#1M AUBERGE GAMING&LEISURE PROPERTIES, INC Investor Presentation May 2021 AMERISTAR#2Forward Looking Statements Certain statements contained in this presentation may constitute "forward-looking statements" within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements 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, goals and objectives. Forward-looking statements contained in this presentation include, but are not limited to, information and statements regarding the impact of the novel coronavirus (COVID-19) pandemic on the Company's tenants' operating results, information concerning the contemplated acquisitions of Tropicana Evansville, Dover Downs Hotel & Casino, Jumers Casino & Hotel Rock Island, the Mardi Gras and Golden properties in Blackhawk, the planned disposition and sale/leaseback of Tropicana Las Vegas and the transactions related thereto (collectively, the "Transactions"), the impact of the Transactions on the Company's business and results of operations, and the potential impact of environmental and community stewardship on shareholder value. 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: (1) the availability of, and the ability to identify, suitable and attractive acquisition and development opportunities and the ability to acquire and lease the respective properties on favorable terms; (2) the degree and nature of the Company's competition; (3) the Company's reliance on Penn National Gaming, Inc. as its largest tenant; (4) the ability to receive and maintain the regulatory approvals required to own and/or operate the Company's properties, including the approvals necessary to complete the Transactions; (5) the effects of the Transactions on the Company; (6) the Company's ability to maintain its status as a real estate investment trust ("REIT"), given the highly technical and complex Internal Revenue Code provisions for which only limited judicial and administrative authorities exist, where even a technical or inadvertent violation could jeopardize REIT qualification and where requirements may depend in part on the actions of third parties over which the Company has no control or only limited influence; and (7) additional factors discussed in the sections entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and in the Company's Quarterly Reports on Forms 10-Q, which you should read in conjunction with this presentation. 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 Company's control. Given these uncertainties, you should not place undue reliance on these forward-looking statements. You should consider the areas of risk described above in connection with considering any forward- looking statements that may be made by the Company generally and any forward-looking statements that are contained in this presentation specifically. The Company undertakes no 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. 1#3Gaming & Leisure Properties, Inc. Overview 52 Fast Facts Properties (1) 17 States 15,206 25.6M 5,129 Property Sq. Footage Acres Owned Hotel Rooms Snapshot (2) ■ GLPI is the most geographically diversified owner of gaming assets in the country ■ Total Enterprise Value: $16.5 BIL ■ Dividend Yield 5.7% ■ Most all of GLPI's revenue comes from premier publicly traded gaming companies PENN, BYD, and CZR TAUBERGE (1) Represents GLPI's owned property metrics as of 5/18/21, pro forma for the acquisition properties of Tropicana Evansville and Dover Downs (expected to close mid- 2021 subject to regulatory approval and closing conditions), and the 2022 acquisition properties of Jumers and the Black Hawk (expected to close early 2022, subject to regulatory approval and closing conditions). Detailed information is provided in the Appendix. (2) As of 5/18/21 based on 2.60/yr annualized Q1 2021 dividend run rate and 5/18/21 closing price, Source: Company Filings, Earnings Releases and Bloomberg 2#4High Quality Real Estate Portfolio The quality and relevance of our portfolio is demonstrated by the solid property performance of our market leading properties, driving gross Gaming Revenue (GGR) for our portfolio to over $6.2 billion in 2019 A B C (1) Ameristar Black Hawk Ameristar Kansas City Ameristar St. Charles #1 Casino in Colorado #1 Casino in Kansas City 2019 GGR: $193mm #1 Casino in St. Louis 2019 GGR: $267mm F H AMERISTA Hollywood Casino at Charles Town #1 Casino in WV 2019 GGR: $358mm Ameristar Vicksburg #1 Casino in Central Mississippi (1) MERINTA D Hollywood Casino Toledo #1 Casino in Toledo 2019 GGR: $202mm D wood Casino #1 G #1 #1 #1 A #1 E B Denotes #2 ranked casino in respective market Denotes a property with no competitor within 60 minutes #1 H #1 E Hollywood Casino Columbus #1 Casino in Columbus 2019 GGR: $229mm G Hollywood Casino at Penn National Race Course #1 Casino in Central PA 2019 GGR: $252mm HOLLYWOOD Casino I L'Auberge Baton Rouge #1 Casino in Baton Rouge 2019 GGR: $150mm (1) Gaming revenue is not reported by property in these states Note: Based on 2019 annual gaming revenues as reported by each respective gaming commission. Market is defined as a 60-minute drive time. Number of gaming positions is used to rank properties in states that do not report property level gaming revenue (MS, NV, CO, NM). 