Transaction will transition the former Hollywood Joliet site, which was vacated in September 2025 by Penn Entertainment after it opened the new Hollywood Joliet property

Gaming and Leisure Properties (GLPI) is making its first investment outside the gaming sector by expanding into the industrial and logistics space.

The company has entered into definitive agreements to form a joint venture with New York-listed real estate investment trust Prologis to develop the former Hollywood Casino Joliet site in Illinois.

GLPI will contribute the 262-acre parcel at 777 Hollywood Boulevard in Joliet to the joint venture in three phases, and Prologis will serve as the managing member and developer of the site.

Subject to review and approval by the City of Joliet, Prologis intends to develop the site into a modern Class A warehouse and distribution park, which is anticipated to consist of five building structures totalling more than 3.8 million square feet when completed.

The project is expected to be developed over approximately five years, in three phases, with Prologis holding options over the development of phases two and three.

“We are pleased to partner with Prologis, a leader in the logistics real estate space, in this joint venture,” said GLPI chairman and CEO Peter Carlino. “We see considerable value in this development, as we contribute and monetize our expansive Joliet land parcel, and benefit from the expertise of Prologis in the development of this coveted site.”

The deal represents the first joint venture for GLPI, and its first investment outside of the gaming sector.

“We are excited to partner with GLPI on this project,” said Josh Zemon, senior vice president and investment officer for Prologis. “The site offers exceptional location and access, and we see a strong opportunity to create a modern logistics campus that supports the local economy and businesses looking to operate in Joliet.

“We look forward to working with GLPI, the City of Joliet, and the community as we move through the development process.”

Shares in Gaming and Leisure Properties Inc. (NASDAQ:GLPI) closed 0.93 per cent lower at $38.45 per share in New York Wednesday.