Gaming & Leisure Properties Business Summary

Gaming & Leisure Properties, Inc. (GLPI) operates as a self-administered real estate investment trust (REIT) that generates revenue primarily through long-term, triple-net lease (NNN) arrangements. Under this model, tenants—including major gaming operators such as PENN Entertainment, Caesars Entertainment, Boyd Gaming, and Bally’s Corporation—are responsible for all property-related expenses, including taxes, insurance, and maintenance, ensuring GLPI maintains high-margin, predictable rental income. The company’s primary business segment is its real estate portfolio, which as of early 2026 consists of 69 gaming and related facilities across more than 20 states. GLPI occupies a unique market position as the first gaming-focused REIT in North America, prioritizing geographically diverse regional assets to mitigate localized economic risks. Its primary direct competitors include VICI Properties, which maintains a more concentrated focus on the Las Vegas Strip, as well as diversified net-lease REITs like Regency Centers (REG) and Broadstone Net Lease (BNL). Founded in 2013 as a spin-off from Penn National Gaming, GLPI is led by Chairman and CEO Peter M. Carlino, who brings over 30 years of industry pedigree as the former CEO of PENN. The core leadership team includes President and COO Brandon Moore, who was promoted to the presidency in late 2024 after serving as the firm's General Counsel, and CFO Desiree A. Burke, who has overseen the company’s financial strategy since the 2022 transition. In August 2025, the executive suite was expanded with the appointment of Carlo Santarelli as SVP of Corporate Strategy and Investor Relations, a move aimed at leveraging his extensive background in gaming equity research. The company’s governance was further bolstered in December 2025 by the appointment of independent director Michael Borofsky to the Board. GLPI is backed by significant institutional capital, with major shareholders including The Vanguard Group, BlackRock, and Dodge & Cox, reflecting strong market confidence in its specialized REIT model.