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Mar 09, 2015

Gaming and Leisure Properties Offers to Enhance Pinnacle Entertainment's Separation Plan by Acquiring Pinnacle's Real Estate Assets

  • Offer Provides Pinnacle Shareholders Premium Valuation With Stronger Currency, Certainty And Speed Compared To Pinnacle's Own Undeveloped Separation Plan
  • Combined Property Business Would Be Third Largest Triple-Net REIT, With Extensive Scale, Tenancy Diversification And Financial Strength
  • Pinnacle Has Refused To Engage With GLPI And Is Denying Pinnacle Shareholders The Substantial Benefits Of GLPI's Proposed Transaction
  • GLPI Offer Valued at About $36 Per Share, 30% Premium to Current Price, 47% Premium to 30-Day Volume Weighted Average Price, and 59% Premium to Date of GLPI's First Offer

WYOMISSING, Pa., March 9, 2015 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. ("GLPI") (Nasdaq:GLPI) today announced that it has sent a letter to the Board of Directors of Pinnacle Entertainment, Inc. ("Pinnacle") (NYSE:PNK) conveying GLPI's offer to acquire the real estate assets of Pinnacle for GLPI shares in a transaction with an enterprise value of $4.1 billion, including assumption of debt. GLPI's offer is designed to enhance Pinnacle's plan, which was announced in November 2014, to separate its operating business and real estate assets.

The real estate company resulting from the transaction GLPI is proposing would be the third-largest triple-net REIT by enterprise value, with the scale, diversity and financial strength to deliver increased value to both companies' shareholders. Pinnacle's operating business would become a separately traded public company ("OpCo"), as Pinnacle previously announced, and would be operated by its current management and Board of Directors.

Under the GLPI offer, following the spin-off of OpCo, Pinnacle's real estate assets ("PropCo") would be merged into GLPI and OpCo would enter into a mutually agreeable master lease agreement with GLPI. In the transaction, Pinnacle shareholders would receive one share of OpCo common stock and 0.5517 shares of GLPI common stock for each share of Pinnacle they own(1). Pro forma for the transaction, Pinnacle shareholders would own 100% of OpCo and approximately 36 million shares in GLPI, representing an approximate 20% equity interest in the larger, post-transaction GLPI. The transaction is expected to provide Pinnacle shareholders with aggregate value of approximately $36 per share and to close prior to the end of 2015. This value represents a 30% premium to Pinnacle's closing stock price on March 6, 2015, a 47% premium to Pinnacle's volume weighted average price over the last 30 days, and a 59% premium to Pinnacle's price on the date (January 16, 2015) when GLPI made its initial offer to Pinnacle.

"We wholeheartedly agree with Pinnacle's management and Board that the separation of Pinnacle's real estate from its operating business is in shareholders' best interests," said Peter Carlino, Chairman and CEO of Gaming and Leisure Properties, Inc. "Our Company's history and results clearly support this approach. However, four months after announcing its separation plan, Pinnacle has still not provided any specificity regarding its plans, including when, and even whether, it will be able to close, how much equity dilution shareholders will suffer, the financial leverage of each company and the terms of the lease between OpCo and PropCo. Our proposal starts with Pinnacle's fundamental decision to separate into two companies and enhances that approach with a better transaction offering certain and superior value to Pinnacle shareholders and doing so much sooner."

TRANSACTION DETAILS: A SUPERIOR PROPOSAL

With the benefit of its own experience, Gaming and Leisure Properties has structured its proposal to provide a superior transaction to Pinnacle's shareholders:

  • Create One of the Largest Publicly Traded Triple-Net REITs. On a combined basis, the companies' real estate businesses would constitute the third largest US publicly traded triple-net REIT with extensive scale, a diversified tenant base, broad financial resources, and access to far-ranging growth opportunities. On a combined basis, GLPI will have more than twice the assets and cash flows compared to the standalone real estate company proposed by Pinnacle.
  • Deliver Superior Long-Term Shareholder Value. Shareholders have consistently valued the leading REITs at a clear premium to their smaller peers. GLPI's public valuation demonstrates it enjoys such support from established institutional investors. At less than half the size of GLPI, we believe the Pinnacle standalone REIT would be unlikely to attract such preferential valuation.
  • Assured Ability to Close, and Close Quickly. GLPI's proposal is structured as a taxable transaction, and is not reliant, as is Pinnacle's, on a favorable IRS tax ruling. Based on GLPI's direct experience, even if Pinnacle were to obtain an IRS ruling this year, which is highly uncertain, a successful spin-off within the next 12 months is unlikely. Even Pinnacle has admitted the spin-off will not occur until sometime in 2016. In contrast, GLPI expects its transaction would close during 2015.
  • Established Management Team, Without Duplicative Corporate Costs. Pinnacle has yet to identify a senior leadership team to operate the real estate company. In contrast, GLPI's highly experienced management team would direct the operations of the REIT and no new hires would be required, thereby saving material corporate costs that will directly enhance free cash flow.
  • Fully Financed Proposal. GLPI's proposal will be fully underwritten to maintain its optimal capital structure. In contrast, Pinnacle is too highly levered in its current configuration for a separation and, therefore, its transaction is reliant on the future placement of up to $700 million of equity (equivalent to approximately 40% of Pinnacle's current market capitalization).

"In contrast to the major risks, contingencies and delays which we believe are inherent in the Pinnacle standalone plan," said Mr. Carlino, "GLPI's straightforward proposal has a much faster path to completion and much less risk going forward. Our proposed transaction would create both immediate and longer-term value for the shareholders of both companies and enable Pinnacle shareholders to continue realizing the value of its gaming business without suffering the dilution, delay, and uncertainty associated with its current separation plan. Furthermore, our proposal is immediately accretive to GLPI's AFFO(2) per share and results in a conservative leverage profile for both pro forma GLPI and Pinnacle OpCo."

LET SHAREHOLDERS DECIDE WHOSE PLAN FOR SEPARATING PINNACLE IS IN THEIR BEST INTERESTS

GLPI notes that Pinnacle has elected not to provide basic information that would enable Pinnacle's shareholders to evaluate the benefits of its planned separation. In contrast, when GLPI announced its own separation (one year prior to its completion), it provided its shareholders with detailed transaction information, including financial projections for both its OpCo (Penn National Gaming) and PropCo (GLPI), and believes Pinnacle's shareholders have the right to similar information, including:

  • Master Lease key terms, including expected rent structure, adjustment mechanism and coverage
  • Leverage levels of both the operating and real estate entities
  • Prospective management of the REIT
  • Corporate overhead costs
  • Scope of IRS ruling and remaining tax risk to shareholders
  • Tax structure constraints from equity offering on future capital-raising transactions to fund growth
  • Details on the proposed up to $700 million equity capital raise, including whether the reduction in the size of the previously announced offering from up to $1 billion was, as we believe, primarily triggered by a delay in the expected completion of the separation until the second half of 2016
  • Pro forma historical results and forward guidance for each of PropCo and OpCo
  • Guidance on timing, including regulatory approvals which require resolution on a number of the aforementioned items.

