Under the plan, Penn National will separate 21 of the company’s 29 casinos and racetracks into the real estate investment trust, often referred to as a REIT. Nevada gaming authorities signed off on the idea in July. Penn National said the only remaining approval it was waiting on was from the Indiana Gaming Commission. The company has been gaining approvals from state regulatory agencies for the concept much of this year. Penn National announced plans for the real estate investment trust last year. The real estate company, Gaming and Leisure Properties Inc., will be traded on the Nasdaq under the symbol GLPI. Penn National will continue to be listed on Nasdaq under the symbol PENN. Under a plan approved by the company’s board of directors, Penn National shareholders will receive one share of common stock in the real estate investment trust equal to each share of common stock held in the casino operator as of Oct. Penn National Gaming will begin to spin off its real estate holdings into a separate public company this month, the casino operator and owner of M Resort told investors this past week. Penn National CEO Tim Wilmott, seen in 2013.
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