2019 presented as it reflects the last full calendar year of continuous operations Source: Company Filings, Earnings Releases and State gaming commissions 3 ==#5Strength & Durability Through Diversification Diversification across states / licensing jurisdictions is a key factor in ensuring our cash flow's durability. Our diverse footprint across 17 states is by design. No single property generates > 6.0% of 2020 pro forma gross gaming revenues (2) * PENN Operated Casino Casino Queen BYD Operated Casino (1) Casinos Owned & Operated CZR Operated Casino (1) BALY Operated Casino (1) (1) Include two pro forma acquisition properties, Tropicana Evansville and Dover Downs to be operated by Bally's, whose closing is subject to regulatory approval and closing conditions (2) Based on 2020 annual gaming revenues reported by gaming commissions. Excludes states that do not report by property gaming revenue results Source: Company Filings and Earnings Releases 4#6100000 Tenant Strength Enhances Cash Flow Durability Our Major Tenants are Credit Worthy Public Companies with: Strong Balance Sheets, Institutional Quality Operational Platforms, Extensive Experience, and Established Brands PENN NATIONAL GAMING, INC. The largest U.S. regional gaming operator of 40 gaming entertainment properties in 18 jurisdictions, with approximately $5.3 billion in annual net revenue Enterprise Value: $21.6 Billion +(2) Equity Market Cap: $12.5 Billion +(2) Longest-dated (1/27) unsecured debt yield to maturity: 4.83% (2) BOYD GAMING A leading multi- jurisdictional operator of 29 gaming entertainment properties in 10 jurisdictions, with approximately $3.3 billion in annual net revenue (1) Enterprise Value: $10.9 Billion +(2) Equity Market Cap: $6.8 Billion +(2) Longest-dated (12/27) unsecured debt yield to maturity: 4.45%(2) CAESARS ENTERTAINMENT. A highly-respected operator of a large and diversified portfolio of 53 gaming assets across 16 states, with approximately $11 billion in annual net revenue (1) Enterprise Value: $33.2 Billion +(2) Equity Market Cap: $20.9 Billion +(2) Long-dated (7/27) unsecured debt yield to maturity: 6.02% (2) Bally A growing and respected operator of a diversified portfolio of 15 gaming assets across 11 states, with approximately $.5 billion in annual net revenue (1) Enterprise Value: $3.2 Billion +(2) Equity Market Cap: $2.2 Billion +(2) Long-dated (6/27) unsecured debt yield to maturity: 5.43% (2) Master Lease payments are not subject to debt subordination or restricted payment limitations In order to cease Master Lease payments, a tenant would be required to reject the portfolio of leases via bankruptcy, vacate all leased properties, and participate in a sale process to transfer the gaming license to a successor (1) 2019 revenue figures as presented by Bloomberg, descriptive information from company websites or company sources. 2019 presented as it reflects the last full calendar year of continuous operations (2) Based on 5/18/21 closing quotes; debt yields are closing mid YTM; enterprise value as presented by Bloomberg Source: Bloomberg Note: Bally's is included as a tenant pro forma based on pending transactions that are subject to regulatory approval and closing conditions 5#7Lease Characteristic Superior Master Lease Characteristics GLPI Checks All The Boxes Achieves High Occupancy Rate • GLPI has operated at 100% occupancy since inception • Master lease requires tenant to sell all operating assets to new tenant, and transfer gaming license Minimizes Period a Vacated Property Remains with No Tenant • In the event a tenant does not elect to renew a lease, lease mechanics provide a time frame for tenants to sell their operating assets without disrupting the lease stream to GLPI or the gaming tax revenue to the host state Minimizes Period a Property is Not Operated after Lease Signing Only a greenfield project would require a delay - all other leased properties have demonstrated no operational impact • Casino remodeling is generally done in phases with limited impact to operations Maximizes the Likelihood that the Properties Remain Open or Re-open in a Downside Scenario • Governments have incentives to help casinos succeed • Governments want to protect their receipt of gaming taxes and employment provided by casinos All or None Terms Protect Against Cherry Picking • Cross-collateralization eliminates the risk of being forced to make a concession to a single property facing difficulties Obligations under the master lease are guaranteed by the operators' parents (1) • Uniquely High Level of Transparency • GLPI reports rent coverage metrics which provide a clear indication of the credit quality • Certain state jurisdictions report gaming revenue performance monthly GLPI's assets and lease terms provide significant stability of rental income (1) BYD master lease does not have a parent guarantee but has a higher default coverage ratio of 1.4x 6#8Master Leases Offer Long-Term Stability GLPI's Lease Terms Provide Enhanced Rent Stability & Protection Over Long Lease Terms Amended PNK PENN PENN CZR BYD Property Count 19 12 6 3 Number of States 10 8 Corporate Guarantee Default Adjusted Rent to Revenue 1.10x Coverage * 15 2 ✓ Guarantee from Master Lease Subsidiary 1.20x 1.20x 1.40x Master Leases Generated over 85% of GLPI's Combined Real Estate Cash NOI & TRS EBITDA in 2020 Note: Casino Queen, Belterra (Ohio), Meadows, Tropicana LV, and Morgantown lease terms not shown as they are single asset leases; the TRS properties are also excluded from the master lease detail above; this table includes all GLPI master leases of 3+ properties. 