Gaming Commission OKs Penn National's plan to split into two

26 July 2013

LAS VEGAS -- Penn National Gaming, Inc.’s plan to split the regional casino giant into two publicly traded companies was approved on Thursday by the Nevada Gaming Commission and Control Board.

The concept would separate 19 of the company’s 29 casinos and racetracks, including the M Resort, into a real estate investment trust, often referred to as a REIT.

Penn National would continue to operate the casinos. The REIT will be known as Gaming and Leisure Properties Inc.

REITs, by law, don’t pay federal income taxes. With real estate the primary source of income, REITs are required to distribute at least 90 percent of their taxable earnings to shareholders.

Penn National President Tim Wilmott told the commission the REIT would offer Penn National increased expansion opportunities. He said the process still requires approval from the Securities and Exchange Commission and other gaming regulatory bodies.

Copyright GamingWire. All rights reserved.

Related Links
Nevada State Gaming Commission
Penn Entertainment

FEATURED iGAMING SUPPLIERS
mondogaming-srl
casino-city-press
Mondogaming SRL
A leading software provider for sportsbook platforms, projected in the B2B and B2C business
Casino City Press
A leading publisher and distributor of casino and gaming business data and market research reports.
igpixel
global-gaming-expo-g2e
Igpixel
Launch your online betting site w/ the latest technologies on IGPIXEL's advanced iGaming platform
Global Gaming Expo (G2E)
The largest gathering of global, commercial and tribal gaming professionals in North America.
casino-web-scripts
Casino Web Scripts
Providing certified casino software & casino games with no monthly fees.Custom development available
Your Guide to 3,577 iGaming Industry Suppliers
ADD YOUR COMPANY   |   ABOUT US     linkedin Twitter Facebook