49°F
weather icon Clear
Las Vegas, NV
Business

Penn National’s planned split gains more regulatory approvals

By HOWARD STUTZ LAS VEGAS REVIEW-JOURNAL
August 22, 2013 - 11:13 am
 

Penn National Gaming’s planned split in to two publicly traded companies gained four more state regulatory approvals this week, the regional casino operator announced.

Gaming boards in Pennsylvania, Missouri, Ohio, and Kansas approved the deal, in which Penn National would separate a portion of its 28 casinos and race track operations into a real estate investment trust (REIT). The properties would then be leased back to Penn National, which would operate the businesses.

Penn National owns M Resort, which would be placed into the REIT. Nevada gaming regulators signed off on the transaction in July. The split is expected to be completed by the end of the year.

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

MOST READ
Don't miss the big stories. Like us on Facebook.
THE LATEST
In-N-Out Burger is opening 3 new restaurants in Tennessee.
Legendary West Coast burger chain just opened its first eastern US restaurants
By Mandi Jacewicz Parade.com

In-N-Out fans in the eastern United States finally have something to celebrate. After years of hoping the iconic West Coast chain would expand beyond its core territory, the company has officially opened its first restaurants east of the Mississippi.

MORE STORIES