Gaming and Leisure Properties Scores First Non-Gaming Deal With Old Hollywood Casino Joliet Site

Casino landlord Gaming and Leisure Properties (NASDAQ: GLPI) said today it is entering a joint venture with Prologis (NYSE: PLD) pertaining to the redevelopment of the former Hollywood Casino Joliet site in Illinois. Penn Entertainment’s Hollywood Casino in Joliet, Ill. The casino’s former site will be turned into a warehouse hub. (Image: Penn Entertainment) For Gaming and Leisure, one of the largest owners of casino real estate, the deal is its first joint venture and its first transaction outside of the gaming world. Prologis, the largest industrial real estate company in the world, wants to transition the old casino site into a distribution and warehouse hub. “GLPI will contribute the 262-acre parcel at 777 Hollywood Boulevard in Joliet, Illinois to the joint venture in three phases, and Prologis will serve as the managing member and developer of the site,” according to a statement issued by the casino real estate investment trust (REIT). Financial terms of the deal weren’t disclosed, but Gaming and Leisure notes that Prologis will develop the site over five years and that the industrial REIT holds “options over the development of phases two and three.” Hollywood Casino Joliet Site History Penn Entertainment (NASDAQ: PENN), the operator of Hollywood Casino Joliet, moved the regional casino to its new location in August 2025, investing $185 million in the new venue – the real estate of which is also owned by Gaming and Leisure. By Wall Street’s accounts, the move has been a success. Gaming and Leisure, Penn’s landlord, acquired the real estate of the original Joliet casino site when it was spun-off from the casino operator in 2013. Cushman & Wakefield, the real estate company that listed the former casino site, noted that Gaming and Leisure’s preference was to reach a long-term ground lease on the property or enter into a joint venture rather than selling the property outright. “This is a unique opportunity to acquire a premier development site that is already annexed with the majority of the parcels having I-2 Industrial Zoning in place,” according to Cushman & Wakefield. “The site is perfectly positioned at the doorstep of the BNSF and Union Pacific Intermodals with close proximity to both I-80 & I-55. The site boasts scale, location, and top tier demand fundamentals.” It is likely Prologis will need to demolish the building previously occupied by the casino. Gaming and Leisure Adding Some Diversification Taking a page from the playbook of primary rival VICI Properties (NYSE: VICI) Gaming and Leisure is adding some diversification with the Prologis deal. Gaming and Leisure leases 71 gaming venues across 21 states, with Penn and cash-strapped Bally’s (NYSE: BALY) combining for 50 of those properties. While the casino landlord currently isn’t experiencing any issues collecting rent from its clients, investors are increasingly prioritizing deal and tenant diversification when it comes to listed gaming REITs. The post Gaming and Leisure Properties Scores First Non-Gaming Deal With Old Hollywood Casino Joliet Site appeared first on Casino.org.