Key Takeaways
- • Gaming and Leisure Properties (GLPI) announced a joint venture with Prologis to redevelop the former Hollywood Casino Joliet site in Illinois into a warehouse and distribution park.
- • GLPI will contribute the 262-acre site in three phases, with Prologis leading development.
- • The project is expected to include five buildings totaling more than 3.8 million square feet, subject to approval by the City of Joliet.
- • The redevelopment is expected to take about five years, with Prologis holding options to develop the second and third phases.
- • The deal marks GLPI's first investment outside the gaming sector, extending its footprint into industrial and logistics real estate.
Summary
Gaming and Leisure Properties (GLPI) announced on Wednesday a joint venture with Prologis to redevelop the former Hollywood Casino Joliet site in Joliet, Illinois, into a warehouse and distribution park, according to a company press release as reproduced by TradingView.
Under the arrangement, GLPI will contribute the 262-acre property in three phases, while Prologis will lead the development. The project is expected to include five buildings totaling more than 3.8 million square feet. The plan remains subject to approval by the City of Joliet. The full build-out is expected to take about five years, and Prologis holds options to develop the second and third phases.
The transaction is significant for GLPI, which is a gaming-focused real estate investment trust. It marks the company's first investment outside the gaming sector, expanding its portfolio into industrial and logistics real estate. The site's repurposing from a casino property to large-scale logistics use reflects continued demand for distribution space in the Chicago-area market, though the source does not provide financial terms of the joint venture.
Under the arrangement, GLPI will contribute the 262-acre property in three phases, while Prologis will lead the development. The project is expected to include five buildings totaling more than 3.8 million square feet. The plan remains subject to approval by the City of Joliet. The full build-out is expected to take about five years, and Prologis holds options to develop the second and third phases.
The transaction is significant for GLPI, which is a gaming-focused real estate investment trust. It marks the company's first investment outside the gaming sector, expanding its portfolio into industrial and logistics real estate. The site's repurposing from a casino property to large-scale logistics use reflects continued demand for distribution space in the Chicago-area market, though the source does not provide financial terms of the joint venture.
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