GLPI Enters First Joint Venture, Non-Gaming Deal With Prologis for Joliet Site

Gaming and Leisure Properties (GLPI), a major owner of casino real estate, has announced its first joint venture and first non-gaming transaction. The company is partnering with industrial real estate giant Prologis to redevelop the site of the former Hollywood Casino Joliet in Illinois.

The deal represents a strategic shift for GLPI, which has historically focused on leasing properties to casino operators. By collaborating with Prologis, the real estate investment trust is exploring alternative uses for a property that once housed a riverboat casino.

The former Hollywood Casino Joliet ceased operations in 2023 after its license was transferred to a new land-based casino in the city. The site, located along the Des Plaines River, has remained vacant pending redevelopment plans.

Prologis specializes in logistics and industrial facilities, suggesting the redevelopment may involve warehouse or distribution space. Neither company has disclosed financial terms or a specific timeline for the project.

This move comes as GLPI continues to evaluate opportunities beyond traditional gaming properties. The joint venture structure is a first for the REIT, which typically operates through triple-net lease agreements with casino operators.