The real estate investment trust from the proposed separation of Penn National Gaming Inc.’s operating and real property assets will be called Gaming and Leisure Properties Inc.
Gaming and Leisure Properties is expected to initially own the real estate for 19 casino facilities and lease 17 back to the operating company, according to a news release.
It would own and operate two facilities in Baton Rouge, La., and Perryville, Md., according to the release from Penn National Gaming, which is based in Berks County.
Penn National Gaming announced last fall it intended to pursue a plan to separate assets into two publicly traded companies.
Company subsidiary Mountainview Thoroughbred Racing Association has received initial approval from the Pennsylvania Gaming Control Board for a corporate restructuring in connection with the proposed separation, according to the release.
The subsidiary does business as Hollywood Casino at Penn National Race Course in Dauphin County.
Penn National Gaming operates, owns or has ownership interests in gaming and racing facilities with a slot machine entertainment focus. It operates 29 facilities in 18 states and Ontario.