Company: GLPI
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001193125-25-181872
Chunk: 13

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-15
Form: 424B5
Chunk 13
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 to the extent of the value 
 of the collateral securing such indebtedness; and                                                           |

| • |     | be structurally subordinated to all indebtedness and other liabilities of any of GLPI’s subsidiaries that 
 is not an Issuer.                                                                                         |

| Unless and until our subsidiaries become guarantors of the notes, creditors of our subsidiaries (including, potentially,                                
 lenders under the Revolving Credit Agreement and the Term Loan Credit Agreement, as our subsidiaries may in the future elect to guarantee the Revolving |

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| 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.                                                                                                                   |

| As of June 30, 2025, as adjusted 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”, we would have had                                 
 approximately $7.2 billion of long-term indebtedness, net of unamortized issuance costs, bond premiums and original issuance discounts, including $1.3 billion representing the notes offered hereby and $5.050 billion of existing senior 
 unsecured notes, $600.0 million of indebtedness outstanding under the Term Loan Credit Facility (which is fully drawn), $332.5 million of indebtedness outstanding under the Revolving Credit Facility, and would have had approximately   
 $1,757.2 million of availability under the Revolving Credit Facility (including $0.4 million of contingent obligations under letters of credit).                                                                                           |

| On or after the 2033 notes Par Call Date or the 2037 notes Par Call Date, we may redeem the applicable series of notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the 
 principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date. See “Description of Notes—Redemption—Optional Redemption.”                                   |

| Redemption Based upon Gaming Laws | The notes will be subject to redemption requirements imposed by gaming laws and regulations of gaming authorities in jurisdictions in which we conduct gaming operations. See “Description of Notes—Redemption—Gaming 
 Redemption”.                                                                                                                                                                                                          |

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| Certain Indenture Provisions | The indenture governing the notes contains covenants limiting