Key Takeaways
- • Gaming and Leisure Properties Inc. (Nasdaq: GLPI) is entering industrial real estate for the first time through a joint venture with Prologis Inc. (NYSE: PLD), its first JV and first investment outside the gaming sector.
- • GLPI will contribute a 262-acre former Hollywood Casino Joliet site at 777 Hollywood Boulevard in Joliet, Illinois, to the venture in three phases.
- • The planned Class A warehouse and distribution park would span more than 3.8 million square feet across five buildings, with development expected to take about five years.
- • Prologis will serve as managing member and developer, and holds options to proceed with the second and third phases.
- • The project remains subject to City of Joliet review and approval, and the site sits along Interstate 80 in the Chicago metropolitan freight corridor.
Summary
Gaming and Leisure Properties Inc. (Nasdaq: GLPI) is moving beyond casino real estate through a joint venture with Prologis Inc. (NYSE: PLD) to redevelop a former Illinois casino property into a logistics complex spanning more than 3.8 million square feet, according to MyChesCo. The agreement marks the first joint venture for GLPI and its initial investment outside the gaming sector, extending its real estate portfolio into industrial development.
Under definitive agreements, GLPI will contribute a 262-acre property at 777 Hollywood Boulevard in Joliet, Illinois, to the venture in three phases. Prologis will serve as managing member and developer. The companies plan to convert the former Hollywood Casino Joliet site into a Class A warehouse and distribution park containing five buildings, subject to review and approval by the City of Joliet. Development is expected to take approximately five years, with Prologis holding options to proceed with the second and third phases.
The property sits along Interstate 80, a major freight corridor serving the Chicago metropolitan region and the broader Midwest logistics market. The site became available after Penn Entertainment Inc. vacated the former Hollywood Casino Joliet property in September 2025, following the opening of its new Hollywood Joliet casino.
GLPI Chairman and CEO Peter Carlino said the company sees "considerable value in this development, as we contribute and monetize our expansive Joliet land parcel, and benefit from the expertise of Prologis in the development of this coveted site." Josh Zemon, senior vice president and investment officer at Prologis, said the companies intend to work with Joliet officials and the community through the approval process, adding that the project offers "a strong opportunity to create a modern logistics campus that supports the local economy."
The development remains subject to municipal approval, and the later phases depend on Prologis' options. For GLPI, the transaction monetizes land previously used for one of its gaming properties while establishing a new property category.
Under definitive agreements, GLPI will contribute a 262-acre property at 777 Hollywood Boulevard in Joliet, Illinois, to the venture in three phases. Prologis will serve as managing member and developer. The companies plan to convert the former Hollywood Casino Joliet site into a Class A warehouse and distribution park containing five buildings, subject to review and approval by the City of Joliet. Development is expected to take approximately five years, with Prologis holding options to proceed with the second and third phases.
The property sits along Interstate 80, a major freight corridor serving the Chicago metropolitan region and the broader Midwest logistics market. The site became available after Penn Entertainment Inc. vacated the former Hollywood Casino Joliet property in September 2025, following the opening of its new Hollywood Joliet casino.
GLPI Chairman and CEO Peter Carlino said the company sees "considerable value in this development, as we contribute and monetize our expansive Joliet land parcel, and benefit from the expertise of Prologis in the development of this coveted site." Josh Zemon, senior vice president and investment officer at Prologis, said the companies intend to work with Joliet officials and the community through the approval process, adding that the project offers "a strong opportunity to create a modern logistics campus that supports the local economy."
The development remains subject to municipal approval, and the later phases depend on Prologis' options. For GLPI, the transaction monetizes land previously used for one of its gaming properties while establishing a new property category.
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