7#9Gaming Taxes are Critical Assets to State Revenues State and local governments have a vested interest in the success of our properties. They rely heavily on gaming tax revenues to support their budgets. ■ The importance of gaming property taxes to state and local economies provides an added layer of credit protection that other real estate sectors do not provide ■ Protected, limited license jurisdictions tend to have much higher tax rates. The more "protected" the competitive landscape, often the higher the tax rate, and the higher the alignment of interests in ensuring the longevity and durability of the business ■ To better demonstrate the financial impact, GLPI looked at the gaming tax revenue paid in each of its top 7 limited license jurisdiction states based on total gross gaming revenue (GGR) reported at its currently owned properties: Highest Stated Gaming Tax Rates by State Year Ended 2019 Nevada State Missouri GGR Taxes $ 1,084 $ 227 Ohio 777 223 Louisiana 705 151 Indiana 612 180 Pennsylvania 491 197 Illinois 369 101 West Virginia Total (1) 358 165 $ 4,396 $ 1,244 South Dakota Mississippi New Jersey Michigan Colorado Arkansas Missouri Iowa Kansas Ohio Florida Louisiana Average Indiana Maine New Mexico Massachusetts Oklahoma Illinois West Virginia Pennsylvania Delaware Maryland Rhode Island New York 6.8% 9.0% 12.0% 17.5% 19.0% 20.0% 20.0% 21.0% 24.0% 27.0% 33.5% 35.0% 36.0% 37.1% 40.0% 46.0% 46.3% 49.0% 50.0% 50.0% 53.5% 55.0% 57.0% 61.0% 68.9% 70.5% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% Note: $ in millions (1) Estimated based on tax rates and 2019 GGR figures. 2019 presented as it reflects the last full calendar year of continuous operations Source: State gaming commissions and Fantini research 0.0% Source: State Gaming Commissions; American Gaming Association - State of States 2020; Wells Fargo Securities (1) Figures reflect highest statutory gaming tax rates as a percentage of gaming revenue among casino, racino and online casino operations by state as of FY 2019 8#10Demonstrated Durability of Regional Gaming Markets GLPI's Regional Markets Have Proven More Profitable And Stable During a Major Downturn Than The Las Vegas Market Gaming Adj. EBITDA Growth (¹) (%) 0.0% Rent Coverage (1) PENN PNK (2) Vegas (3) Vegas Adj. (4) 2.0x (5.0%) (10.0%) (1.3%) 1.8x (15.0%) (17.0%) 1.6x (20.0%) (25.0%) (30.0%) (35.0%) (40.0%) (45.0%) (50.0%) 2007 2008 2009 1.4x 1.2x (42.8%) 1.0x (47.1%) 2010 0.8x 2007 2008 2009 (1) Excludes BYD because BYD assets were owned by PNK. Excludes Tropicana because it predominantly consisted of Atlantic City portfolio at that time. Assumes rent was at the same terms as existing master leases during the time period shown (2) Excludes St. Louis and Ameristar assets (3) Includes Las Vegas assets for CZR, LVS, MGM (excluding City Center due to negative Adjusted EBITDA) and WYNN (4) Same as Vegas, adjusted to account for an assumed 4% cost of capital on $4.1bn of capital expenditures related to Palazzo and Encore Note: Excludes corporate overhead and includes the impact from smoking bans and cannibalization Source: Company Filings and Earnings Releases 1.9x 1.6x 1.1x 1.0x 2010 9#11Record Profitability in Regional Markets Amidst COVID-19 Record profitability during the COVID-19 backdrop has driven GLPI's rental income. Despite mandated closures during the measuring period, contractional maximum 2% escalators on both the Boyd and Penn/Pinnacle master leases have been realized effective 5/1/2021; resulting in an annualized rent increase of $6 million. PENN NATIONAL GAMING, INC. Revenues ($ in millions) Penn's March & April Operating Results(1) Adj. EBITDAR Adj. EBITDAR Margin ($ in millions) $1,047 $410 39.2% $971 $317 32.7% +8% +29% +651 bps Mar/Apr Mar/Apr 2019 2021E Mar/Apr 2019 Mar/Apr 2021E Mar/Apr 2019 Mar/Apr 2021E BOYD GAMING Earnings Call Commentary, Boyd's Q1 2021 Operating Results(2) Our first quarter [2021] results reflect an exceptional performance by our company and our entire team as the momentum that began in the third quarter of last year continued throughout our business. On a companywide basis, we achieved an all- time EBITDAR record of $292.6 million. While this is up considerably from the prior year, we also exceeded our first quarter 2019 performance by more than 30% and surpassed our previous record by over 20%. Companywide margins for the quarter were 38.8%. This is nearly 1,200 basis points better than the first quarter of 2019 and 220 basis points higher than the previous record we set in the third quarter of 2020. (1) As presented in Penn's Q1 2021 earnings presentation. Per Penn's disclosure: "March/April 2019 Revenues, Adjusted EBITDAR and Adjusted EBITDAR Margin include proforma adjustments for Greektown and Resorts Casino Tunica. The operating results of Greektown were derived from historical financial information. The operating results were adjusted to conform to Penn's methodology of allocating certain corporate expenses to properties. Additionally, the operating results were adjusted to assume that Resorts Casino Tunica was not a part of Penn National during the historical periods beginning on January 1, 2019, as Resorts Casino Tunica ceased operations on June 30, 2019. March/April 2021 revenue estimate includes $30.8 million