Mr. Carlino added, "We have repeatedly tried to engage Pinnacle in a constructive manner regarding our value-creating proposal, and we are disappointed that they have refused to explore our proposal in any meaningful way. We delivered our first written acquisition proposal to the Board on January 16th. That proposal went unanswered for many weeks during which time Pinnacle cancelled scheduled meetings, avoided substantive dialogue, and refused to provide us basic non-competitive information. Very recently, Pinnacle offered to engage, but only on the condition that we enter into a highly restrictive and inappropriate non-disclosure agreement.

Mr. Carlino concluded, "Last week, in a further effort to start a dialogue, we presented Pinnacle a revised, enhanced offer. Notwithstanding the attractiveness of this offer, Pinnacle has again refused to engage, which is why we are bringing our value-enhancing proposal directly to their shareholders. We think all shareholders deserve transparency in considering for themselves the relative merits of Pinnacle's standalone separation versus our proposed transaction. We believe the stone-walling and roadblocks impeding our efforts to enhance Pinnacle's separation should cease. We strongly urge Pinnacle's Board and management to act in the best interests of its shareholders and engage without further delay. We and our financial and legal advisors stand ready to promptly enter into constructive discussions regarding our proposal."

Morgan Stanley is acting as financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal advisor to GLPI.

The full text of the letter is set forth below:

March 9, 2015

Board of Directors
c/o James Martineau, Chairman of the Board
Pinnacle Entertainment, Inc.
3980 Howard Hughes Parkway
Las Vegas, NV 89169

Dear Members of the Board:

We have made repeated efforts since December to engage with Pinnacle in a confidential and productive dialogue regarding a strategic transaction between our two companies. On January 16th, we submitted our first written proposal which detailed specific terms for an acquisition by GLPI of Pinnacle's real estate assets, the same assets that you have already elected to separate from Pinnacle. More than seven weeks later, and after further improving the economics of our proposal, Pinnacle continues to refuse to engage with us. Instead, we have been subjected to a variety of delay tactics designed to impede what is a very attractive transaction for your shareholders.

As you know, Pinnacle announced a plan to separate its real estate assets from its operating business in November 2014 in response to shareholder pressure and following the innovative and highly successful spin-off of GLPI from Penn National Gaming in 2013. As you highlighted to your shareholders on your recent earnings call, the Pinnacle plan was announced prior to seriously assessing the complexity of creating a REIT as a tax-free spinoff from an operating company. The initial reaction to your announcement and the material changes in your separation assumptions in the months since you announced your plan has created uncertainty and volatility in your share price. Speaking from our own experience, the significant milestones you still need to achieve in your plan involve many variables and the complexity and amount of time required to consummate your plan cannot be underestimated. The GLPI proposal is simple: we seek to eliminate many of these variables, expedite your timeline to completion and provide greater value to your shareholders.

The history of Pinnacle's failure to engage with us paints a clear but disconcerting picture. On February 5th, at your request, we delivered an in-depth presentation that detailed both the assumptions underpinning our January 16th written proposal and the financial and strategic superiority of our proposal. Subsequently, with no explanation, your chief executive officer cancelled the long-planned in-person meeting with me on February 18th, which had been scheduled on the date he requested. In a further effort to initiate a dialogue, we then offered to refine our proposal based on receipt of certain very limited non-competitive information from Pinnacle (focusing on the tax basis of Pinnacle's real estate and operating assets and the available utilization of its net operating losses). Rather than provide this very limited and non-competitive information, which Pinnacle has told us is readily available, Pinnacle instead insisted on a highly restrictive and inappropriate non-disclosure agreement as a new pre-condition to any substantive meeting or engagement. In response, we offered to enter into, and delivered a draft of, an appropriate (in the context of the limited nature of the information requested and the transaction proposed) non-disclosure agreement. Pinnacle again refused to engage.

Last week, in a further effort to start a dialogue, we presented Pinnacle a revised, enhanced offer. Despite our good faith overtures and a transaction that would deliver to your shareholders value, certainty and speed which are superior to Pinnacle's current separation plan, your Company still refuses to engage. Pinnacle's continued creation of impediments to our offer has compelled us to conclude that your Board has no intention of exploring our superior proposal. As a result, we have been left with no other choice but to advise your shareholders directly of our offer and seek their assistance in pursuing it.

Our proposal is fully endorsed by our senior management team and has been unanimously approved by GLPI's Board of Directors. We remain fully committed to pursuing this transaction and, in the paragraphs below, we (i) detail the key terms of our enhanced proposal, (ii) reiterate the multiple advantages our proposal offers compared to your standalone plan, and (iii) discuss next steps for making this mutually beneficial transaction a reality.

Key Terms of Our Proposal

GLPI proposes that Pinnacle spin off its gaming operations into a new publicly traded corporation ("OpCo") and then merge the Company's real estate assets ("PropCo") into GLPI, which would include the assumption of Pinnacle's remaining existing indebtedness. Concurrent with the merger of PropCo, OpCo would enter into a Master Lease Agreement with GLPI on terms mutually agreeable to both parties.

In the transaction, Pinnacle shareholders would receive one share of OpCo common stock and 0.5517 shares of GLPI common stock for each share of Pinnacle they own(1). This would equate to GLPI acquiring the real estate assets of Pinnacle for approximately 36 million GLPI shares in a transaction with an enterprise value of $4.1 billion (assuming 2015E property EBITDAR of $680 million and 1.90x property EBITDAR lease coverage at OpCo). As a result of the transaction, Pinnacle shareholders would own 100% of OpCo and approximately 20% of an enlarged GLPI after giving effect to the merger. We have assumed that OpCo incurs leverage of 4.5x debt-to-EBITDA (net of lease payments to PropCo), with all remaining Pinnacle existing indebtedness being refinanced by GLPI. We would be prepared to enter into a definitive agreement without any financing condition and are confident in our ability to secure committed financing through the access we have to the leading financial and lending institutions, including our financial advisor Morgan Stanley. While our current proposal contemplates that Pinnacle shareholders receive solely GLPI shares as a form of consideration, we would be amenable to altering the form of transaction to also include cash consideration, should your shareholders desire.

GLPI is also open to exploring any alternative structural arrangements that more efficiently optimize the use of Pinnacle's tax basis and net operating losses, or otherwise create more value for your shareholders. With access to select, non-competitive diligence information, we would be able to quickly determine the optimal structure.

Key Advantages of our Proposal

We have devoted significant time and resources, both internal and external, to assessing this transaction and we continue to believe that we have the experience, resources, financial wherewithal and market credibility to successfully deliver a transaction with a compelling strategic rationale and that provides Pinnacle shareholders with superior value creation, greater transaction certainty, a faster path to completion, and reduced management burden.

