Gaming Property Investment Overview

1. 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

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