“Throughout its 28 years as a public company, PENN Entertainment has emerged as the industry’s pre-eminent developer of regional gaming assets. Peter Carlino, Chief Executive Officer of Gaming & Leisure Properties, commented, “Our ongoing support of our roster of leading regional gaming operator tenants through innovative transaction structures has proven to be mutually beneficial and we are confident that this new master lease with PENN Entertainment will extend our record of success on this front. The new master lease and GLPI’s funding commitment will allow PENN to pursue several growth projects including the planned projects in Aurora and Joliet, Illinois Columbus, Ohio and Henderson, Nevada. GLPI has agreed to fund up to $225 million for the relocation of PENN’s riverboat casino in Aurora at a 7.75% cap rate and to fund up to $350 million for the relocation of the Hollywood Casino Joliet as well as the construction of hotels at Hollywood Casino Columbus and a second hotel tower at M Resort Spa Casino at then current market rates. In addition, the existing leases for the Hollywood Casino at The Meadows in Pennsylvania and Hollywood Casino Perryville in Maryland will terminate and these properties will be transferred into the new master lease. Pursuant to the terms agreed upon by the parties, the current PENN master lease will be amended to remove PENN’s properties in Aurora and Joliet, Illinois Columbus and Toledo, Ohio and Henderson, Nevada and those properties will be added to the new master lease. The transaction, including the creation of the new master lease, is subject to customary regulatory approvals and is expected to be effective January 1, 2023.

The companies have also agreed to a funding mechanism to support PENN’s pursuit of relocation and development opportunities at several of the properties included in the new master lease. (“PENN”) (Nasdaq: PENN) for seven of PENN’s current properties. (“GLPI” or the “Company”) (Nasdaq: GLPI) announced today that it agreed to create a new master lease with PENN Entertainment, Inc. 10, 2022 (GLOBE NEWSWIRE) - Gaming & Leisure Properties, Inc. New Master Lease to Support Growth Opportunities for PENNĭriven by Property Relocations and Additional Development

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