Penn National Board Greenlights Casino REIT Spinoff

Law360, New York (September 27, 2013, 1:29 PM EDT) -- Penn National Gaming Inc. has received approval from its board of directors 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 company said Thursday.

The company’s plan to separate of its assets, which it announced in November, would create an operating entity, Penn National Gaming, as well as Gaming and Leisure Properties Inc., which will be a publicly traded, casino-focused real estate investment trust, the first of its...
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