Penn National Spinoff Signs On To $1B Foxwoods Venture

Law360, New York (November 18, 2013, 4:53 PM EST) -- Fresh off of its split from Penn National Gaming Inc., casino real estate investment trust Gaming and Leisure Properties Inc. inked a tentative deal late Friday to financially back an embattled $1 billion Massachusetts project proposed by the tribal owners of Foxwoods Resort Casino.

Just days before a Tuesday host community vote on the project and with a December application deadline looming, GLPI signed a letter of intent to help finance the project through a sales-leaseback deal, according to a statement. Last week, the state's gaming...
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