of gross revenue from skin partners" (2) As discussed on Boyd's Q1 2021 earnings conference call 10#12Balance Sheet Strength ■ The durability of our income stream, well-laddered debt maturity profile, lack of material near-term maturities, and healthy duration give the company a firm foundation ■ All existing debt is unsecured ■ Demonstrated acquisition match funding discipline and commitment to maintaining robust liquidity ■ Fungible pooled asset cash flow from master leases de-risks individual asset performance, anchoring balance sheet and providing flexibility through market cycles Debt Maturity Profile as of 3/31/21 Demonstrated Access to Capital Achieved cross-over Investment Grade Status in 2018 In August 2019, Issued $400mm of 5-year notes with a 3.372% YTM and $700mm of long 10-year notes with a 4.03% YTM In June 2020, Issued $500mm long 10-year notes with a 4.14% YTM In August 2020, Issued $200mm long 10-year notes with a YTM of 3.55% GLPI Issue Rating by Agency $1,175 $424 Notes ☐ Term Loans $975 $850 $500 $400 Revolver (unused) Standard & Poor's BBB- Fitch BBB- Moody's $750 $700 $700 Ba1 $500 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 11#13Track Record of Transaction Success GLPI's unique competitive advantages have supported the sourcing of transactions with a value of over $7 Billion at an average yield of over 8.4% since inception. Date Closed Properties Purchase Price Initial Cash Yield/Rent Cap Rate (1) 4/13/2021 Jumers 150.0 12.0 8.0% Mardi Gras, Golden Gates and Golden Gulch 10/27/2020 (2) Dover Downs SA 484.0 10/1/2020 4/20/2020 10/15/2018 (3) Tropicana Las Vegas 10/15/2018 10/1/2018 Tropicana Evansville Morgantown - Ground Lease Plainridge Park Casino PENN/PNK Lease Adjustment Belterra Park (Mortgage) Lumiere (Mortgage) SA SA SA +A 10/1/2018 Tropicana Atlantic City Tropicana Evansville Tropicana Laughlin Tropicana Casino Greenville Belle of Baton Rouge 5/1/2017 1st Jackpot Casino SA LA SA A 250.9 57.7 246.0 992.5 AAAAAA LA LA LA 40.0 8.3% 30.0 $ 3.0 10.0% 307.5 $ 25.0 10.0% $ 13.9 6.4 11.1% $ 22.4 9.1% $ 87.6 8.8% Resorts Casino&Hotel Tunica 9/9/2016 Meadows Racetrack and Casino 4/28/2016 SASA 82.9 323.3 4,779.0 SASA. SA 9.0 10.9% 25.4 377.0 7.9% 7.9% Ameristar Casino Resort Spa Black Hawk Ameristar Casino Hotel East Chicago Belterra Casino Resort Ameristar Casino Hotel Council Bluffs L'Auberge Casino & Hotel Baton Rouge Boomtown Casino & Hotel Bossier City L'Auberge Casino Resort Lake Charles Boomtown Casino New Orleans Ameristar Casino Hotel Vicksburg Ameristar Casino Hotel Kansas City Ameristar Casino Resort Spa St. Charles River City Casino & Hotel Cactus Petes The Horseshu 1/23/2014 Casino Queen TOTAL (1) (2) (3) 140.7 $ 7,537.0 $ 14.0 635.7 9.95% 8.43% Announcement date, the transaction is expected to close in early-2022 subject to regulatory approvals and closing conditions Announcement date, the transaction is expected to close in mid-2021 subject to regulatory approvals and closing conditions Tropicana Las Vegas excluded from totals and cap rate calculation given the transaction's unique construct 12#141. 2. • GLPI to Acquire Assets in Accretive Transaction with Bally's Transaction Announced 10/27/20 - New Master Lease Provides 5th Tenant and 17th State Overall Investment Highlights Transaction Accretive to Earnings and Features Embedded Rent Growth Conservative Structure with Well- Covered Rent and Corporate Guaranty New Master Lease with High-Quality Operator Bally's Combined Valuation Metrics $484M Real Estate Purchase Price 8.3% Cap Rate 2.1x • Enhanced Portfolio Diversification with Entrance to a New State Four Wall Coverage¹ 35-Year Master Lease GOSSICANA EVANSVILLE Tropicana Evansville Dover Downs Casino 46,265 Casino SF DOVER DOWNST 1,145 Slots 41 Table Games 338 Hotel Rooms 47k SF Meeting Area Sportsbook / VIP 165,000 Casino SF 2,188 VLTS 38 Table Games 500 Hotel Rooms Racebook Sportsbook Calculated as summation of Evansville 2019 Adjusted EBITDAR of $60M and Dover Downs 2019 run-rate EBITDAR of $23M per Bally's management guidance (February 2020 earnings call) divided by initial annual rent of $40M. Source: Company Filings, Earnings Releases and Indiana Gaming Commission Note: This transaction is subject to regulatory approvals and closing conditions Source: Company Filings and Earnings Releases. 13#15Tropicana Evansville: Regional Gaming Hub with Limited Competition Competition-Resilient Asset Re-Acquired in GLPI's Portfolio Tropicana Evansville 6888 CANA EVANSVILLE BEST HOTEL Real Estate Acquisition 46,265 Casino SF Purchase Proceeds $340M 1,145 Slots $28M Initial Rent 41 Table Games 338 Hotel Rooms Cap Rate 47k SF Meeting Area Sportsbook / VIP Purchase Multiple 8.2% 12.1x High-Quality, Historic Former Riverboat Casino First casino in IN to move from boat to land in 2017 ~20 acres along the Ohio river in Vanderburgh County, IN Evansville is the 3rd largest city in the state of Indiana Gaming in Evansville draws customers from local southern IN, southeastern IL, southwestern KY and central TN Limited competition Tropicana Evansville is the only full-scale casino within 60 miles and >60% of revenue is generated from customers within a 50-mile radius Inherent Locational Advantages Conducive Regulatory Environment: Indiana provides stable state gaming tax environment with no increases since the establishment of dockside gaming in 2002, and