Gaming and Leisure Properties : Company Overview

Investor Presentation

March 2024

Confidential - For Discussion & General Information Purposes Only

Forward Looking Statements

This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of forward- looking terminology such as "expects," "believes," "estimates," "intends," "may," "will," "should" or "anticipates" or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward-looking statements are inherently subject to risks, uncertainties and assumptions about us and our subsidiaries, including risks related to the following: (i) our belief that there are near- and longer-term cases for us to further support tenants with innovative financing, capital and development structures in an accretive, prudent manner; (ii) our expectation to see continued financial growth, reflecting our recent portfolio expansions, recently completed transactions and contractual rent escalators; (iii) our expectation that our disciplined capital investment approach, combined with our focus on stable and resilient regional gaming markets, supports our confidence that we are well positioned to further grow its cash dividend and drive long-term shareholder value; (iv) our ability to successfully consummate pending transactions, including the ability of the parties to satisfy various conditions and receive required regulatory approvals; (v) the potential negative impact of ongoing high levels of inflation (which have been exacerbated by the armed conflict between Russia and Ukraine and may be further impacted by recent events in the Middle East) on our tenants' operations; (vi) the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease those properties on favorable terms; (vii) the ability to receive, or delays in obtaining, the regulatory approvals required to own and/or operate our properties, or other delays or impediments to completing acquisitions or projects; (viii) GLPI's ability to maintain its status as a real estate investment trust ("REIT"); (ix) our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to us; (x) the impact of our substantial indebtedness on our future operations; (xi) changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and (xii) other factors described in GLPI's Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the SEC.

Other unknown or unpredictable factors may also cause actual results to differ materially from those projected by the forward-looking statements. Most of these factors are difficult to anticipate and are generally beyond the Company's control. Given these uncertainties, you should not place undue reliance on these forward-looking statements. You should consider the areas of risk described above in connection with considering any forward-looking statements that may be made by the Company generally and any forward-looking statements that are contained in this presentation specifically. The Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required to do so by law.

2

Gaming & Leisure Properties, Inc. Overview

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

Fast Facts 1

6219

PropertiesStates

Snapshot

• Total Enterprise Value: $18.3 Billion
• GLPI is the most geographically diversified owner of gaming assets in the country, with the largest number of gaming assets owned

29.0M		6.4K		14.9K
Property Sq.		Acres Owned or		Hotel Rooms
Footage		Leased

• Collected 100% of rents during COVID
• Approximately 88% of GLPI's rent comes from premier publicly traded gaming companies PENN, BYD, CZR, and BALY1

High-Quality, Nationwide Portfolio of Premier Gaming Assets

Sources: Company Filings, Earnings Releases, and CoStar. Market data as of 2/29/2024. 1. Represents GLPI's owned property metrics as of 2/29/2024, inclusive of the Tioga Down Casino Resort Acquisition completed February 6, 2024

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:

1. Ameristar Bally's Black Hawk North, East, and West1 #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

1. Hollywood Casino at
   Charles Town

#1 Casino in WV

1. Ameristar Vicksburg1 #1 Casino in Central Mississippi

#1

A

B

#1

D

#1

#1

#1 #1 E

#1

#1 G

1. Hollywood Casino at
   Penn National Race Course
   #1 Casino in Central PA

1. L'Auberge Baton Rouge#1 Casino in Baton Rouge

C

#1 H

#1

I

Denotes #2 ranked casino in respective market

Denotes a property with no competitor within 60 minutes

Sources: Company filings, Earnings Releases 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	4
(MS, NV, CO, NM). 1. Gaming 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 19 states diversifies our portfolio across the country.

Penn Entertainment

Queen Casino & Entertainment

Boyd Gaming

Caesars Entertainment

Bally's Corporation

The Cordish Companies

Hard Rock Rockford

American Racing & Entertainment

Sources: Company Filings and Earnings Releases as of 12/31/23 pro forma for the inclusion of Tioga Downs closed 2/6/24

5

Tenant Strength Enhances Cash Flow Durability

Our Major Tenants are Credit Worthy Public Companies with: Strong Balance Sheets, 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:

$13.2 Billion +2

Equity Market Cap:

$2.8 Billion2

A leading multi-

jurisdictional operator of 28 gaming entertainment properties across 10 states, with approximately $3.7 billion in 2023 revenue 1

Enterprise Value:

$9.7 Billion +2

Equity Market Cap:

$6.3 Billion2

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:

$34.3 Billion +2

Equity Market Cap:

$9.4 Billion2

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:

$5.1 Billion +2

Equity Market Cap:

$512 Million2

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, earnings releases, 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. Rounded, market data as of 2/29/2024.

