Company: GLPI
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001193125-25-179509
Chunk: 33

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 33
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 and unconditionally guaranteed by the Guarantor. |

S-21

The Note Guarantee The notes will be guaranteed by the Guarantor; however, the Guarantor is not subject to most of the covenants in the indenture. The guarantee of the notes:

| • |     | will be a general unsecured obligation of the Guarantor; |

| • |     | will be pari passu in right of payment with all of the Guarantor’s senior indebtedness, including its                                                                   
 guarantee of the Existing Notes and borrowings under the Revolving Credit Facility and the Term Loan Credit Facility, without giving effect to collateral arrangements; |

| • |     | will be effectively subordinated in right of payment to all of the Guarantor’s secured indebtedness to the 
 extent of the value of the assets securing such indebtedness;                                              |

| • |     | will be senior in right of payment to all of the Guarantor’s senior subordinated or subordinated 
 indebtedness; and                                                                                |

| • |     | will be structurally subordinated to all liabilities of the Guarantor’s subsidiaries (other than the                                                                           
 Issuers).The obligation of the Guarantor under its guarantee is limited as necessary to prevent that guarantee from constituting a fraudulent conveyance under applicable law. |

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 in “Use of Proceeds”, (i) the Issuers, the Guarantor and the Issuers’ Subsidiaries would have had $ billion of long-term indebtedness, net of unamortized issuance costs, bond premiums and original issuance discounts, including $ million representing the notes offered hereby, $5.050 billion of Existing 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); (ii) the Issuers and the Guarantor would have had no secured indebtedness; and (iii) the liabilities of the Issuers’ Subsidiaries (other than Capital Corp.) would have consisted primarily of payables, deferred taxes, intercompany debt and other ordinary course liabilities. The indenture permits the Issuers and the Issuers’ Subsidiaries