Schedule III Real Estate Assets and Accumulated Depreciation

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure

SCHEDULE III

REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

December 31, 2025

(in thousands)


				Initial Cost to Company				Net Capitalized Costs (Retirements) Subsequent to Acquisition		Gross Amount at which Carried at Close of Period										Life on which Depreciation in Latest Income Statement is Computed
																		Original Date of Construction / Renovation
Description	Location	Encumbrances		Land and Improvements		Buildings and Improvements				Land and Improvements		Buildings and Improvements		Total (1)		Accumulated Depreciation			Date Acquired
Rental Properties:
Hollywood Casino Lawrenceburg	Lawrenceburg, IN	$	—	$	15,251	$	342,393	$	(30)	$	15,221	$	342,393	$	357,614	$	224,587	1997/2009	11/1/2013	31
Hollywood Casino Aurora	Aurora, IL	—		4,937		98,378		8,385		13,656		98,044		111,700		101,562		1993/2002/ 2012	11/1/2013	6
Hollywood Casino Joliet	Joliet, IL	—		12,630		130,000		—		12,630		130,000		142,630		1,747		2025	8/11/2025	31
Argosy Casino Alton	Alton, IL	—		—		6,462		—		—		6,462		6,462		5,451		1991/1999	11/1/2013	31
Hollywood Casino Toledo	Toledo, OH	—		12,003		144,093		(201)		11,802		144,093		155,895		71,723		2012	11/1/2013	31
Hollywood Casino Columbus	Columbus, OH	—		38,240		188,543		105		38,266		188,622		226,888		97,138		2012	11/1/2013	31
Hollywood Casino at Charles Town Races	Charles Town, WV	—		35,102		233,069		—		35,102		233,069		268,171		184,668		1997/2010	11/1/2013	31
Hollywood Casino at Penn National Race Course	Grantville, PA	—		25,500		161,810		—		25,500		161,810		187,310		117,455		2008/2010	11/1/2013	31
M Resort	Henderson, NV	—		66,104		126,689		149,564		65,668		276,689		342,357		68,611		2009/2012	11/1/2013	30
Hollywood Casino Bangor	Bangor, ME	—		12,883		84,257		—		12,883		84,257		97,140		52,589		2008/2012	11/1/2013	31
Zia Park Casino	Hobbs, NM	—		9,313		38,947		—		9,313		38,947		48,260		30,236		2005	11/1/2013	31
Hollywood Casino Gulf Coast	Bay St. Louis, MS	—		59,388		87,352		(229)		59,176		87,335		146,511		69,124		1992/2006/ 2011	11/1/2013	40
Argosy Casino Riverside	Riverside, MO	—		23,468		143,301		(77)		23,391		143,301		166,692		94,583		1994/2007	11/1/2013	37
Hollywood Casino Tunica	Tunica, MS	—		4,634		42,031		—		4,634		42,031		46,665		35,706		1994/2012	11/1/2013	31
Boomtown Biloxi	Biloxi, MS	—		3,423		63,083		(137)		3,286		63,083		66,369		57,764		1994/2006	11/1/2013	15
Hollywood Casino St. Louis	Maryland Heights, MO	—		44,198		177,063		(3,239)		40,959		177,063		218,022		157,114		1997/2013	11/1/2013	13
Hollywood Casino at Dayton Raceway	Dayton, OH	—		3,211		—		86,288		3,211		86,288		89,499		31,649		2014	11/1/2013	31
Hollywood Casino at Mahoning Valley Race Track	Youngstown, OH	—		5,683		—		94,314		5,833		94,164		99,997		34,351		2014	11/1/2013	31
Resorts Casino Tunica	Tunica, MS	—		—		12,860		(12,860)		—		—		—		—		1994/1996/ 2005/2014	5/1/2017	N/A
1st Jackpot Casino	Tunica, MS	—		161		10,100		—		161		10,100		10,261		3,226		1995	5/1/2017	31
Ameristar Black Hawk	Black Hawk, CO	—		243,092		334,024		25		243,117		334,024		577,141		81,232		2000	4/28/2016	31
Ameristar East Chicago	East Chicago, IN	—		4,198		123,430		—		4,198		123,430		127,628		32,799		1997	4/28/2016	31
Belterra Casino Resort	Florence, IN	—		63,420		172,876		—		63,420		172,876		236,296		46,452		2000	4/28/2016	31
Ameristar Council Bluffs	Council Bluffs, IA	—		84,009		109,027		—		84,009		109,027		193,036		32,871		1996	4/28/2016	31
L'Auberge Baton Rouge	Baton Rouge, LA	—		205,274		178,426		—		205,274		178,426		383,700		46,214		2012	4/28/2016	31
Boomtown Bossier City	Bossier City, LA	—		79,022		107,067		—		79,022		107,067		186,089		26,845		2002	4/28/2016	31
L'Auberge Lake Charles	Lake Charles, LA	—		14,831		310,877		(92)		14,739		310,877		325,616		83,626		2005	4/28/2016	31
Boomtown New Orleans	Boomtown, LA	—		46,019		58,258		—		46,019		58,258		104,277		16,099		1994	4/28/2016	31
Ameristar Vicksburg	Vicksburg, MS	—		128,068		96,106		—		128,068		96,106		224,174		33,590		1994	4/28/2016	31
River City Casino & Hotel	St Louis, MO	—		8,117		221,038		—		8,117		221,038		229,155		59,204		2010	4/28/2016	31


