Gaming Property Investment Overview

• 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

View entire presentation