Years ago, Carlino promised good things by 2012. Since it didnt happen, we get a gimmick.
When does that massive debt, that was lent to Penn come due ? Its soon. The debt could be extinquished several ways, and one was massive dilution by converting it into stock. If you ask me, Penn is doing this, in order to maximize the price for Fig, and whoever else reneged in the previous failed buyout. Do you remember "financing is virtually guaranteed", and the allegations of family insider selling early on in the failed buyout process. Well now we come full circle. You can't deliver what you promised, you find a gimmick to prop up the price temporarily, and everything is ok. Hey folks, you'll probably lose 30% of that cash dividend/reit share, when the dividend tax rate goes up next year. If you learned anything from before, its that penn can leave a bad taste in your mouth. Like a middle aged city woman doing a joven prostituto latino.