allows casinos to operate 24 hours per day with complementary alcoholic beverages as part of a limited promotion Proximity to Social Infrastructure: The City of Evansville recently built an 11,000-seat arena for Evansville University and minor league hockey teams located just six blocks from Tropicana Evansville Note: This transaction is subject to regulatory approvals and closing conditions Source: Company Filings, Earnings Releases and Indiana Gaming Commission 14#16Dover Downs: Premier Regional Gaming Property on the Eastern Shore GLPI's First Asset in Delaware and the Beginning of a New Master Lease Relationship Dover Downs Casino Real Estate Acquisition DOVER DOWNS 165,000 Casino SF Purchase Proceeds 2,188 VLTS Initial Rent 38 Table Games 500 Hotel Rooms Cap Rate Racebook Sportsbook Purchase Multiple $144M $12M 8.3% 12.0x Regional Gaming & Entertainment Hub Well-situated on ~70 acres in Dover, the state capital Accessible from the Northeast Corridor and proximate to beach communities on the Eastern Shore Bally's operates the Casino, Dover Downs Hotel & Conference Center, and the horse racing at Dover Downs Raceway, which include: - A 500-room AAA Four Diamond hotel, full- service spa salon, conference center, banquet hall and concert hall facilities A harness racing track with pari-mutuel wagering on live and simulcast horse races and sports betting Significant Recent Capital Investment Leveraging of Operational Synergies: Since acquiring Dover Downs in March of 2019, BALY has rolled out a pipeline of strategic initiatives designed to maximize potential cash flow, including enhancing customer outreach and expanding table games by leveraging BALY expertise Recent and upcoming growth initiatives include: Opened Michele's Steakhouse Lounge and VIP room (2019) Expansion of entertainment venue (2019) Opened Jerry Longo's Meatballs & Martinis (2019) Construction of Dover Sugar Factory (Targeted opening Jan. 2021) Construction of a new outdoor smoking area to include 3 tables and 125 VLTS (Targeted opening 2021) Come Play! DOVER DOWNS HOTEL & CASINO Note: This transaction is subject to regulatory approvals and closing conditions Source: Company Filings, Earnings Releases and Delaware Lottery 15#17• Exchange Agreement with CZR Enabled the Transaction The June 2020 Caesars Lease Amendment Laid the Groundwork for the Successful Asset Exchange and the Sales Process that led to GLPI's Acquisition June 2020 Caesars Lease Amendment As a condition to closing the Eldorado merger, Caesars was required to divest of its operations in 3 properties in Indiana Terms of the Caesars Master Lease were renegotiated to allow for Tropicana Evansville's sale and replacement with real estate from a group of candidate properties agreed to by GLPI, backstopped with equivalent replacement rent determined on a coverage neutral basis, and any excess purchased by GLPI at an accretive cap rate Net Positive Impacts to GLPI Shifts to Fixed Escalation Schedule with Removal of % Rent Diversifies CZR Master Lease with Two Replacement Assets Sets the Stage for Successful Evansville Re-Purchase Replacement Properties Isle Casino Waterloo #1 Casino in Waterloo Isle Casino Bettendorf 2019 GGR: $63M ille CASINO-HOTEL Isle Casino Bettendorf and Isle Casino Waterloo were selected by Caesars from the agreed upon candidates, increasing annual rent by ~$520K in exchange for a ~$5.7M cash consideration at close Lease was amended to eliminate further escalation volatility due to rent coverage or variable rent resets while also extending term Source: Company Filings and Earnings Releases Key Terms of Caesars Lease Amendment Removes Variable Rent Extends Lease Term From 15 to 20 Years Annual Escalation Removal of Escalation Governor Removes the Variable Rent component in its entirety commencing in lease year 3 (Oct. 2020 and thereafter) Initial term extended from 15 years to 20 years with first renewal option in 2038, subsequent resets four 5- year renewal terms (tenant's option) 1.25% in 2022 and 2023 1.75% in 2024 and 2025 2.00% in 2026 and thereafter Escalation no longer subject to 1.80x Adjusted Revenue governor for remainder of lease term 16#18GLPI to Acquire Assets in Accretive Transaction with Bally's Transaction Announced 4/13/21 - New Additions to Master Lease Expand its Geographic Diversification Additions to Bally's Master Lease JUMER'S CASINO & HOTEL Combined Valuation Metrics KONGATES C MARDI GRAS CASINO GOLDEN GULER CASINO- $150M Real Estate 8.0% Purchase Price Cap Rate MARDI GRAS CASINO MARDI GRAS 2.25x Four Wall Coverage¹ Jumers Casino Mardi Gras Casino Rock Island, IL Blackhawk, CO Added to 35-Year Master Lease² Investment Highlights Transaction Accretive to Earnings and Features Embedded Rent Growth Conservative Structure with Well-Covered Rent and Corporate Guaranty Enhanced Portfolio Diversification 1. i Calculated based on expected run-rate EBITDAR of $23M per Bally's, reflected in 12/10/20 investor presentation. 2. The parties expect to add the properties to the master lease they are entering into in connection with Bally's previously announced acquisitions of Tropicana Evansville and Dover Downs Hotel & Casino Note: This transaction is subject to regulatory approvals and closing conditions Source: Company Filings and Earnings Releases. 