Penn National Gaming Spins Off 1st-Ever Public Casino REIT

Law360, New York (November 01, 2013, 2:53 PM ET) -- Gaming and Leisure Properties Inc. completed its spinoff from Penn National Gaming Inc., creating the first ever publicly traded casino REIT, with 21 properties, the companies said Friday.

Penn National Gaming announced its decision to split in two and separate its real estate assets from the rest of the company for tax and revenue purposes last November. The board of directors approved the spinoff in September under the terms that each Penn National Gaming shareholder would receive one GLPI share for each Penn National share held...
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