Berks County-based Penn National Gaming Inc. has completed the tax-free spin-off of Gaming and Leisure Properties Inc., which owns real estate associated with 21 casino facilities, Penn National said.
Penn National, with operations that include Hollywood Casino at Penn National Race Course in Dauphin County, announced about a year ago it intended to pursue dividing gaming operations and real property assets into two companies.
The 21 facilities includes two under development in Ohio, and Gaming and Leisure Properties either leases or expects to lease to Penn National 19 of the facilities, according to a news release.
The other two, in Maryland and Louisiana, are owned and operated by subsidiaries of Gaming and Leisure Properties, the release stated.
The company said it expects to be the first gaming-focused real estate investment trust and expects growth through acquiring more facilities to lease to gaming operators, according to a statement from the firm.
Gaming and Leisure Properties also expects to diversify over time, it said.