WYOMISSING, PA — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) reported new progress across five major development projects tied to four operating partners, highlighting momentum behind approximately $1.5 billion in capital commitments that span the country’s expanding gaming and entertainment sector.
The updates include milestones for Caesars Republic Sonoma County, Bally’s Chicago, Bally’s Baton Rouge, PENN Entertainment’s M Resort expansion, and the Ione Band of Miwok Indians’ Acorn Ridge casino development.
The most recent catalyst came from Caesars Republic Sonoma County, where GLPI initiated funding following receipt of a declination letter from the National Indian Gaming Commission. GLPI funded $45 million as part of a $200 million term loan B tranche, representing a portion of its broader $225 million commitment. The remaining $180 million is structured as a delayed draw term loan at 12.5%. Between $112.5 million and $180 million is expected to convert to a 45-year sublease at a 9.75% cap rate upon or before maturity. Caesars Entertainment and Dry Creek Rancheria broke ground in August 2025 on the four-plus-star resort outside Healdsburg, California, with completion targeted for summer 2027.
In Chicago, construction on the Bally’s integrated resort continues to advance, with the exterior rising roughly two floors per week. GLPI has funded $76 million in recent weeks following an initial $125 million in October, leaving approximately $739 million remaining under the company’s $940 million commitment. The development will feature a 178,000-square-foot casino with more than 3,300 slots and 170 table games, a 500-room luxury hotel, entertainment venues, and a riverwalk and green space.
Bally’s Baton Rouge held its grand opening on December 6. The re-imagined land-based property replaces the former Belle of Baton Rouge riverboat casino and includes 25,000 square feet of gaming, premium hotel offerings, dining venues, and a sportsbook. GLPI has funded $92.5 million of its $111 million commitment, with rental terms providing a 9% yield.
PENN Entertainment’s M Resort expansion in Las Vegas opened ahead of schedule on December 3, adding a new hotel tower and conference facilities. GLPI previously funded $150 million on November 3 at a 7.79% cap rate in support of the project.
Meanwhile, development of the Acorn Ridge casino near Sacramento continues under GLPI’s $110 million delayed draw term loan facility with the Ione Band of Miwok Indians. As of December 4, GLPI has funded $56.6 million. The tribe can convert outstanding principal into a long-term lease at the end of the five-year loan term. The property remains slated to open in February 2026.
Collectively, the projects reflect one of the most aggressive expansion periods in GLPI’s history, positioning the company for long-term rental revenue growth as new gaming, hospitality, and entertainment destinations come online over the next two years.
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