Gaming and Leisure Properties forms joint venture with Prologis to redevelop former Joliet casino site
PLD•Gaming and Leisure Properties will contribute its 262-acre former Hollywood Casino Joliet site to a joint venture with Prologis, which plans five warehouse and distribution buildings totaling more than 3.8 million square feet, subject to city approval.
1. Joliet redevelopment plans
Gaming and Leisure Properties entered definitive agreements with Prologis to form a joint venture to redevelop the former Hollywood Casino Joliet site. GLPI will contribute the 262-acre Illinois property in three phases, while Prologis will be managing member and developer. The plans call for five Class A warehouse and distribution buildings totaling more than 3.8 million square feet, subject to city approval, with development expected to take approximately five years.
2. First venture beyond gaming
Prologis holds options to develop the second and third phases. The deal is GLPI’s first joint venture and its first investment outside gaming, expanding into industrial and logistics real estate.
