Gaming and Leisure Properties Announces Acquisition of the Real Estate Assets Related to the Casino Queen in East St. Louis for

Gaming and Leisure Properties Announces Acquisition of the Real Estate Assets
Related to the Casino Queen in East St. Louis for $140 Million

WYOMISSING, Pa., Dec. 9, 2013 (GLOBE NEWSWIRE) -- Gaming and Leisure
Properties, Inc. (Nasdaq:GLPI) today announced that it has entered into an
agreement to acquire the real estate assets associated with the Casino Queen
in East St. Louis, Illinois. The casino and adjacent land cover 78 +/- acres
and include a 157 room hotel, a 38,000 square foot casino with 27 gaming
tables and 1,155 slot machines, a fine dining steakhouse, a buffet, a quick
service deli, a sports bar/entertainment venue, and full service RV park. The
resort, built in 2007, had approximately 1.7 million guest visits during the
past twelve months.

Gaming and Leisure Properties, Inc. has agreed to acquire the real property
for $140 million. In addition, GLPI will provide Casino Queen with a $43
million term loan, which will completely refinance and retire all or
substantially all of Casino Queen's outstanding long-term debt obligations.As
a condition of the purchase, GLPI will lease the property back to Casino Queen
on a triple net basis for approximately $14 million per year.The term loan
has a five year maturity at an interest rate of 7%. The initial lease term is
15 years, with an option to renew for four successive five year terms. The
transaction will be funded with the existing revolver and is expected to
contribute approximately $0.13 to annual AFFO per share, prior to the impact
of the purge of historical earnings and profits.The transaction is subject to
and requires approval from the Illinois Gaming Board and is expected to close
by the end of the first quarter of 2014.

Peter M. Carlino, Chairman and CEO of Gaming and Leisure Properties, Inc.,
commented, "This is our first acquisition as a standalone company and is
representative of the robust opportunities that exist in the gaming asset
markets that our company is targeting. Gaming and Leisure Properties seeks to
become a consolidator of choice and a leading provider of unique financing
solutions for highly levered regional gaming operators. The Casino Queen adds
a newly constructed asset with strong market share to our portfolio and
further diversifies our operating partners, while strengthening our cash
flow."

Jeff Watson, President of Casino Queen, commented, "This transaction offers us
the opportunity to reorganize our capital structure, with a long-term solution
that provides stability for our employee-owners.Further, by unlocking the
value in our real estate assets, we are able to focus on efficiently operating
our business in a less restrictive, asset-lite environment."

About Gaming and Leisure Properties

Gaming and Leisure Properties, Inc. (the "Company" or "GLPI") is a
Pennsylvania corporation that was incorporated on February 13, 2013 as a
wholly-owned subsidiary of Penn National Gaming, Inc. ("Penn"). On November 1,
2013, Penn completed the spin-off of GLPI by distributing the common stock it
held in GLPI to Penn's shareholders. GLPI holds directly or indirectly
substantially all of the assets and liabilities associated with the real
property interests and real estate development business related to Penn's
gaming operations, as well as the assets and liabilities of Louisiana Casino
Cruises, Inc. ("Hollywood Casino Baton Rouge") and Penn Cecil Maryland, Inc.
("Hollywood Casino Perryville"). Penn continues to hold all of its other
historical operations, assets and liabilities. Currently, GLPI's sole tenant
is Penn Tenant, LLC ("Penn Tenant"), a subsidiary of Penn, which leases the
GLPI assets related to the business of Penn other than the Hollywood Casino
Baton Rouge and Hollywood Casino Perryville pursuant to a master lease
agreement.

