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Penn National needs one more regulatory OK before planned split

By HOWARD STUTZ LAS VEGAS REVIEW-JOURNAL
September 20, 2013 - 12:11 pm
 

Penn National Gaming said it requires just one more state regulatory sign-off before the company can move forward with planned split into two publicly traded entities.

The casino operator, which owns M Resort, said the Indiana Gaming Commission is the only remaining regulatory agency remaining that needs to sign off on the plan to move most of the company’s hotel-casinos and racetracks into a real estate investment trust.

The move would give Penn National a real estate arm and an operating company.

The separation was approved this week by gaming regulators in Ohio, Maryland, Illinois and Maine. Nevada gaming regulators approved the deal in May.

Penn National said the transaction is still awaiting approval from the U.S. Securities and Exchange Commission.

Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Follow @howardstutz on Twitter.

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