Penn National's planned split gains more regulatory approvals

Penn National Gaming, Inc.’s planned split in to two publicly traded companies gained four more state regulatory approvals this week, the regional casino operator announced.

Gaming boards in Pennsylvania, Missouri, Ohio and Kansas approved the deal, in which Penn National would separate a portion of its 28 casinos and race track operations into a real estate investment trust (REIT). The properties would then be leased back to Penn National, which would operate the businesses.

Penn National owns M Resort, which would be placed into the REIT. Nevada gaming regulators signed off on the transaction in July. The split is expected to be completed by the end of the year.