  • Compelling strategic rationale: On a combined basis, the companies' real estate businesses would constitute the third largest US publicly traded triple-net REIT with extensive scale, a diversified tenant base, broad financial resources, and access to far-ranging growth opportunities (including outside of the gaming industry). On a combined basis, GLPI would have more than twice the assets and cash flows compared to the standalone real estate company proposed by Pinnacle, with more efficient and cheaper access to the capital markets.
  • Superior value creation: Based on today's market multiples and conservative assumptions for pro forma business performance, we would expect our proposal to provide Pinnacle shareholders with aggregate value of $35.77 per share at closing (detailed in Appendix A), which represents a 30% premium to the Company's current share price of $27.42, a 47% premium to the volume weighted average price of $24.34 for the last 30 days and a 59% premium to Pinnacle's price on the date when GLPI made its first offer to Pinnacle (January 16, 2015). 

    This transaction will be well understood and rewarded by the market and, post-merger, we believe GLPI will have a stronger, more stable currency and trade at a quantifiable premium to standalone Pinnacle PropCo. As you know, valuation multiples for REITs are closely correlated to the diversification and size of their lease streams, access to capital and ability to pursue growth opportunities. Consequently, the value proposition to Pinnacle shareholders from our proposal is further enhanced over time versus that achievable through your Company's standalone plan; the potential for further valuation upside through a multiple re-rating is real, though not factored into our analysis. 
     
  • Greater transaction certainty: In contrast to the major risks, contingencies and delays which we believe are inherent in Pinnacle's undeveloped standalone separation plan, GLPI's proposal is straightforward and offers substantially less risk. Our proposal would not require the receipt of a private letter ruling from the IRS and the combination of GLPI's existing REIT structure and approvals will mitigate the regulatory uncertainty present in Pinnacle's standalone plan. Furthermore, we would be prepared to enter into a definitive agreement without any financing condition. Our proposal would be fully underwritten to maintain our optimal capital structure. In contrast, Pinnacle is too highly levered in its current configuration for a separation and therefore, your plan is reliant on the future placement of up to $700 million of equity (~40% of Pinnacle's current market capitalization). As detailed in your latest earnings release, Pinnacle has already been required to make material changes to its plan and presumably could be subject to further changes, not least given your Company's absence of financial guidance and macroeconomic uncertainties.
  • Faster path to completion: Our proposal is structured as a taxable transaction. Therefore, unlike the proposed Pinnacle transaction, our proposal is not reliant on nor would it face the challenges inherent in obtaining a favorable IRS tax ruling. In addition, we and/or our principals have been, or are, licensed in each of the jurisdictions where Pinnacle currently has operations. Consequently, we expect to close our transaction in 2015, well in advance of the publicly announced expected completion date of your standalone plan, which you have described as not occurring until sometime in 2016. Even if Pinnacle were to obtain an IRS ruling this year, which is highly uncertain, a successful spin-off within the next twelve months is unlikely.
  • Reduced management burden: The inclusion of our experienced management and resulting elimination of Pinnacle's need to design the separation would allow management to devote its attention to optimizing the performance of Pinnacle's gaming operations. Furthermore, our experienced team eliminates the requirement to identify and appoint senior executive leadership and a new Board of Directors for standalone PropCo, and the substantial incremental corporate costs associated with these new hires. Under our proposal, Pinnacle's current management team and Board of Directors would continue in their respective roles and focus their efforts on building value for Pinnacle OpCo shareholders post-closing

Next Steps

As you will note and as we have reiterated to your management and advisors over the past weeks, we have had to make certain assumptions to form our perspectives on transaction structure. We have sought to obtain from Pinnacle a few very limited and non-competitive diligence items to help us quickly determine whether our structure is optimal. The information we seek is not competitively sensitive and we have been told it is readily available. Additionally, we expressed our willingness to modify our transaction structure as necessary to maximize value. We and our advisors (Morgan Stanley & Co. LLC and Wachtell, Lipton, Rosen & Katz) are ready to commence discussions immediately. We have more experience on gaming REIT tax and transaction issues than any other firm, a unique capability that will greatly benefit your shareholders. 

As would be the case in any M&A transaction, consummation of the transaction is subject to completion of customary due diligence, execution of a definitive merger agreement and receipt of required shareholder and regulatory approvals.

We continue to believe the time is right to move forward and will continue to devote substantial resources to achieving the tremendous potential that combining Pinnacle's real estate assets with GLPI has to offer. We would prefer to discuss and negotiate this transaction with your Board, your management team and your advisors.

In view of the time you have had to study our proposal and its attractiveness, we believe you should respond very promptly and positively to the extraordinary opportunity our proposal offers. We strongly urge you to act in the best interests of your shareholders and to engage without further delay in constructive discussions with us regarding our proposal. 

Very truly yours,
  
Peter M. Carlino                                                                                                              
Chairman of the Board and Chief Executive Officer                                                         
Gaming and Leisure Properties, Inc.

ENCLOSURE: Presentation outlining GLPI's proposal

(1) Pinnacle fully diluted shares outstanding based on 60,244,891 basic shares outstanding as of February 26, 2015; 5,568,628 options outstanding with a weighted average exercise price of $15.17 as of December 31, 2014; 1,212,933 non-vested restricted stock units as of December 31, 2014; and 520,322

Appendix A - Proposed Value to Pinnacle Shareholders
   
$MM  
Value in Pro Forma GLPI  
GLPI 2016E EBITDA $446
Pinnacle PropCo 2016E EBITDA (1) 365
Pro Forma GLPI 2016E EBITDA $810
Current GLPI Forward EV / EBITDA Multiple 14.7x
Pro Forma GLPI Enterprise Value $11,902
Pro Forma GLPI Debt (2) (4,775)
Pro Forma GLPI Cash 30
Pro Forma GLPI Equity Value $7,157
Pinnacle Ownership (3)(4) 20%
Value in Pro Forma GLPI $1,426
Value Per Pinnacle Share (4) $22.13
   
Value in Pro Forma Pinnacle OpCo  
Pro Forma Pinnacle OpCo 2016E EBITDA (1) $244
Trading Multiple 7.5x
Pro Forma Pinnacle OpCo Enterprise Value $1,833
Pro Forma Pinnacle OpCo Debt (5) (1,107)
Pro Forma Pinnacle OpCo Non-Controlling Interest (11)
Pro Forma Pinnacle OpCo Cash 165
Pro Forma Pinnacle OpCo Equity Value $880
Pinnacle Ownership 100%
Value in Pro Forma Pinnacle OpCo $880
Value Per Pinnacle Share (4) $13.64
   
Total Value Per Share to Pinnacle Shareholders $35.77
   
Notes:  
(1) Based on median research estimates for Pinnacle EBITDAR and assumed 1.9x property EBITDAR lease coverage at OpCo
(2) Based on pro forma debt / 2015E EBITDA of 6.0x and pro forma GLPI 2015E EBITDA of $796MM
(3) Pinnacle shareholders to receive 0.5517 shares of GLPI common stock for each share of Pinnacle they own
(4) Pinnacle fully diluted shares outstanding of 64.5 million based on 60.2 million basic shares outstanding as of February 26, 2015; 5.6 million options outstanding with a weighted average exercise price of $15.17 as of December 31, 2014; 1.2 million non-vested restricted stock units as of December 31, 2014; and 0.5 million non-vested performance stock units as of December 31, 2014
(5) Based on pro forma debt / 2015E EBITDA of 4.5x and pro forma Pinnacle OpCo 2015E EBITDA of $246MM

Investor Presentation

An investor presentation outlining GLPI's proposal accompanied the letter sent to Pinnacle's Board of Directors. The presentation is available on the GLPI's investor relations website.

