GLPI and Prologis Agree to Develop Former Joliet Casino Site Spanning 268.54 Acres
Key Facts
Gaming and Leisure Properties, known by the ticker GLPI, said it had entered into definitive agreements with Prologis to form a joint venture to develop the former Hollywood Casino Joliet site. In a statement published via GlobeNewswire, the company said the agreements pave the way for development of the land occupied by the casino in Joliet, Illinois. The announcement marks the site’s move into a new phase of development after it ceased to serve as the casino’s location. The announcement did not specify the project’s value or a development timetable. The agreement brings together a company that owns and finances real estate leased to gaming operators and a company specializing in industrial and logistics real estate.
The site covers 268.54 acres, according to a property marketing brochure, and is presented as an opportunity for industrial development. The brochure says most parcels carry an I-2 industrial classification. It cites the potential to develop the site for industrial uses, including distribution and manufacturing, without identifying the project as Class A. The brochure also highlights the land’s proximity to BNSF and UP intermodal facilities. It further cites access to the I-55 and I-80 highways, which connect the site to the regional transportation network.
The land became available after Hollywood Casino Joliet moved to a new facility; GLPI funded $130 million for the relocation project on August 1, 2025. The new facility opened on August 11 of the same year, according to the company’s filing with the U.S. Securities and Exchange Commission. PENN Entertainment, the casino’s operator, confirmed that it received all of the funding GLPI had committed to the project before the opening. The move places the timing of the former site’s availability within the transfer of operations to the new facility. The property brochure presents the land as a potential industrial site following the casino’s departure.
The deal reflects part of GLPI’s real estate activity: the company said its portfolio included interests in 71 gaming facilities and one related facility as of June 30, 2026. In its filing, the company described its primary business as owning, financing and leasing real estate to gaming operators. Prologis reported third-quarter 2026 operating results that included signing leases for 60 million square feet. The company said the demand it observed was supported by e-commerce, advanced manufacturing and data center supply chain development. Core funds from operations per diluted share were $1.60 for the quarter, compared with $1.49 in the same period of 2025.
GLPI shares closed at $38.81 in the October 27, 2026, session, while Prologis shares ended the session at $126.47. The prices precede GLPI’s scheduled announcement of third-quarter 2026 results after the market closes on October 29. The company also scheduled a conference call to discuss the results for October 30 at 10:00 a.m. U.S. Eastern time. The results call is scheduled one day after the announcement, putting the company’s financial performance on this week’s calendar. The available information did not include further details on the joint venture’s terms or its expected financial impact.