GLPI forms Prologis joint venture to redevelop former Joliet casino site

GLPI has signed definitive agreements with Prologis, a real estate investment trust listed in New York, to create a joint venture that will develop the former Hollywood Casino Joliet site in Illinois. The 262-acre parcel at 777 Hollywood Boulevard in Joliet will be contributed by GLPI in three phases, while Prologis takes the roles of managing member and developer. For GLPI, the deal is both a first joint venture and a first move beyond gaming.

Prologis plans to turn the site into a modern Class A warehouse and distribution park, pending review and approval by the City of Joliet. Once finished, it is anticipated to comprise five building structures with a combined total of more than 3.8 million square feet. Development is expected to take roughly five years across three phases, and Prologis holds options over phases two and three.

Penn Entertainment left the property empty in September 2025, once its new Hollywood Joliet property had opened.

GLPI chairman and CEO Peter Carlino said the company was pleased to partner with Prologis, describing it as a leader in the logistics real estate space. Carlino said GLPI sees considerable value in the development, as it contributes and monetizes its Joliet land parcel and benefits from Prologis's expertise in developing the site.

Gaming and Leisure Properties Inc. (NASDAQ:GLPI) ended Wednesday's New York trading at $38.45 per share, a decline of 0.93 per cent.