About GLPI

GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in "triple net" lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. GLPI expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators. GLPI also intends to diversify its portfolio over time, including by acquiring properties outside the gaming industry to lease to third parties. GLPI intends to elect to be taxed as a real estate investment trust ("REIT") for United States federal income tax purposes commencing with the 2014 taxable year and is the first gaming-focused REIT.

Forward Looking Statements

Forward-looking statements in this document are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of GLPI and its subsidiaries (the "Company") to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include information concerning the Company's business strategy, plans, and goals and objectives. Statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans," "may increase," "may fluctuate," and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could' are generally forward-looking in nature and not historical facts. You should understand that the following important factors could affect future results and could cause actual results to differ materially from those expressed in such forward-looking statements: the ultimate outcome of any potential transaction between GLPI and Pinnacle including the possibilities that GLPI will not pursue a transaction with Pinnacle and that Pinnacle will not engage in negotiations with respect to a transaction with GLPI; if a transaction between GLPI and Pinnacle were to occur, the ultimate outcome and results of integrating the assets that would be acquired by GLPI in the transaction; the effects of a transaction between GLPI and Pinnacle, including the post-transaction GLPI's financial condition, operating results, strategy and plans; and additional factors discussed in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the Securities and Exchange Commission. Other unknown or unpredictable factors may also cause actual results to differ materially from those projected by the forward-looking statements. Most of these factors are difficult to anticipate and are generally beyond the control of the Company. The Company does not undertake any obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required to do so by law.

Additional Information

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities and no tender or exchange offer for the shares of Pinnacle has commenced at this time. This communication relates to a proposal which GLPI has made for a business combination transaction with Pinnacle. In furtherance of this proposal and subject to future developments, GLPI (and, if a negotiated transaction is agreed, Pinnacle) may file one or more proxy statements, registration statements, tender or exchange offer documents or other documents with the SEC. This communication is not a substitute for any proxy statement, registration statement, prospectus, tender or exchange offer document or other document GLPI and/or Pinnacle may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF GLPI AND PINNACLE ARE URGED TO READ ANY DOCUMENTS THAT MAY BE FILED INCLUDING POSSIBLE PRELIMINARY PROXY STATEMENTS AND ANY OTHER PROXY STATEMENT(s), REGISTRATION STATEMENTS, PROSPECTUS, TENDER OR EXCHANGE OFFER DOCUMENTS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Any definitive proxy statement(s) or definitive tender or exchange offer documents (if and when available) will be mailed to stockholders of Pinnacle and/or GLPI, as applicable. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by GLPI and/or Pinnacle through the web site maintained by the SEC at http://www.sec.gov.

Certain Information Regarding Participants

GLPI and its directors and executive officers may be deemed to be participants in any solicitation with respect to the proposed transaction under the rules of the SEC. Security holders may obtain information regarding the names, affiliations and interests of GLPI's directors and executive officers in GLPI's Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the SEC on February 27, 2015, and its proxy statement for the 2014 Annual Meeting, which was filed with the SEC on April 29, 2014. These documents can be obtained free of charge from the sources indicated above as well as from MacKenzie Partners, Inc., by calling 800-322-2885 (toll-free). Additional information regarding the interests of these participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will also be included in any proxy statement and other relevant materials to be filed with the SEC if and when they become available.

(1) Pinnacle fully diluted shares outstanding based on 60,244,891 basic shares outstanding as of February 26, 2015; 5,568,628 options outstanding with a weighted average exercise price of $15.17 as of December 31, 2014; 1,212,933 non-vested restricted stock units as of December 31, 2014; and 520,322 non-vested performance stock units as of December 31, 2014

(2) NAREIT defines funds from operations ("FFO") as net income (computed in accordance with generally accepted accounting principles), excluding (gains) or losses from sales of property and real estate depreciation. GLPI has defined adjusted funds from operations ("AFFO") as FFO excluding stock based compensation expense, debt issuance costs amortization and other depreciation reduced by maintenance capital expenditures

CONTACT: Investors

         Dan Burch / Laurie Connell / Jeanne Carr

         MacKenzie Partners, Inc.

         212-929-5500



         Bill Clifford

         Gaming and Leisure Properties, Inc.

         610-401-2900



         Media

         Ron Low / Reze Wong / Zachary Tramonti

         Sard Verbinnen & Co

         415-618-8750 / 212-687-8080
Source: Gaming and Leisure Properties, Inc.

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Additionally, you agree not to:

  • Directly or indirectly interfere or attempt to interfere with the proper working of the Website, and you may not take any action that imposes an unreasonable or disproportionately large load on our infrastructure or could disable, overburden, damage, or impair the Website or interfere with any other party’s use of the Website, including their ability to engage in real time activities through the Website.
  • In addition, you represent and warrant that, without the prior written consent from an authorized representative of the Company, you will not use any robot, spider, other automatic device, or manual process to access the Website for any purpose, including to monitor or copy our web pages or process any of the content contained herein; frame or utilize framing techniques to enclose any trademark, logo, or other proprietary information (including images, text, page layout, and forms); or use any metatags or any other “hidden text” utilizing Company’s name, trademarks, service marks, or trade names.
  • Use any manual process to monitor or copy any of the material on the Website, or for any other purpose not expressly authorized in these Terms of Use, without our prior written consent.
  • Use any device, software, or routine that interferes with the proper working of the Website.
  • Introduce any viruses, Trojan horses, worms, logic bombs, or other material that is malicious or technologically harmful.
  • Attempt to gain unauthorized access to, interfere with, damage, or disrupt any parts of the Website, the server on which the Website is stored, or any server, computer, or database connected to the Website.
  • Attack the Website via a denial-of-service attack or a distributed denial-of-service attack.
  • Otherwise attempt to interfere with the proper working of the Website.

