility in planning for, or reacting to, changes in our business and the industry in which            
 we operate and place us at a competitive disadvantage compared to our competitors that have less debt or are less leveraged; |

| • |     | it could make us more vulnerable to downturns in general economic or industry conditions or in our business, or 
 prevent us from carrying out activities that are important to our growth;                                       |

| • |     | 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