17#19LAS VEGAS STADIUM 1 MILE ESPORTS ALTRA GLPI to Enter Ground Lease with Bally's; Backstop Equity Transaction Announced 4/13/21 Notable Transaction Attributes T-MOBILE ARENA 0.5 MILES $157.5M Residual Land Basis (1) 6.7% Ground Lease Yield on Residual Basis Bally's Corporate Guarantee 50-Year Lease Tropicana Ground Lease Highlights Maintained exposure to a well-located Las Vegas strip property. Lease payments supported by Bally's corporate guarantee and will be cross defaulted with Bally's master lease. Equity Backstop Agreement Depending on Bally's request for capital, GLPI has the opportunity to provide funding of up to $500mm towards Bally's acquisition of Gamesys, and the contractual right to structure any funding in the form of sale-leaseback transactions (2x coverage and 8 cap rate), secured loans, or common equity. Note: This transaction is subject to regulatory approvals and closing conditions Source: Company Filings and Earnings Releases. 1. Calculated based on expected run-rate EBITDAR of $23M per Bally's, reflected in 12/10/20 investor presentation 18#20ESG Highlights We believe that environmental and community stewardship is an integral component of growing shareholder value, and we are committed to fostering a corporate culture that encourages and seeks the betterment of GLPI and the communities in which we operate or conduct business. • • • • • Environmental Stewardship We promote sustainable practices and environmental stewardship throughout the organization, with a particular emphasis on energy efficiency, recycling, water conservation, indoor environmental quality and environmental awareness For potential acquisitions, Phase I Environmental Site Assessments are utilized to identify environmental conditions that may have a material adverse impact on the property being assessed or its immediate surrounding area LED lighting and motion sensors have been installed at the corporate office and certain portfolio properties to conserve energy Smoke free environments at our owned properties Installation of a sophisticated rainwater management system at our corporate offices to help reduce flooding and pollutants in water run-off Tenant engagement initiative Tenant capital improvement projects which include installation of guest room occupancy-based thermostats, building management systems upgrades and electronic vehicle charging stations GHG inventory of corporate offices Social Responsibility Corporate environment fosters a sense of community and well-being Senior level management conducts "town-hall" style meetings with corporate employees to address topics such as business operations, strategy, and market conditions Encouragement of an open feedback culture Our Leadership Academy cultivates management and leadership skills to empower our employees to succeed and grow in their careers Tuition reimbursement, professional development reimbursement and internal growth and advancement opportunities Commitment to diversity & inclusion, including implementation of Inclusive Workplace Policy GLPI's workforce is comprised of 50% women and 51% minorities (as of 12/31/20) Participation in educational and recruitment outreach programs including college/university job fairs, veteran career expos, on-site open house recruitment and internship opportunities Responsible Gaming Policy and Gaming Compliance Review and Reporting Plan facilitates awareness on compliance and responsible gaming Community support through non-profit partnerships and sponsorships 19#21ESG Highlights T Corporate Governance Our Board of Directors is collectively responsible for the leadership, management and long-term success of the company. Our Board strives to maintain a governance environment where the interests of all stakeholders, including the impact of our operations on the environment, and the social well-being of our employees, the local community and broader society, are considered in developing policies and making decisions intended to ensure the long-term prosperity of GLPI. ° • Three Board committees • Audit and Compliance Committee Compensation Committee Nominating and Corporate Governance Committee Board oversight of ESG matters Declassified board • Lead Independent Director • Majority voting standards • Strong shareholder engagement • • Formal commitment to diversity representation on the board including, but is not limited to, gender, race, ethnicity, age, education, tenure, background, professional experience and independence Stock ownership guidelines for non-employee directors Overall oversight of enterprise risk management activities Organization-wide compliance and ethics training annually Independent reporting hotline In March 2020, we amended the charter of our Nominating and Corporate Governance Committee to formally establish the committee's responsibility for GLPI's strategies, activities, policies and communications regarding sustainability and ESG matters. In addition, we enhanced our Corporate Governance Guidelines to further demonstrate our commitment to Board diversity and added additional information to our Code of Business Conduct about our policies concerning equal employment opportunity, non-discrimination, anti-harassment and anti-bribery, among others. For more details on our corporate governance policies and to view our most recent Proxy Statement, please visit www.glpropinc.com 20#22Talented, Best In Class Management Team Peter Carlino - Chief Executive