PROPRIETARY INFORMATION

The Website, including text, design, graphics, interfaces and code, and the selection and arrangement thereof, is owned by the Company, our licensors, or other providers of such material and are protected by United States and international copyright, trademark, patent, trade secret, and other intellectual property or proprietary rights laws. The Company name and its trademarks, logos, service marks product and service names are displayed on this site are registered and unregistered trademarks of the Company, its licensors or content providers, or other third parties. You must not use such marks without our prior written permission. Nothing on this site shall be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trademark, logo or service mark displayed on the site without the owner's prior written permission. You may not modify, copy, distribute, transmit, display, publicly display, publicly perform, republish, download, store, perform or create derivative works of the Website or any part thereof, except as follows:

  • Your computer may temporarily store copies of such materials in RAM incidental to your accessing and viewing those materials.
  • You may store files that are automatically cached by your Web browser for display enhancement purposes.
  • You may print or download one copy of a reasonable number of pages of the Website for your own personal, non-commercial use and not for further reproduction, publication, or distribution.

If we provide social media features with certain content, you may take such actions as are enabled by such features. You must not:

  • Modify copies of any materials from the Website.
  • Use any illustrations, photographs, video or audio sequences, or any graphics separately from the accompanying text.
  • Delete or alter any copyright, trademark, or other proprietary rights notices from copies of materials from this site.
  • You must not access or use for any commercial purposes any part of the Website or any services or materials available through the Website.

If you wish to make any use of material on the Website other than that set out in this section, please address your request to: Kevin Hitt (khitt@glpropinc.com).

If you print, copy, modify, download, or otherwise use or provide any other person with access to any part of the Website in breach of the Terms of Use, your right to use the Website will stop immediately and you must, at our option, return or destroy any copies of the materials you have made. No right, title, or interest in or to the Website or any content on the Website is transferred to you, and all rights not expressly granted are reserved by the Company. Any use of the Website not expressly permitted by these Terms of Use is a breach of these Terms of Use and may violate copyright, trademark, and other laws. The Company reserves all rights not expressly granted in and to the Website and its content

USER CONTRIBUTIONS

The Website may contain features (collectively, “Interactive Services”) that allow users to post, submit, publish, display, or transmit (hereinafter, “post”) content or materials (collectively, “User Contributions”) on or through the Website.

All User Contributions must comply with the Content Standards set out in these Terms of Use.

You understand and acknowledge that you are solely responsible for any and all User Contributions that you provide to the Company, and the Company, is not responsible nor liable for any User Contributions. Any User Contribution you post to the site will be considered non-confidential and non-proprietary. When you post or transmit information through the Website, you grant the Company an irrevocable, non-exclusive, royalty-free, sublicensable, world-wide license to use reproduce, modify, perform, display, distribute, and otherwise disclose to third parties such User Contributions for any purpose.

You represent and warrant that:

  • You own or control all rights in and to the User Contributions and have the right to grant the license granted above to us and our affiliates and service providers, and each of their and our respective licensees, successors, and assigns.
  • All of your User Contributions do and will comply with these Terms of Use.
  • You understand and acknowledge that you are responsible for any User Contributions you submit or contribute, and you, not the Company, have full responsibility for such content, including its legality, reliability, accuracy, and appropriateness.
  • You understand and acknowledge that the Company is not responsible or liable to any third party for the content or accuracy of any User Contributions posted by you or any other user of the Website.
 

We have the right to:

  • Remove or refuse to post any User Contributions for any or no reason in our sole discretion.
  • Take any action with respect to any User Contribution that we deem necessary or appropriate in our sole discretion, including if we believe that such User Contribution violates the Terms of Use, including the Content Standards, infringes any intellectual property right or other right of any person or entity, threatens the personal safety of users of the Website or the public, or could create liability for the Company.
  • Disclose your identity or other information about you to any third party who claims that material posted by you violates their rights, including their intellectual property rights or their right to privacy.
  • Take appropriate legal action, including without limitation, referral to law enforcement, for any illegal or unauthorized use of the Website.
  • Terminate or suspend your access to all or part of the Website for any or no reason, including without limitation, any violation of these Terms of Use.

Without limiting the foregoing, we have the right to cooperate fully with any law enforcement authorities or court order requesting or directing us to disclose the identity or other information of anyone posting any materials on or through the Website. YOU WAIVE AND HOLD HARMLESS THE COMPANY AND ITS AFFILIATES, LICENSEES, AND SERVICE PROVIDERS FROM ANY CLAIMS RESULTING FROM ANY ACTION TAKEN BY ANY OF THE FOREGOING PARTIES DURING, OR TAKEN AS A CONSEQUENCE OF, INVESTIGATIONS BY EITHER SUCH PARTIES OR LAW ENFORCEMENT AUTHORITIES.

However, we do not undertake to review material before it is posted on the Website and cannot ensure prompt removal of objectionable material after it has been posted. Accordingly, we assume no liability for any action or inaction regarding transmissions, communications, or content provided by any user or third party. We have no liability or responsibility to anyone for performance or nonperformance of the activities described in this section.

CONTENT STANDARDS

These content standards apply to any and all User Contributions and use of Interactive Services. User Contributions must in their entirety comply with all applicable federal, state, local, and international laws and regulations. Without limiting the foregoing, User Contributions must not:

  • Contain any material that is offensive, abusive, harassing, unlawful, defamatory, obscene, indecent, violent, hateful, inflammatory, or otherwise objectionable material on the Website.
  • Promote sexually explicit or pornographic material, violence, or discrimination based on race, sex, religion, nationality, disability, sexual orientation, or age.
  • Infringe any patent, trademark, trade secret, copyright, or other intellectual property or other rights of any other person.
  • Violate the legal rights (including the rights of publicity and privacy) of others or contain any material that could give rise to any civil or criminal liability under applicable laws or regulations or that otherwise may be in conflict with these Terms of Use and our Privacy Policy.
  • Be likely to deceive any person.
  • Promote any illegal activity, or advocate, promote, or assist any unlawful act.
  • Cause annoyance, inconvenience, or needless anxiety or be likely to upset, embarrass, alarm, or annoy any other person.
  • Impersonate any person or misrepresent your identity or affiliation with any person or organization.
  • Involve commercial activities or sales, such as contests, sweepstakes, and other sales promotions, barter, or advertising.
  • Give the impression that they emanate from or are endorsed by us or any other person or entity, if this is not the case.

Company reserves the right, but does not assume the obligation, to remove, edit or relocate any user supplied content User Contributions at its sole discretion.

USE BY UNITED STATES RESIDENTS

This Website has been published in the United States and is provided for use only by persons located in the United States. We make no claims that the Website or any of its content is accessible or appropriate outside of the United States. Access to the Website may not be legal by certain persons or in certain countries. If you access the Website from outside of the United States, you do so at your own risk and are responsible for complying with all applicable local laws.

AGE POLICY

Company strongly supports parental control of the internet and, if you are a parent and do not want your children viewing this Website, consult the filtering software companies, such as: Net Nanny and Cybersitter. Net Nanny and Cybersitter are third party service providers that are not affiliated with the Company or any of its subsidiaries or affiliates, and the Company does not assume any obligation with respect to the services provided by such providers.

