Gaming and Leisure Signs Deal with Prologis for Former Casino Land

Casino landowner Gaming and Leisure Properties (NASDAQ: GLPI) has announced a joint venture with industrial real estate company Prologis (NYSE: PLD) for the former Hollywood Casino Joliet site in Illinois. The deal is GLPI's first joint venture and its first transaction outside the gaming sector.

As the world's largest industrial real estate company, Prologis plans to turn the former casino site into a distribution and warehouse center. GLPI will contribute the 262-acre parcel at 777 Hollywood Boulevard to the joint venture in three phases. Prologis will manage and develop the site and expects to complete the development within five years.

Penn Entertainment (NASDAQ: PENN), which operates Hollywood Casino Joliet, moved the regional casino to its new location in August 2025 and spent 185 million dollars on the investment. The land for the new facility also belongs to GLPI. Market commentators say the move went well. GLPI acquired the former site in 2013, when Penn left it.

Cushman & Wakefield, the firm that marketed the property, said GLPI preferred a long-term lease or joint venture over selling its land outright. The advisory firm noted that most of the site is zoned for industrial use and is located near two major rail intermodal terminals. Prologis is likely to demolish the existing casino building.

GLPI is diversifying its portfolio, following its rival VICI Properties. The company has 71 gaming facilities across 21 states. It is not experiencing any problems collecting rent from its tenants. However, investors in publicly traded casino real estate funds are placing increasing importance on transaction activity and tenant diversification.