GLPI intends to elect to be taxed as a real estate investment trust ("REIT")
for United States federal income tax purposes commencing with its taxable year
beginning on January 1, 2014. GLPI's primary business consists of acquiring,
financing, and owning real estate property to be leased to gaming operators in
"triple net" lease arrangements, pursuant to which the tenant is responsible
for all facility maintenance, insurance required in connection with the leased
properties and the business conducted on the leased properties, taxes levied
on or with respect to the leased properties and all utilities and other
services necessary or appropriate for the leased properties and the business
conducted on the leased properties.Following its qualification as a REIT,
GLPI expects to be the first gaming-focused REIT, and expects to grow its
portfolio by aggressively pursuing opportunities to acquire additional gaming
facilities to lease to gaming operators, which may include Penn. GLPI also
anticipates diversifying its portfolio over time, including by acquiring
properties outside the gaming industry to lease to third parties.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act and Section 21E of the Securities Exchange
Act of 1934, as amended. These statements can be identified by the use of
forward looking terminology such as "expects," "believes," "estimates,"
"expects," "intends," "may," "will," "should" or "anticipates" or the negative
or other variation of these or similar words, or by discussions of future
events, strategies or risks and uncertainties. Such forward looking statements
are inherently subject to risks, uncertainties and assumptions about GLPI and
its subsidiaries, including risks related to the following: the ability to
receive, or delays in obtaining, the regulatory approvals required to own
and/or operate its properties, or other delays or impediments to completing
GLPI's planned acquisitions or projects, including necessary approval from the
Illinois Gaming Board; GLPI's ability to qualify as a REIT or maintain its
status as a REIT; the ability and willingness of GLPI's tenants, operators and
other third parties to meet and/or perform their obligations under their
respective contractual arrangements with GLPI, including, in some cases, their
obligations to indemnify, defend and hold GLPI harmless from and against
various claims, litigation and liabilities; the ability of GLPI's tenants and
operators to maintain the financial strength and liquidity necessary to
satisfy their respective obligations and liabilities to other third parties,
including without limitation obligations under their existing credit
facilities and other indebtedness; the ability of GLPI's tenants and operators
to comply with laws, rules and regulations in the operation of its properties,
to deliver high quality services, to attract and retain qualified personnel
and to attract customers; the availability of and the ability to identify
suitable and attractive acquisition and development opportunities and the
ability to acquire and lease those properties on favorable terms; the ability
to diversify into different businesses, such as hotels, entertainment
facilities and office space; the access to debt and equity capital markets;
fluctuating interest rates; the availability of qualified personnel and GLPI's
ability to retain its key management personnel;GLPI's duty to indemnify Penn
in certain circumstances if the spin-off fails to be tax-free; changes in the
U.S. tax law and other state, federal or local laws, whether or not specific
to REITs or to the gaming or lodging industries; changes in accounting
standards; the impact of weather events or conditions, natural disasters, acts
of terrorism and other international hostilities, war or political
instability; other risks inherent in the real estate business, including
potential liability relating to environmental matters and illiquidity of real
estate investments; and other factors described in GLPI's Prospectus on Form
S-11 filed on October 4, 2013, subsequent Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K as filed with the Securities and Exchange
Commission (the "SEC"). All subsequent written and oral forward looking
statements attributable to GLPI or persons acting on GLPI's behalf are
expressly qualified in their entirety by the cautionary statements included in
this press release. GLPI undertakes no obligation to publicly update or revise
any forward looking statements contained or incorporated by reference herein,
whether as a result of new information, future events or otherwise, except as
required by law. In light of these risks, uncertainties and assumptions, the
forward looking events discussed in this press release may not occur.

Non-GAAP Performance Measures

This news release contains references to "EBITDA," which is a non-GAAP
performance measure.We believe this non-GAAP performance measures may provide
additional meaningful comparisons between current results and results in prior
periods.Non-GAAP performance measures should be viewed in addition to, and
not as an alternative for, the Company's reported results under accounting
principles generally accepted in the United States.Further information
regarding these measures and reconciliation to GAAP may be found in Gaming &
Leisure Properties, Inc.'s SEC filings on the SEC's website.

CONTACT: Investor Relations - Gaming and Leisure Properties, Inc.
         Brad Cohen
         T: 203-682-8211
         Email: Brad.Cohen@icrinc.com
        
         Bill Clifford
         T: 610-401-2900
         Email: BClifford@glpropinc.com
 
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