RESPONSIBILITY FOR ACCOUNTS

This Website may have links to the websites of the properties owned and operated by us and our subsidiaries or tenants in the United States. If you have created an account on one of the property’s website, you are responsible for maintaining the confidentiality of your sign-in information and password. You are responsible for all uses of your account, whether or not authorized by you. You agree to immediately notify such property of any unauthorized uses of your account. Further, you agree to follow all applicable outlined cancellation procedures to cancel any such accounts.

NO WARRANTY AND DISCLAIMER

THE WEBSITE, CONTENT AND OTHER MATERIALS CONTAINED IN THE WEBSITE ARE PROVIDED “AS IS” AND, TO THE MAXIMUM EXTENT PERMITTED BY LAW, COMPANY, ITS SUBSIDIARIES AND AFFILIATES AND THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, SUBCONTRACTORS, SUPPLIERS AND REPRESENTATIVES HEREBY DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, COMPLETENESS, SECURITY, RELIABILITY, QUALITY, ACCURACY, AVAILABILITY, OR THAT THE WEBSITE’S CONTENT, FUNCTIONS, OPERATION OR AVAILABILITY WILL BE UNINTERRUPTED OR ERROR FREE, THAT DEFECTS WILL BE CORRECTED OR THAT THE WEBSITE OR THE SYSTEMS THAT MAKE IT AVAILABLE WILL BE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS, OR FOR ERRORS OR OMISSIONS IN THE CONTENT CONTAINED ON THE WEBSITE.

ANY TRANSACTIONS, COMMUNICATIONS OR OTHER DEALINGS YOU HAVE WITH THIRD PARTIES FOUND ON OR THROUGH THE WEBSITE ARE SOLELY BETWEEN YOU AND THE THIRD PARTY. THE COMPANY MAKES NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO SUCH THIRD PARTIES OFFERING SERVICES ON THE WEBSITE. THE COMPANY SHALL NOT BE RESPONSIBLE NOR LIABLE FOR OR IN CONNECTION WITH ANY SUCH THIRD-PARTY TRANSACTIONS, COMMUNICATIONS OR OTHER DEALINGS.

THE FOREGOING DOES NOT AFFECT ANY WARRANTIES THAT CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.

LIMITATION OF LIABILITY

THE COMPANY SHALL NOT BE LIABLE FOR ANY LOSS, EXPENSE OR DAMAGE, INCLUDING BUT NOT LIMITED TO CONSEQUENTIAL, INCIDENTAL, SPECIAL, DIRECT, INDIRECT OR PUNITIVE DAMAGES OF ANY KIND, INCLUDING LOST PROFIT OR REVENUE ARISING OUT OF OR RELATED TO THESE TERMS OF USE OR USE OF THE WEBSITE, HOWEVER SUCH DAMAGES ARISE, WHETHER IN CONTRACT OR TORT, EVEN IF THE COMPANY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, UNLESS SUCH EXCLUSION OF LIABILITY IS NOT ENFORCEABLE UNDER APPLICABLE LAW, IN WHICH CASE OUR LIABILITY WITH RESPECT TO THESE TERMS OF USE SHALL NOT EXCEED $100.00.

LINKS FROM THE WEBSITE

If the Website contains links to other sites and resources provided by third parties, these links are provided for your convenience only. This includes links contained in advertisements, including banner advertisements and sponsored links. We have no control over the contents of those sites or resources and accept no responsibility for them or for any loss or damage that may arise from your use of them. If you decide to access any of the third-party websites linked to this Website, you do so entirely at your own risk and subject to the terms and conditions of use for such websites.

Linking to the Website and Social Media Features

You may link to our homepage provided you do so in a way that is fair and legal and does not damage our reputation or take advantage of it, but you must not establish a link in such a way as to suggest any form of association, approval, or endorsement on our part.

This Website may provide certain social media features that enable you to:

  • Link from your own or certain third-party websites to certain content on this Website.
  • Send emails or other communications with certain content, or links to certain content, on this Website.
  • Cause limited portions of content on this Website to be displayed or appear to be displayed on your own or certain third-party websites.

You may use these features solely as they are provided by us and solely with respect to the content they are displayed with and otherwise in accordance with any additional terms and conditions we provide with respect to such features. Subject to the foregoing, you must not:

  • Establish a link from any website that is not owned by you.
  • Cause the Website or portions of it to be displayed on, or appear to be displayed by, any other site, for example, framing, deep linking, or in-line linking.
  • Link to any part of the Website other than the homepage.
  • Otherwise take any action with respect to the materials on this Website that is inconsistent with any other provision of these Terms of Use.

The website from which you are linking, or on which you make certain content accessible, must comply in all respects with the Content Standards set out in these Terms of Use.

You agree to cooperate with us in causing any unauthorized framing or linking immediately to stop. We reserve the right to withdraw linking permission without notice.

We may disable all or any social media features and any links at any time without notice in our discretion.

POLICY FOR MAKING CLAIMS OF COPYRIGHT INFRINGEMENT

If you believe that any content has been posted on the Website in a manner that constitutes copyright infringement, please notify the Company by providing our designated Copyright Agent with the written information specified below:

  • A physical or electronic signature of a person authorized to act on behalf of the owner of an exclusive right that is allegedly infringed;
  • Identification of the copyrighted work claimed to have been infringed, or, if multiple copyrighted works are covered at the Website by a single notification, a representative list of such works at the Website;
  • Identification of the material that is claimed to be infringing or to be the subject of infringing activity and that is to be removed or access to which is to be disabled, and information reasonably sufficient to permit the Company to locate the material;
  • Information reasonably sufficient to permit the Company to contact you, such as an address, telephone number, and, if available, an electronic mail address at which you may be contacted;
  • A statement that you have a good faith belief that use of the material in the manner complained of is not authorized by the copyright owner, its agent, or the law; and
  • A statement that the information in the notification is accurate, and under penalty of perjury, that you are authorized to act on behalf of the owner of an exclusive right that is allegedly infringed.

The Company’s designated Copyright Agent for notice of claims of copyright infringement is:

Legal Department, Gaming and Leisure Properties, Inc.
845 Berkshire Blvd., Suite 200
Wyomissing, PA 19610
Phone: 610-401-2900

PRIVACY

The Company’s Privacy Policy, found on this Website, applies to use of the Website, and its terms are incorporated by reference into these Terms of Use. All information we collect on this Website is subject to our Privacy Policy. By using the Website, you consent to all actions taken by us with respect to your information in compliance with the Privacy Policy.

TERMINATION OF ACCESS

You acknowledge that the Company may terminate your access to this Website at any time, for any reason, with or without cause.

WAIVER

Any waiver of any provision of the Terms of Use will be effective only if in writing and signed by the Company. Any waiver of any provision of these Terms of Use shall not be held to be a waiver of any other provision or any subsequent application of the same provision unless explicitly agreed to by the Company in such signed written waiver.

GOVERNING LAW

These Terms of Use shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without giving effect to any principles of conflicts of laws, and the federal laws of the United States, regardless of where the user is based.

