Gaming and Leisure Properties partners Prologis on Joliet site redevelopment

Gaming and Leisure Properties (NASDAQ: GLPI) announced a joint venture with Prologis (NYSE: PLD) that covers redeveloping the old Hollywood Casino Joliet property in Illinois. For the casino landlord, this marks both its first joint venture and its first deal beyond the gaming industry. The two sides did not reveal the financial terms.

Under the arrangement, Gaming and Leisure Properties will contribute the 262-acre parcel at 777 Hollywood Boulevard in Joliet to the joint venture in three phases. Prologis will act as managing member and developer, will develop the site over five years, and holds options over phases two and three, according to the company statement. Prologis intends to convert the site into a distribution and warehouse hub.

Hollywood Casino Joliet relocated in August 2025, a move that saw Penn Entertainment (NASDAQ: PENN) put $185 million into the new property, and Gaming and Leisure also owns that venue's real estate. The original Joliet casino site's real estate came to Gaming and Leisure in 2013, at the time of its spin-off from the casino operator.

Cushman & Wakefield, which listed the former casino site, said Gaming and Leisure Properties preferred a long-term ground lease or a joint venture to an outright sale. The property is already annexed, with most parcels carrying I-2 Industrial Zoning, and sits near the BNSF and Union Pacific intermodals and Interstates 80 and 55, according to the listing agent.

Gaming and Leisure Properties leases 71 gaming venues across 21 states, with Penn and Bally’s together accounting for 50 of those properties. The company said it is not currently experiencing issues collecting rent from its clients.