Gaming and Leisure Properties enters first joint venture with Prologis

First venture outside gaming

Gaming and Leisure Properties (NASDAQ: GLPI) is entering a joint venture with Prologis (NYSE: PLD) for the redevelopment of the former Hollywood Casino Joliet site in Illinois, the casino landlord said. For Gaming and Leisure, the deal is its first joint venture and its first transaction outside of the gaming world.

Prologis, the largest industrial real estate company in the world, wants to transition the old casino site into a distribution and warehouse hub.

Development structure

GLPI will contribute the 262-acre parcel at 777 Hollywood Boulevard in Joliet, Illinois to the joint venture in three phases, and Prologis will serve as the managing member and developer of the site. Gaming and Leisure said that Prologis will develop the site over five years and that the industrial REIT holds options over the development of phases two and three.

Penn Entertainment (NASDAQ: PENN), the operator of Hollywood Casino Joliet, moved the regional casino to its new location in August 2025, investing $185 million in the new venue.

Background

Gaming and Leisure acquired the real estate of the original Joliet casino site when it was spun-off from Penn Entertainment in 2013. The company leases 71 gaming venues across 21 states, with Penn and Bally’s (NYSE: BALY) combining for 50 of those properties.