ARBITRATION

At our sole discretion, we may require you to submit any disputes arising from these Terms of Use or use of the Website, including disputes arising from or concerning their interpretation, violation, invalidity, non-performance, or termination, to final and binding arbitration under the Rules of Arbitration of the American Arbitration Association applying Pennsylvania law.

LIMITATION ON TIME TO FILE CLAIMS

UNLESS PROHIBITED BY APPLICABLE LAW, ANY CAUSE OF ACTION OR CLAIM YOU MAY HAVE ARISING OUT OF OR RELATING TO THESE TERMS OF USE OR THE WEBSITE MUST BE COMMENCED WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES; OTHERWISE, SUCH CAUSE OF ACTION OR CLAIM IS PERMANENTLY BARRED.

CLASS ACTION WAIVER

You and the Company agree not to bring any dispute on a class basis. Accordingly, there will be no right or authority for any dispute to be brought or heard as a class action.

INVALIDITY OF TERMS

If any part of these Terms of Use is found to be invalid or unenforceable pursuant to applicable law, then the invalid or unenforceable provision will be deemed superseded by a valid, enforceable provision that most clearly matches the intent of the original provision and the remainder of these Terms of Use shall continue in effect.

RESPONSIBLE GAMING

The Company is committed to a policy of Responsible Gaming. While the Company recognizes that the overwhelming majority of customers participate in our various forms of recreation and amenities in a responsible and rational manner, there are a very small proportion who do not. For those seeking more information on responsible gambling/betting, or assistance with these issues, please visit our Responsible Gaming page.

ENTIRE AGREEMENT

The Terms of Use, our Privacy Policy, and the Accessibility Statement constitute the sole and entire agreement between you and the Company regarding the Website and supersede all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, regarding the Website.

QUESTIONS, COMMENTS, COMPLAINTS OR SERVICE ISSUES

If you have any questions, comments, complaints or service issues pertaining to the Website, please contact the Company at:

Gaming and Leisure Properties, Inc.
845 Berkshire Blvd. Suite 200
Wyomissing, PA 19610
610-401-2900

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Privacy Policy

February 2021

Gaming and Leisure Properties, Inc. (“GLP”) has created this Privacy Policy (“Policy”) to help demonstrate our commitment to privacy.

This Policy describes the types of information we may collect from you or that you may provide when you visit the GLP website at www.glpropinc.com (our “Website”) and our practices for collecting, using, maintaining, protecting, and disclosing that information.

This Policy applies to information about you and about your use of our Website and information collected from our website and in email, text and other electronic messages between you and our Website.

It does not apply to information collected by:

GLP offline or through any other means, including on any other website operated by GLP or any third party (including our affiliates and subsidiaries); or

Any third party (including our affiliates and subsidiaries), including through any application or content (including advertising) that may link to or be accessible from or on our Website.

We value your trust and respect your privacy. As a general practice we do not provide any online information or any information gathered through forms, applications or other means to outside third parties, unless otherwise designated. We do not sell or rent any information gathered online to any outside organization.

We urge you to read this Policy carefully to understand our policies and practices regarding your information and how we will treat it. If you do not agree with our policies and practices, your choice is not to access or use our Website. By accessing or using our Website, you agree to this Policy. This Policy may change from time to time (see Changes to the Policy). Your continued use of our Website after we make changes is deemed to be acceptance of those changes, so please check the Policy periodically for updates.

AGE POLICY

We do not knowingly or intentionally collect any personally identifiable information from, or market to or target, individuals under the age of 18, and with regard to GLP’s casinos, persons under the age 21. Our Website is not intended for children under 16 years of age. No one under age 16 may provide any information to or on the Website. If you are under 16, do not use or provide any information on this Website or through any of its features or use any of the interactive or public comment features of this Website. If we learn we have collected or received personal information from a child under 16 without verification of parental consent, we will delete that information. If you believe we might have any information from or about a child under 16, please contact us (see Contact GLP). California residents under 16 years of age may have additional rights regarding the collection and sale of their personal information. Please see Your California Privacy Rights for more information.

INFORMATION WE COLLECT ABOUT YOU AND HOW WE COLLECT IT

We collect several types of information from and about users of our Website, including information:

  • By which you may be personally identified, such as name, postal address, email address, telephone number, any other identifier by which you may be contacted online or offline (“personal information”);
  • That is about you but individually does not identify you; or
  • About your internet connection, the equipment you use to access our Website, and usage details.

We collect this information:

  • Directly from you when you provide it to us.
    • Such personal information may be gathered.
      • In information that you provide by filling in forms on our Website. This includes information provided at the time of requesting further services. We may also ask you for information when you report a problem with our Website.
      • In records and copies of your correspondence (including email addresses), if you contact us.
  • Automatically as you navigate through the site. Information collected automatically may include usage details, IP addresses, and information collected through cookies, web beacons, and other tracking technologies.
    • Data such as domain names or e-mail and IP addresses may be automatically collected through the standard operation of our internet servers or at our discretion through the use of “cookies.” “Cookies” are small text files we can use to recognize repeat visitors, facilitate a visitor’s ongoing access to and use of our Website, track usage behavior and compile aggregate data that can allow content and speed of access improvements and targeted offers. We do not link non-personal information from cookies to personally identifiable information without your permission and do not use cookies to collect or store personal information about you.
    • If a visitor does not want information collected through the use of cookies, there is a simple procedure in most browsers that allows the visitor to deny or accept the cookie feature.
    • We may also use other standard Internet technologies, such as Flash technologies, Web beacons or pixel tags, and other similar technologies, to deliver or communicate with cookies and track your use of our Website. For example, we may include Web beacons in email messages or newsletters to determine whether messages have been opened and acted upon. The information obtained with such technology enables us to customize the services offered and measure the overall effectiveness of our online content, advertising campaigns, and the products and services we offer through our Website.
  • From third parties, for example, our business partners.

HOW WE USE YOUR INFORMATION

We use information that we collect about you or that you provide to us, including any personal information:

  • To present our Website and its contents to you.
  • To provide you with information, products, or services that you request from us.
  • To fulfill any other purpose for which you provide it.
  • To notify you about changes to our Website or any products or services we offer or provide though it.
  • To inform you about special discounts, promotions, products offered and other matters relevant to the service or the information collected.
  • In any other way we may describe when you provide the information.
  • For any other purpose with your consent.

DISCLOSURE OF INFORMATION

We may disclose personal information that we collect, or you provide as described in this Policy:

  • To our subsidiaries and affiliates.
  • To contractors, service providers, and other third parties we use to support our business.
  • To a buyer or other successor in the event of a merger, divestiture, restructuring, reorganization, dissolution, or other sale or transfer of some or all of GLP’s assets, whether as a going concern or as part of bankruptcy, liquidation, or similar proceeding, in which personal information held by GLP about our Website users is among the assets transferred.
  • To fulfill the purpose for which you provide it.
  • For any other purpose disclosed by us when you provide the information.
  • With your consent.