Ameristar Kansas City	Kansas City, MO	—		239,111		271,598		—		239,111		271,598		510,709		81,073		1997	4/28/2016	31
Ameristar St. Charles	St. Charles, MO	—		375,596		437,908		—		375,596		437,908		813,504		108,695		1994	4/28/2016	31
Jackpot Properties	Jackpot, NV	—		48,784		61,550		—		48,784		61,550		110,334		18,837		1954	4/28/2016	31
Plainridge Park Casino	Plainridge, MA	—		127,068		123,850		—		127,068		123,850		250,918		28,799		2015	10/15/2018	31
Belterra Park Gaming and Entertainment Center	Cincinnati, OH	—		11,689		45,995		—		11,689		45,995		57,684		12,613		2013	5/6/2020	31
The Meadows Racetrack and Casino	Washington, PA	—		181,532		141,370		(2,864)		179,598		140,440		320,038		49,711		2006	9/9/2016	31
DraftKings at Casino Queen	East St. Louis, IL	—		70,716		70,014		8,700		70,716		78,714		149,430		31,350		1999	1/23/2014	31
Tropicana Atlantic City	Atlantic City, NJ	—		166,974		392,923		(1,067)		165,907		392,923		558,830		91,436		1981	10/1/2018	31
Tropicana Evansville	Evansville, IN	—		47,439		146,930		(194,369)		—		—		—		—		1995	10/1/2018	N/A
Bally's Evansville	Evansville, IN	—		120,473		153,130		—		120,473		153,130		273,603		23,014		1995	6/3/2021	31
Tropicana Laughlin	Laughlin, NV	—		20,671		80,530		(132)		20,539		80,530		101,069		20,981		1988	10/1/2018	27
Trop Casino Greenville	Greenville, MS	—		—		21,680		—		—		21,680		21,680		5,041		2012	10/1/2018	31
Bally's Baton Rouge (formerly Belle of Baton Rouge)	Baton Rouge, LA	—		11,873		52,400		114,406		13,072		165,607		178,679		13,064		1994	10/1/2018	31
Isle Casino Waterloo	Waterloo, IA	—		64,263		77,958		(411)		63,852		77,958		141,810		12,679		2005	12/18/2020	31
Isle Casino Bettendorf	Bettendorf, IA	—		29,636		85,150		(189)		29,447		85,150		114,597		13,848		2015	12/18/2020	31
Horseshoe St. Louis	St Louis, MO	—		26,930		219,070		—		26,930		219,070		246,000		39,028		2005	10/1/2020	31
Hollywood Casino Morgantown	Morgantown, PA	—		30,253		—		—		30,253		—		30,253		—		2020	10/1/2020	N/A
Hollywood Casino Perryville	Perryville, MD	—		23,266		31,079		—		23,266		31,079		54,345		22,194		2010	07/1/2021	31
Bally's Dover Casino Resort	Dover, DE	—		99,106		48,300		—		99,106		48,300		147,406		23,241		1995	06/3/2021	31
The Queen Baton Rouge (formerly Casino Queen Baton Rouge)	Baton Rouge, LA	—		7,320		40,812		72,697		7,320		113,509		120,829		35,064		1994	12/17/2021	31
Bally's Black Hawk	Black Hawk, CO	—		17,537		13,730		—		17,537		13,730		31,267		1,959		1991	04/01/2022	27
Bally's Quad Cities Casino & Hotel	Rock Island, IL	—		36,848		82,010		—		36,848		82,010		118,858		12,180		2007	04/01/2022	31
Hard Rock Hotel & Casino	Biloxi, MS	—		204,533		195,950		—		204,533		195,950		400,483		19,944		2005	01/03/2023	31
Bally's Tiverton Hotel & Casino	Tiverton, RI	—		116,622		110,150		—		116,622		110,150		226,772		12,573		2017	01/03/2023	31
Casino Queen Marquette	Marquette, IA	—		32,032		690		9,728		41,760		690		42,450		438		2000	09/06/2023	6
Bally's Chicago	Chicago, IL	—		250,745		—		221,102		267,261		204,586		471,847		—		2024	9/11/2024	N/A
Bally's Kansas City	Kansas City, MO	—		940		96,400		—		940		96,400		97,340		3,360		1996	12/16/2024	31
Bally's Shreveport	Shreveport, LA	—		190		76,770		—		190		76,770		76,960		3,638		1999	12/16/2024	31
Subtotal		—		3,614,326		6,879,507		549,417		3,595,093		7,448,157		11,043,250		2,582,976
Headquarters Property:
GLPI Corporate Office	Wyomissing, PA	—		750		8,465		270		750		8,735		9,485		2,826		2014/2015	9/19/2014	31
Other Properties
Other owned land/buildings (2)	various	—		25,992		101,104		(6,798)		19,194		101,104		120,298		112,970
		$	—	$	3,641,068	$	6,989,076	$	542,889	$	3,615,037	$	7,557,996	$	11,173,033	$	2,698,772

