Gaming and Leisure Properties : GLPI CORPORATE OVERVIEW

GLPI

Investor Presentation

November 2024

Confidential - For Discussion & General Information Purposes Only

Gaming & Leisure Properties, Inc. Overview

GLPI is a REIT that owns a Geographically Diversified Portfolio of High-Quality Regional Gaming Assets

Fast Facts 1

66

20

Properties

States

29.0M

6.4K

14.9K

Property Sq.

Acres Owned or

Hotel Rooms

Footage

Leased

Snapshot

High-Quality, Nationwide Portfolio of Premier Gaming Assets

Sources: Company Filings and CoStar. Market data as of 11/15/2024. 1. Represents GLPI's owned property metrics as of 9/30/2024. Announced Bally's investments Kansas City, and Shreveport not included given closing hasn't yet occurred.

3

High Quality Real Estate Portfolio

The quality and relevance of our portfolio is demonstrated by the solid property performance of our market leading properties:

A

Ameristar Black

Hawk1

#1 Casino in Colorado

B

Ameristar Kansas City #1 Casino in Kansas City

C

Ameristar St. Charles #1 Casino in St. Louis

D

Hollywood Casino

Toledo

#1 Casino in Toledo

E

Hollywood Casino

Columbus

#1 Casino in Columbus

Charles Town

#1 Casino in WV

#1

A

B

#1#1 #1

C

#1 H

#1

I

#1#D1

E

#1

#1 G

F

Denotes #2 ranked casino in respective market

Denotes a property with no competitor within 60 minutes

Sources: Company filings and State gaming commissions. Note: Based on 2023 annual gaming revenues as reported by each respective gaming commission. Market is defined

as a 60-minute drive time. Number of gaming positions is used to rank properties in states that do not report property level gaming revenue (MS, NV, CO, NM). 1. Gaming

4

revenue is not reported by property in these states.

Strength & Durability Through Diversification

Diversification across states / licensing jurisdictions is a key factor in ensuring the durability of our cash flow. Our footprint across 20 states diversifies our portfolio across the country.

Represents GLPI's owned property metrics as of 9/30/2024 per Company Filings.

Announced Bally's investments Kansas City, and Shreveport not included given closing hasn't yet occurred.

Penn Entertainment

Queen Casino & Entertainment

Boyd Gaming

Caesars Entertainment

Bally's Corporation

The Cordish Companies

Hard Rock Rockford

American Racing & Entertainment

Strategic Gaming

5

Tenant Strength Enhances Cash Flow Durability

Our Major Tenants are Credit Worthy Public Companies with: Balance Sheet Wherewithal, Institutional Quality Operational Platforms, Extensive Experience, and Established Brands.

A leading U.S. regional gaming operator of 43 gaming entertainment properties across 20 states, with approximately $6.4 billion in 2023 revenue 1

Enterprise Value:

$13.6 Billion +2

Equity Market Cap:

$3.1 Billion +2

Enterprise Value:

$9.9 Billion +2

Equity Market Cap:

$6.4 Billion +2

A highly-respected operator

of a large and diversified portfolio of 53 domestic gaming assets across 18 states, with approximately $11.5 billion in 2023 revenue 1

Enterprise Value:

$32.6 Billion +2

Equity Market Cap:

$7.8 Billion +2

A growing and respected operator of a diversified portfolio of 17 gaming assets across 11 states, with approximately $2.4 billion in 2023 revenue 1

Enterprise Value:

$5.5 Billion +2

Equity Market Cap:

$700 Million +2

Master Lease payments are not subject to debt subordination or restricted payment limitations.

In order to cease Master Lease payments, we expect that a tenant would be required to reject the portfolio of leases via bankruptcy, vacate all leased properties, and participate in a sale process to transition the gaming license to a successor tenant.

Source: Company filings and Bloomberg market data. 1. Descriptive information from company websites or company sources, Bally's property count inclusive of development projects near State College, PA and Chicago. 2. Market data as of 11/15/2024.

6

Superior Master Lease Characteristics

Lease Characteristic

GLPI Checks All the Boxes

Achieves High

Occupancy Rate

• GLPI has operated at 100% occupancy since inception

• Master lease requires tenant to sell all operating assets and relinquish gaming license to new tenant

Minimizes Period a

Vacated Property

In the event a tenant does not elect to renew a lease, lease mechanics provide a time frame for tenants to sell their

Remains with No Tenant

operating assets without disrupting the lease stream to GLPI or the gaming tax revenue to the host state

Minimizes Period a

Property is Not Operated

after Lease Signing

Only a greenfield project would require a delay - all other leased properties have demonstrated no operational impact

• Casino remodeling is generally done in phases with limited impact to operations

Maximizes the Likelihood

that the Property

Remains Open in a

State governments are incentivized by tax revenue and employment to help casinos stay open and operational

Downside Scenario

All or None Terms Protect Against Cherry Picking

Uniquely High Level of

Transparency

GLPI reports rent coverage metrics to provide a clear indication of tenant credit quality

• Certain state jurisdictions report gaming revenue performance monthly

GLPI's assets and lease terms provide significant stability of rental income

Sources: Company Filings 1. The Boyd Corporation master lease does not have a parent guarantee but has a higher default coverage ratio of 1.4x as well as a subsidiary

guarantee by entities that operate the properties. The Cordish Companies leases do not have a parent guaranty, but each maintains a subsidiary guaranty by entities that

operate the properties.

