Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) ("GLPI") today announced it has entered into definitive agreements to form a joint venture with Prologis, Inc. (NYSE:PLD) ("Prologis") to develop the former Hollywood Casino Joliet site.

GLPI will contribute the 262-acre parcel at 777 Hollywood Boulevard in Joliet, Illinois to the joint venture in three phases, and Prologis will serve as the managing member and developer of the site. Prologis intends to develop the site, subject to the review and approval by the City of Joliet, into a modern Class A warehouse and distribution park, which, when completed, is currently anticipated to consist of five building structures totaling more than 3.8 million square feet. The project is expected to be developed over approximately five years, in three phases, with Prologis holding options over the development of phases two and three.

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