WYOMISSING, PA — Gaming and Leisure Properties Inc. (Nasdaq: GLPI) is moving beyond casino real estate for the first time 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.
The agreement marks the first joint venture for Gaming and Leisure Properties and its initial investment outside the gaming sector, extending the company’s 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 transform 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 across three phases, with Prologis holding options to proceed with the second and third phases.
The property is located along Interstate 80, a major freight transportation corridor serving the Chicago metropolitan region and 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.
For GLPI, the transaction creates an opportunity to put a former gaming property to commercial use while participating in an industrial development managed by an established logistics real estate operator.
“We see 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,” GLPI Chairman and Chief Executive Officer Peter Carlino stated.
Prologis, which specializes in logistics real estate, will oversee development of the planned warehouse and distribution facilities.
Josh Zemon, senior vice president and investment officer at Prologis, said the companies intend to work with Joliet officials and the community through the development approval process.
“We see a strong opportunity to create a modern logistics campus that supports the local economy and businesses looking to operate in Joliet,” Zemon stated.
The proposed complex would replace the former casino use with industrial facilities intended for warehousing and distribution operations.
The development remains subject to municipal approval, and the later phases depend on options held by Prologis.
The agreement establishes GLPI’s entry into a new property category while allowing the company to pursue redevelopment of land previously occupied by one of its gaming properties.
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