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 to new tenant, and transfer gaming license
				
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 Downside Scenario



• • Governments have incentives to help casinos succeed
• Governments want to protect their receipt of gaming taxes and employment provided by casinos

	
All or None Terms
Protect Against Cherry	• We believe cross-collateralization eliminates the risk of being forced to make a concession to a single property facing
Picking	difficulties
	• Obligations under the master lease are guaranteed by the operators' parents 1

Uniquely High Level of		
Transparency	•	GLPI reports rent coverage metrics which provides a clear indication of the 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 and Earnings Releases. 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
PENN	PENN	PENN

Queen

Entertainment

& Casino

The Cordish Companies

Property Count	14	12	7	5	3	8	4	2
	9	8		4	2	6	3	1
Number of States	5
Next Renewal /	2033	2031	2033	2038	2026	2036	2036	2061
Additional Renewal
15 years	20 years	15 years	20 years	25 years	20 years	20 years	21 years
Term
					Guarantee from			Guarantee from
Corporate Guarantee
Master Lease	Master Lease
					Subsidiary			Subsidiary
Default Adjusted Rent	1.10x	1.20x	1.10x	1.20x	1.40x	1.20x	1.40x	1.40x
to Revenue Coverage
Coverage Ratio at	2.28x	2.01x	1.95x	2.18x	2.75x	2.23x	2.21x	2.28x
September 30, 2023 1

Sources: Company filings and Earnings Releases. Note: Belterra (Ohio), Horseshoe St. Louis, Tropicana Las Vegas (cross defaulted with Bally's master lease), Hollywood Casino Morgantown, Live! Casino & Hotel Maryland, Hard Rock Rockford, and Tioga Downs lease terms not shown as they are single asset leases. 1. Tenants report coverage 1 quarter in arrears.

8

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

• The importance of gaming property taxes to state and local economies provides an added layer of credit protection that other real estate sectors do not provide
• Protected, limited license jurisdictions tend to have much higher tax rates. The more "protected" the competitive landscape, often the higher the tax rate, and the higher the alignment of interests in ensuring the longevity and durability of the business
• To better demonstrate the financial impact, the gaming tax revenue paid in each of the top 7 limited license jurisdiction states in which GLPI owns properties

Illustrative Gaming Taxes, Year Ended 2022

Highest Stated Gaming Tax Rates by State 1

	Commercial	Direct
State	Gaming	Gaming Tax
Consumer	Revenue by
	Spend ($M)	State ($M)
Pennsylvania	$5,343	$2,207
Maryland	$2,200	$854
Ohio	$2,332	$780
Michigan	$3,258	$733
New Jersey	$5,211	$612
Louisiana	$2,593	$601
Illinois	$2,143	$495
Rhode Island	$688	$345

Nevada

South Dakota

Mississippi

New Jersey

Nebraska

Colorado

Arkansas

Missouri

Iowa

Kansas

Michigan

Virginia

Ohio

Average

Florida

Louisiana

Indiana

Maine

New Mexico

Massachusetts

Oklahoma

Illinois

West Virginia

Pennsylvania

Delaware

Maryland

New York

Rhode Island

0.0%

6.8%

9.0%

12.0%

17.5%

20.0%

20.0%

20.0%

21.0%

22.0%

27.0%

28.0%

30.0%

33.5%

33.9%

35.0%

36.0%

40.0%

46.0%

46.3%

49.0%

50.0%

50.0%

53.5%

55.0%

56.0%

61.0%

65.0%

74.0%

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 2023; Fantini research; Wells Fargo Securities. 1. Includes states with land-based	9
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

Sources: Company Filings and Earnings Releases. 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	10
master leases during the 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.