Gaming and Leisure Properties (GLPI) is a REIT that owns the real estate underlying casino and gaming facilities across the U.S. GLPI does not operate casinos — it owns the land and buildings and leases them back to gaming operators under triple-net (NNN) leases, where tenants cover all property costs including maintenance, taxes, and insurance. GLPI was spun out of PENN Entertainment in 2013 and has since grown into the second-largest gaming REIT in the U.S., with interests in 69 facilities across 20 states. The portfolio is concentrated in regional, drive-to gaming markets. GLPI's five largest tenants — PENN, Caesars, Boyd, Bally's, and Cordish — account for roughly 97% of cash rent, with PENN alone representing 34 of the 69 properties. GLPI grows rent through contractual annual escalators, periodic resets tied to tenant revenues, sale-leaseback acquisitions, and development funding. In development deals, GLPI funds hard construction costs that convert to rent once a project opens. Active projects include the Bally's Chicago casino resort and several tribal gaming developments. GLPI is also expanding into tribal gaming, using its UPREIT structure to allow tribes to contribute land in exchange for partnership units rather than a taxable cash sale. As a REIT, GLPI distributes at least 90% of taxable income to shareholders and relies on debt and equity markets to fund growth.