Officer and Chairman of the Board - 2018 Inducted into the Gaming Hall of Fame in 2018, Carlino was honored for his 30-year record as an industry visionary and for his accomplishments in driving racetrack and casino owner Penn National Gaming's consistent growth from a single racetrack to what is today the nation's largest regional gaming operator and subsequently creating and leading the nation's first gaming REIT 2016 - Gaming & Leisure Properties acquired the real estate of Pinnacle Entertainment in a complex transaction 2013 Oversaw the creation of the first gaming REIT, named CEO & Chairman of GLPI 2011 - Penn National acquired M Resort Las Vegas 2010 - Fulfilled nearly 30-year quest for passage of gaming in Pennsylvania 2009 2007 2005 2004 2003 1997 - - Penn National played a leading role in amending the Ohio State Constitution, resulting in two new casino properties and eventually two racinos Penn National was honored for appearing a record six consecutive years on Fortune Magazine's list of "100 Fastest Growing Companies" Acquired Argosy Gaming Company, again nearly doubling the size of the Company Named "Best Performing CEO" by HVS Executive Search based on prior year performance relative to his peers for corporate financial growth and decision-making methodology Acquired Hollywood Casino Corporation, which doubled the size of the Company at the time Led the charge for the successful passage of slot machine gaming at Charles Town Races in West Virginia after two unsuccessful attempts by previous owners 1972-1974, 1974-1994 Served first as President of Mountainview Thoroughbred Racing Association, predecessor to Penn National Gaming Matthew Demchyk, CFA - SVP, Chief Investment Officer 2021 2019 - Current Serves as GLPI's SVP, Chief Investment Officer 2020 Served as GLPI's SVP, Investments 2009 2019 Served as Portfolio Manager of Real Estate Securities at Millennium Partners with oversight and capital allocation responsibilities for a market neutral portfolio of REIT securities 2008 2009 Served as the REIT Sector Analyst at Carlson Capital 2004 - 2008 Served as Assistant Portfolio Manager at CenterSquare Investment Management, an institutional real estate management platform with a long only REIT dedicated securities platform Education: BS, Finance, Summa Cum Laude, Villanova University 2003 21#23M AUBERGE GAMING&LEISURE PROPERTIES, INC Appendix AMERISTAR#24Properties Tenant Occupied Properties Location Tenant/Operator (1) Property Square Footage Owned Acreage Leased Acreage (2) Hotel Rooms Initial Reopening (6) Hollywood Casino Lawrenceburg Lawrenceburg, IN Penn 634,000 Hollywood Casino Aurora Aurora, IL Penn 222,189 73.1 0.4 32.1 1.7 295 6/5/2020 7/1/2020 Hollywood Casino Joliet Joliet, IL Penn 322,446 275.6 - 100 7/1/2020 Argosy Casino Alton Alton, IL Penn 124,569 0.2 3.6 7/1/2020 Hollywood Casino Toledo. Toledo, OH Penn 285,335 42.3 6/19/2020 Hollywood Casino Columbus Columbus, OH Penn 354,075 116.2 6/19/2020 Hollywood Casino at Charles Town Races Charles Town, WV Penn 511,249 298.6 153 6/5/2020 Hollywood Casino at Penn National Race Course Grantville, PA Penn 451,758 573.7 6/19/2020 Boomtown Biloxi M Resort Hollywood Casino Bangor Zia Park Casino (3) Hollywood Casino Gulf Coast Argosy Casino Riverside Hollywood Casino Tunica Hollywood Casino St. Louis Hollywood Gaming at Dayton Raceway Hollywood Gaming at Mahoning Valley Race Course 1st Jackpot Casino Ameristar Black Hawk Henderson, NV Penn 910,173 83.5 390 6/4/2020 Bangor, ME Penn 257,085 6.4 37.9 152 7/10/2020 Hobbs, NM Penn 109,067 317.4 3/5/2021 Bay St. Louis, MS Penn 425,920 578.7 291 5/21/2020 Riverside, MO Penn 450,397 37.9 258 6/1/2020 Tunica, MS Penn 315,831 67.7 494 5/21/2020 Biloxi, MS Penn 134,800 1.5 1.0 5/21/2020 Maryland Heights, MO Penn 645,270 220.8 502 6/16/2020 Dayton, OH Penn 191,037 119.7 6/19/2020 Youngstown, OH Penn 177,448 193.4. 6/19/2020 Tunica, MS Penn 78,941 52.9 93.8 5/21/2020 Black Hawk, CO Penn 775,744 104.1 536 6/17/2020 Ameristar East Chicago East Chicago, IN Penn 509,867 21.6 288 6/15/2020 Ameristar Council Bluffs (3) Council Bluffs, IA Penn 312,047 36.2 22.6 160 6/1/2020 L'Auberge Baton Rouge Boomtown Bossier City Baton Rouge, LA Penn 436,461 99.1 205 5/18/2020 Bossier City, LA Penn 281,747 21.8 187 5/20/2020 L'Auberge Lake Charles Lake Charles, LA Penn 1,014,497 - 234.5 995 5/18/2020 Boomtown New Orleans Ameristar Vicksburg New Orleans, LA Penn 278,227 53.6 150 5/18/2020 Vicksburg, MS Penn 298,006 74.1 148 5/21/2020 River City Casino and Hotel St. Louis, MO Penn 431,226 83.4 200 6/16/2020 Jackpot Properties (4) Ameristar St. Charles Plainridge Park Casino The Meadows Racetrack and Casino (3) Morgantown Tropicana Las Vegas Casino Queen (3) Belterra Casino Resort Belterra Park Gaming & Entertainment Center Ameristar Kansas City Tropicana Atlantic City Isle of Capri Casino Bettendorf (5) Isle of Capri Casino Waterloo (5) Tropicana Laughlin Trop Casino Greenville Belle of Baton Rouge Lumiere Place TRS Properties (Operations Under Contract for Sale in 2021) Hollywood Casino Baton Rouge Jackpot, NV Plainville, MA Washington, PA Penn 419,800 79.5 416 6/4/2020 Penn 196,473 87.9 7/8/2020 Penn 417,921 155.5 6/9/2020 Morgantown, PA Las Vegas, NV Penn 36.0 N/A Penn 1,148,212 35.1 1,467 9/17/2020 East St. Louis, IL Florence, IN Casino Queen 330,502 67.2 157 7/1/2020 Boyd 782,393 167.1 148.5 662 