We may also disclose your personal information:

  • If requested or required by law, court order, other legal processes, or government or law enforcement authority.
  • To enforce or apply our Terms of Use.
  • If we believe in that disclosure is necessary or advisable for any reason, including, without limitation, to protect the rights of any third party.

Additionally, we may share your information, whether individually or in the aggregate, with our subsidiaries or affiliates for marketing or promotional purposes or to improve the products or services offered by us and our subsidiaries and affiliates.

We may disclose aggregated information about our users and information that does not identify any individual without restriction.

COLLECTION OF AGGREGATED INFORMATION

We reserve the right to perform statistical analyses of visitors’ behavior and characteristics in order to measure interest in and use of the various areas of our Website. We may provide aggregated data from these sources to third parties for purposes of research and evaluation.

SECURITY

We have in place certain commercially reasonable technological and procedural security measures in an attempt to protect and safeguard the security of the personal information provided by our visitors.

Unfortunately, the transmission of information via the internet is not completely secure. Although we endeavor to protect your personal information, we cannot guarantee the security of your personal information transmitted to our Website. Any transmission of personal information is at your own risk. We are not responsible for circumvention of any privacy settings or security measures contained on the Website.

LINKS

We may have links to outside websites. By accessing another website from our Website, you hereby release us from any and all liability for your use of such link and website. We are not responsible for the content that appears on these other websites. We have no control over the content of outside websites. Once you access another website, be aware that we are not responsible for the privacy practices of such other websites. You should always use extreme caution when disclosing private or personal information to such websites. We encourage you to look for and review the privacy policy of each and every website that you visit through a link.

CHANGES TO THE POLICY

We reserve the right to amend this Policy at any time, so please review it periodically. We may make non-significant changes to the Policy of which we may not notify users. The date the Policy was last revised is identified at the top of the page.

YOUR CALIFORNIA PRIVACY RIGHTS

If you are a California resident, the California Consumer Protection Act (the “CCPA”) provides you with additional rights regarding our use of your personal information. Among other rights under the CCPA, you may have the right to request that we: (i) disclose to you any personal information that we have about you; (ii) delete personal information that we have about you (subject to certain exceptions); or (iii) not “sell” your information to a third party (excluding qualified service providers), as that term is interpreted under the CCPA. If you are a California resident, you can submit such requests to us via the contact information provided below and we will complete the request within the timeframe permitted by law. It is unlawful for us to discriminate against you because you exercised any of your rights under the CCPA. We do not offer financial incentives in return for the collection or use of your personal information. California's "Shine the Light" law (Civil Code Section § 1798.83) permits users of our App that are California residents to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes. You can submit such requests to us via the contact information below.

ACCESSING, REMOVING, AND CORRECTING YOUR INFORMATION

You may remove, correct, and access your personal information from our systems by sending us a request via the contact information below. We will accommodate such requests in our reasonable discretion.

CONTACTING GLP

If you have a privacy concern or question regarding this Policy, please contact us through one of the following methods:

Email: Send an email to corporate@glpropinc.com

Mail:

Gaming and Leisure Properties, Inc.
845 Berkshire Blvd. Suite 200
Wyomissing, PA 19610
Attn: Legal

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Responsible Gaming

PROMOTING RESPONSIBLE GAMING IS A CORE VALUE OF GAMING AND LEISURE PROPERTIES, INC.

Gaming and Leisure Properties Inc. (“GLPI”) wants all of our casinos’ customers to have fun and to enjoy the casinos safely. We are committed to a policy of responsible gaming. While we recognize that the overwhelming majority of customers at our casinos enjoy our various forms of gambling and non-gambling amenities responsibly, we also understand that there is a small proportion of the population who do not.

To protect them, and others affected by their behavior, our casinos have established a set of policies and guidelines modeled after the American Gaming Association’s Code of Conduct for Responsible Gaming. The “Code” establishes minimum standards that address problem gambling, underage gambling, improper use of alcohol, responsible marketing and advertising and the prevention of unattended minors.

Our casinos use a variety of approaches to promote Responsible Gaming including employee training programs, customer awareness campaigns, self-exclusion and financial restriction programs, written procedures for recognizing and managing these issues, use of outside experts, and ongoing monitoring and review to gauge the effectiveness of these programs.

RECOGNIZING THE PROBLEM

It is widely believed that 1-2% of all gamblers are compulsive and that most experience varying degrees of depression and problems in their lives. Participating in games of chance becomes a self-medicating distraction, providing only temporary relief from underlying problems associated with compulsive behavior.

HOW DO YOU KNOW IF YOU HAVE A GAMBLING PROBLEM?

Review the following questions:

  • You have often gambled longer than you had planned.
  • You have often gambled until your last dollar was gone.
  • Thoughts of gambling have caused you to lose sleep.
  • You have used your income or savings to gamble while letting bills go unpaid.
  • You have made repeated, unsuccessful attempts to stop gambling.
  • You have broken the law or considered breaking the law to finance your gambling.
  • You have borrowed money to finance your gambling.
  • You have felt depressed or suicidal because of your gambling losses.
  • You have been remorseful after gambling.
  • You have gambled to get money to meet your financial obligations.

We value your trust and respect your confidentiality. As a general practice we do not provide any online information, or any information gathered through forms, applications or other means to outside third parties, unless otherwise designated. We do not sell or rent any information gathered online, or in individual property players’ clubs, to any outside organization.

This Privacy Policy will tell you what information we collect about you and about your use of the websites and services. We urge you to read this Privacy Policy carefully.

RESOURCES AVAILABLE

Besides the National Problem Gambling Helpline, individual states also run free confidential problem gambling help lines and provide on-line information on problem gambling. For those seeking more information, or assistance with these issues the following individual state resources are available:

Illinois
(800) GAMBLER

Louisiana
(877) 770-STOP
www.helpforgambling.org

Nevada
(800) 522-4700
www.nevadacouncil.org

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Accessibility Statement

Gaming and Leisure Properties, Inc. (“GLP”) is committed to ensuring equal access for people with disabilities. GLP will endeavor to maximize the access of people with disabilities to this website.

GLP aims to have our authoring tools and processes meet WAVE (Web Accessibility Evaluation Tool) and Web Accessibility (Level Access) standards.

Below are a few of the accessibility features on glpropinc.com

  • HTML5 semanic coding for accurate page readibility
  • Screen-reader compatibility adjustments for ease of browsing
  • Color contrast that assists reading for people who are color blind or have vision impairments
  • ALT tags for image identification

For the best experience, please keep your technology up to date

  • Use the latest version of your web browser.
  • Use the latest version of your assistive technology.

If you have any questions, please contact GLP’s Information Technology accessibility coordinator, who can be reached at 610.378.8218 or khitt@glpropinc.com.

If you do encounter an accessibility issue, please let us know so we can make all reasonable efforts to make that page accessible..

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