Prologis, Gaming and Leisure Launch Joint Venture to Develop Joliet Logistics Park

Prologis Inc. (PLD) and Gaming and Leisure Properties Inc. (GLPI) announced Wednesday a joint venture to redevelop the former Hollywood Casino Joliet site in Illinois into a logistics park, marking GLPI's first investment outside the gaming sector and its first joint venture. The 262-acre site is slated for a Class A warehouse and distribution park exceeding 3.8 million square feet across five buildings, pending approval by the City of Joliet. Prologis will serve as managing member and developer, while GLPI contributes the land in three phases. Development is expected to span roughly five years, with Prologis holding options on the second and third phases. Prologis shares fell 0.45% to $125.90 on the NYSE; Gaming and Leisure dropped 0.84% to $38.49 on the Nasdaq.