Key Takeaways
- • Gaming and Leisure Properties (NASDAQ: GLPI) entered definitive agreements on October 28, 2026 to form a joint venture with Prologis, Inc. (NYSE: PLD) to develop the former Hollywood Casino Joliet site, according to a GLOBE NEWSWIRE release.
- • GLPI will contribute the 262-acre parcel at 777 Hollywood Boulevard in Joliet, Illinois to the joint venture in three phases, while Prologis serves as managing member and developer.
- • The planned project is a Class A warehouse and distribution park of five buildings totaling more than 3.8 million square feet, expected to be developed over roughly five years, subject to City of Joliet approval.
- • The deal is GLPI's first joint venture and its first investment outside the gaming sector, marking its entry into industrial and logistics real estate.
Summary
Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) announced on October 28, 2026 that it has entered into definitive agreements to form a joint venture with Prologis, Inc. (NYSE: PLD) to develop the former Hollywood Casino Joliet site, according to a GLOBE NEWSWIRE press release published via The Manila Times. Under the arrangement, GLPI will contribute the 262-acre parcel at 777 Hollywood Boulevard in Joliet, Illinois in three phases, and Prologis will act as managing member and developer.
Prolologis intends to develop the site, subject to review and approval by the City of Joliet, into a modern Class A warehouse and distribution park. At completion, the project is currently anticipated to comprise five building structures totaling more than 3.8 million square feet. Development is expected to take approximately five years across three phases, with Prologis holding options over the development of phases two and three.
The transaction is significant for GLPI as its first joint venture and its first investment outside the gaming sector. The site was vacated in September 2025 by Penn Entertainment, Inc., which opened a new Hollywood Joliet property. The parcel sits along Interstate 80, one of the nation's premier logistics corridors.
GLPI Chairman and CEO Peter Carlino said the company sees considerable value in the development, as it contributes and monetizes its Joliet land parcel while benefiting from Prologis's expertise. Josh Zemon, SVP and Investment Officer at Prologis, said the company sees a strong opportunity to create a modern logistics campus supporting the local economy.
The company's forward-looking statements flag risks including the satisfaction of closing conditions for each phase, the possibility that Prologis does not exercise its options on phases two and three, construction and cost risks, GLPI's non-controlling interest position, and REIT qualification requirements. Completion depends on receipt of necessary City of Joliet and other governmental approvals.
Prolologis intends to develop the site, subject to review and approval by the City of Joliet, into a modern Class A warehouse and distribution park. At completion, the project is currently anticipated to comprise five building structures totaling more than 3.8 million square feet. Development is expected to take approximately five years across three phases, with Prologis holding options over the development of phases two and three.
The transaction is significant for GLPI as its first joint venture and its first investment outside the gaming sector. The site was vacated in September 2025 by Penn Entertainment, Inc., which opened a new Hollywood Joliet property. The parcel sits along Interstate 80, one of the nation's premier logistics corridors.
GLPI Chairman and CEO Peter Carlino said the company sees considerable value in the development, as it contributes and monetizes its Joliet land parcel while benefiting from Prologis's expertise. Josh Zemon, SVP and Investment Officer at Prologis, said the company sees a strong opportunity to create a modern logistics campus supporting the local economy.
The company's forward-looking statements flag risks including the satisfaction of closing conditions for each phase, the possibility that Prologis does not exercise its options on phases two and three, construction and cost risks, GLPI's non-controlling interest position, and REIT qualification requirements. Completion depends on receipt of necessary City of Joliet and other governmental approvals.
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