7

Master Leases Offer Long-Term Stability

GLPI's Lease Terms Provide Enhanced Rent Stability & Protection Over Long Lease Terms

Amended

Amended PNK

2023

Caesar's

BYD

BALY

Queen

The Cordish

Strategic

PENN

PENN

PENN

Entertainment

Gaming

& Casino

Companies

Management

14

12

7

5

3

8

4

2

3

Property Count

9

8

4

2

6

3

1

2

Number of States

5

Next Renewal /

2033

2031

2033

2038

2026

2036

2036

2061

2049

Additional Renewal

15 years

20 years

15 years

20 years

25 years

20 years

20 years

21 years

20 years

Term

Guarantee from

Guarantee from

Corporate Guarantee

Master Lease

Master Lease

Subsidiary

Subsidiary

Default Adjusted

1.10x

1.20x

1.10x

1.20x

1.40x

1.20x

1.40x

1.40x

1.40x 2

Rent to Revenue

Coverage

Coverage Ratio at

2.19x

1.90x

1.94x

1.97x

2.59x

2.08x

2.24x

2.32x

NA

June 30, 2024 1

Sources: Company filings. Note: Belterra (Ohio), Horseshoe St. Louis, Tropicana Las Vegas (cross defaulted with Bally's master lease), Hollywood Casino Morgantown, Live! Casino

reached.

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Commercial Casino Gaming Taxes are Critical and Depended Upon by States

State and local governments have a vested interest in the success of our properties. They rely heavily on gaming tax revenues to support their budgets

Illustrative Gaming Taxes, Year Ended 2023

Commercial

Direct

State

Gaming

Gaming Tax

Consumer

Revenue by

Spend ($M)

State ($M)

Pennsylvania

$5,864

$2,319

Ohio

$3,319

$929

Maryland

$2,496

$883

Michigan

$3,581

$821

New Jersey

$5,778

$691

Louisiana

$2,696

$603

Illinois

$2,523

$570

Rhode Island

$707

$357

Highest Stated Gaming Tax Rates by State 1

Nevada

6.8%

South Dakota

9.0%

Mississippi

12.0%

New Jersey

17.5%

Nebraska

20.0%

Colorado

20.0%

Arkansas

20.0%

Missouri

21.0%

Iowa

22.0%

Kansas

27.0%

Michigan

28.0%

Virginia

30.0%

Ohio

33.5%

Average

33.9%

Florida

35.0%

Louisiana

36.0%

Indiana

40.0%

Maine

46.0%

New Mexico

46.3%

Massachusetts

49.0%

Oklahoma

50.0%

Illinois

50.0%

West Virginia

53.5%

Pennsylvania

55.0%

Delaware

56.0%

Maryland

61.0%

New York

65.0%

Rhode Island

74.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

Sources: State Gaming Commissions; American Gaming Association - State of States 2024; Fantini research; Wells Fargo Securities. 1. Includes states with land-based

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commercial casino gaming operations.

Demonstrated Durability of Regional Gaming Markets: GFC Case Study 2007-2010

GLPI's Regional Markets Have Proven More Profitable And Stable During a Major Downturn Than The Las Vegas Market

Gaming Adj. EBITDA Growth 1 (%)

Rent Coverage 1

PENN

PNK 2

Vegas 3

Vegas Adj.4

2007

2008

2009

2010

2007

0.00%

(1.30%)

2.0x

(5.00%)

(10.00%)

1.8x

(15.00%)

(17.00%)

1.6x

(20.00%)

(25.00%)

1.4x

(30.00%)

(35.00%)

1.2x

(40.00%)

(42.80%)

1.0x

(45.00%)

(47.10%)

(50.00%)

0.8x

PENN

PNK 2

Vegas 3

Vegas Adj.4

2008

2009

2010

1.9x

1.6x

1.1x

1.0x

Source: Company Filings. Note: Excludes corporate overhead and includes the impact from smoking bans and cannibalization. 1. Excludes BYD because BYD assets were owned

by PNK. Excludes Tropicana because it predominantly consisted of Atlantic City portfolio at that time. Assumes rent was at the same terms as existing master leases during the

10

time period shown. 2. Excludes St. Louis and Ameristar assets. 3. Includes Las Vegas assets for CZR, LVS, MGM (excluding City Center due to negative Adjusted EBITDA) and

WYNN. 4. Same as Vegas, adjusted to account for an assumed 4% cost of capital on $4.1bn of capital expenditures related to Palazzo and Encore.

Disclaimer

Gaming and Leisure Properties Inc. published this content on November 18, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 18, 2024 at 22:28:33.912.