Penn National To Create First Casino REIT

Law360, New York (November 16, 2012, 1:02 PM EST) -- Penn National Gaming Inc. plans to split into two publicly traded companies, separating its real estate assets from the rest of the company and creating a casino-focused real estate investment trust, the first of its kind, the company said late Thursday.

The REIT, to be called PropCo, would initially own 17 casinos covering 6.9 million square feet of building space over 3,200 acres of land, plus two new projects to be built in Ohio, shifting control and management of substantially all of Penn National's gaming empire...
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