ABOUT GAMING AND LEISURE PROPERTIES, INC.
Gaming and Leisure Properties, Inc. (“GLP”) is a self-administered and self-managed Pennsylvania real estate investment trust company (“REIT”) that was incorporated on February 13, 2013. GLP elected on its U.S. federal income tax return for the taxable year beginning on January 1, 2014 to be treated as a REIT and intends to continue to be organized and to operate in a manner that will permit it to qualify as a REIT. The Company’s primary business consists of acquiring, financing, and owning real property to be leased to gaming operators in “triple net” lease arrangements.
GLP’s portfolio currently consists of 36 gaming and related facilities, which are geographically diversified across 14 states. Its tenants include Penn National Gaming, Inc., Casino Queen, and Pinnacle Entertainment, Inc. GLP also owns and operates the assets and liabilities of Louisiana Casino Cruises, Inc. (“Hollywood Casino Baton Rouge”) and Penn Cecil Maryland, Inc. (“Hollywood Casino Perryville”) through an indirect wholly-owned subsidiary, GLP Holdings, Inc.
GLP owns substantially all of the real estate assets of its tenants and leases those assets back to its tenants for use by their operating subsidiaries pursuant to master leases. In April 2016, the Company acquired substantially all of the real estate assets of Pinnacle Entertainment, Inc. (“Pinnacle”) for approximately $4.8 billion and GLP leases the related assets back to Pinnacle under a triple-net lease.
GLP expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators. GLP also anticipates diversifying its portfolio over time by acquiring properties outside the gaming industry. The expertise of GLP’s management team will allow it to secure additional avenues for growth beyond the gaming industry and allow it to pursue other acquisitions that may prove complementary to GLP's gaming facilities.