(1) The aggregate cost for federal income tax purposes of the properties listed above was $9.9 billion at December 31, 2025. This amount does not include the real estate part of Investment in Financing Lease, net or Investment in Sales-type leases, net.

(2) This amount includes the land value associated with the previous Joliet facility since it is no longer part of the Penn Fixed Lease and is being evaluated for other potential uses due to the opening of the new landside casino which opened on August 11, 2025.

A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2025, 2024 and 2023 is as follows:


	Year Ended December 31,
	2025		2024		2023
Real Estate:	(in thousands)
Balance at the beginning of the period	$	10,585,461	$	10,347,315	$	9,626,018
Acquisitions	285,000		426,562		678,130
Construction in progress	191,289		39,542		—
Capital expenditures	113,173		—		43,167
Dispositions (1)	(1,890)		(227,958)		—
Balance at the end of the period	$	11,173,033	$	10,585,461	$	10,347,315
Accumulated Depreciation:
Balance at the beginning of the period	$	(2,436,742)	$	(2,178,523)	$	(1,918,083)
Depreciation expense	(263,920)		(258,219)		(260,440)
Additions	—		—		—
Dispositions	1,890		—		—
Balance at the end of the period	$	(2,698,772)	$	(2,436,742)	$	(2,178,523)

(1) The 2024 amount primarily represents the reclassification of the Tropicana Las Vegas Lease to a sales type lease from an operating lease due to a lease reclassification event due to a change in terms.