6/15/2020 Cincinatti, OH Boyd 372,650 160.0 6/1/2020 Kansas City, MO Boyd 763,939 224.5 31.4 184 6/1/2020 St. Charles, MO Boyd 1,272,938 241.2 397 6/19/2020 Atlantic City, NJ Caesars 4,232,018 18.3 2,364 7/2/2020 Bettendorf, IA Caesars 738,905 24.6 509 6/1/2020 Waterloo, IA Caesars 287,436 52.6 194 6/1/2020 Laughlin, NV Caesars 936,453 93.6 1,487 6/4/2020 Greenville, MS Caesars 94,017 7.4 40 5/21/2020 Baton Rouge, LA Caesars 386,398 13.1 0.8 288 5/18/2020 St Louis, MO Caesars 807,407 18.5 494 6/1/2020 5/18/2020 6/19/2020 Hollywood Casino Perryville 2021 Acquisition Properties Dover Downs (5) Tropicana Evansville (5) 2022 Acquisition Properties Mardi Gras, Golden Gates and Golden Gulch (5) Jumers Casino & Hotel (5) Baton Rouge, LA GLPI 95,318 25.1 Perryville, MD GLPI 97,961 36.3 Dover, DE Bally's 212,500 69.6 500 Evansville, IN Bally's 754,833 18.4 10 338 6/1/2020 6/15/2020 Black Hawk, CO Bally's Rock Island, IL Bally's 80,774 4 276,146 119.9 25,644,406 5,129 205 6/17/2020 7/1/2020 798 15,206 Total (1) Square footage includes air-conditioned space and excludes parking garages and barns (4) (3) These properties include hotels not owned by the Company. Square footage and rooms associated with properties not owned by GLPI are excluded from the table above Encompasses two gaming properties in Jackpot, Nevada: Cactus Pete's and The Horseshu (2) Leased acreage reflects land subject to leases with third-parties and includes land on which certain of the current facilities and ancillary supporting structures are located as well as parking lots and access rights (5) The Bettendorf and Waterloo properties were added to the portfolio in Q4'20 as a result of the asset swap with Caesars; Dover Downs and Tropicana Evansville are included pro forma as 2021 acquisitions, Jumers Casino & Hotel, Mardi Gras, Golden Gates, and Golden Gulch are included pro forma as 2022 acquisitions; properties subject to regulatory approval and closing conditions (6) Initial re-opening dates, various constraints/limitations were imposed on the properties as well as various re-closures after the initial reopening#25Definitions of Non-GAAP Financial Measures FFO, FFO per diluted common share, AFFO, AFFO per diluted common share, Adjusted EBITDA and Cash NOI, which are detailed in the reconciliation tables that accompany this release, are used by the Company as performance measures for benchmarking against the Company's peers and as internal measures of business operating performance, which is used for a bonus metric. The Company believes FFO, FFO per diluted common share, AFFO, AFFO per diluted common share, Adjusted EBITDA and Cash NOI provide a meaningful perspective of the underlying operating performance of the Company's current business. This is especially true since these measures exclude real estate depreciation, and we believe that real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. Cash NOI is rental and other property income, inclusive of rent credits recognized in connection with the Tropicana Las Vegas transaction, less cash property level expenses. Cash NOI excludes depreciation, the amortization of land rights, real estate general and administrative expenses, other non-routine costs and the impact of certain generally accepted accounting principles ("GAAP") adjustments to rental revenue, such as straight-line rent adjustments and non-cash ground lease income and expense. It is management's view that Cash NOI is a performance measure used to evaluate the operating performance of the Company's real estate operations and provides investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis. FFO, FFO per diluted common share, AFFO, AFFO per diluted common share, Adjusted EBITDA and Cash NOI are non-GAAP financial measures that are considered supplemental measures for the real estate industry and a supplement to GAAP measures. NAREIT defines FFO as net income (computed in accordance with GAAP), excluding (gains) or losses from sales of property and real estate depreciation. We have defined AFFO as FFO excluding stock-based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, the amortization of land rights, straight-line rent adjustments and losses on debt extinguishment reduced by capital maintenance expenditures. We have defined Adjusted EBITDA as net income excluding interest, taxes on income, depreciation, (gains) or losses from sales of property, stock-based compensation expense, straight-line rent adjustments, the amortization of land rights, and losses on debt extinguishment. For financial reporting and debt covenant purposes, the Company includes the amounts of non-cash rents earned in FFO, AFFO, and Adjusted EBITDA. Finally, we have defined Cash NOI as Adjusted EBITDA for the REIT excluding real estate general and administrative expenses and including stock-based compensation expense and (gains) or losses from sales of property. FFO, FFO per diluted common share, AFFO, AFFO per diluted common share, Adjusted EBITDA and Cash NOI are not recognized terms under GAAP. These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as an indication of our ability to fund all of our cash needs, including to make cash distributions to our shareholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per share, AFFO, AFFO per share, Adjusted EBITDA and Cash NOI, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP.