Gaming and Leisure Properties (GLPI) has provided a project update covering five major developments representing roughly $1.5bn in capital commitments.
The update outlines new funding activity, construction progress, and adjusted timelines across partners Caesars Entertainment, Bally's Corporation, PENN Entertainment, and the Ione Band of Miwok Indians.
For the Caesars Republic Sonoma County project in California, GLPI confirmed that funding has commenced following receipt of a declination letter from the National Indian Gaming Commission.
GLPI funded $45m of a $200m term loan B tranche, as part of a broader $225m commitment. The remaining $180m is a delayed draw term loan priced at 12.5%, with up to $180m convertible into a 45-year sublease at a 9.75% cap rate.
Caesars and the Dry Creek Rancheria broke ground in August 2025, with completion targeted for summer 2027.
Construction continues at Bally's Chicago, where GLPI has now advanced an additional $76m following its initial $125m funding in October.
Approximately $739m remains under GLPI's $940m total commitment. The exterior structure is rising at a pace of about two floors per week.
Bally's Baton Rouge will open its new land-based casino on December 6, replacing the former Belle of Baton Rouge riverboat. GLPI has funded $92.5m of its $111m commitment, with the rental yield set at 9% once the facility begins operations.
In Nevada, PENN Entertainment's M Resort expansion opened ahead of schedule on December 3. GLPI funded $150m at a 7.79% cap rate to support the new hotel tower and conference expansion.
GLPI also confirmed progress on Acorn Ridge, the Ione Band of Miwok Indians' casino project near Sacramento. The company has funded $56.6m of its $110m delayed draw term loan, priced at 11%.
At maturity, the tribe may convert the outstanding balance into a long-term lease. The property remains scheduled to open in February 2026.
GLPI recently expanded its partnership with The Cordish Companies through the purchase of the Live! Casino & Hotel Virginia real estate, alongside a commitment to provide $440m in hard-cost funding.
The transaction marks GLPI's planned entry into its 21st state and signals a development pipeline that is expected to drive further portfolio growth in the years ahead
