Gaming and Leisure Properties Forms Joint Warehouse Venture

The firm is partnering with Prologis to redevelop the former Hollywood Casino Joliet site into an industrial park.

Updated on Oct. 28, 2026 in Casino

Gaming and Leisure Properties Forms Joint Warehouse Venture

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Gaming and Leisure Properties has entered its first joint venture with Prologis to transform the former Hollywood Casino Joliet site. The 262-acre property will be redeveloped into a large-scale warehouse and distribution park.

Why it matters

This deal marks the first time Gaming and Leisure Properties has invested outside of the gaming sector as it looks to monetize its extensive land holdings. The project aims to convert underutilized gaming property into modern industrial space.

The development plan calls for five buildings totaling more than 3.8 million square feet across the 262-acre site. Construction is expected to span three phases over approximately five years.

The players

Gaming and Leisure Properties

This real estate investment trust specializes in owning and leasing gaming facilities across the United States.

Prologis

This global logistics real estate company focuses on high-barrier, high-growth markets for warehouse and distribution space.

Penn Entertainment, Inc.

This company is a major operator of casinos and racetracks that previously occupied the Joliet site.

The details

Prologis will serve as the managing member and developer for the site, which was vacated by Penn Entertainment, Inc. in September 2025. The project is situated at 777 Hollywood Boulevard in Joliet, Illinois.

September 2025: Penn Entertainment vacated the Hollywood Casino Joliet site.
October 28, 2026: Gaming and Leisure Properties announced the joint venture agreement.
Next five years: The anticipated duration of the site development project.

Industry Dynamics

This move highlights a broader shift where specialized real estate firms diversify their portfolios beyond traditional gaming assets into high-demand logistics real estate. It reflects a strategic move to capitalize on the ongoing demand for regional warehouse capacity near major shipping routes.

The transition of this site from a casino into a warehouse park will alter the industrial landscape of the local Joliet area. Residents may see changes to traffic patterns and employment opportunities as the five-year development project progresses.

The takeaway

This agreement signals a major strategic pivot for Gaming and Leisure Properties as it transitions land assets toward industrial use. Developers and investors should monitor how similar firms repurpose vacated legacy gaming properties to meet modern warehousing demands.