Penn National Gaming (PENN) announced the completion of the previously announced, tax-free spin-off to its shareholders of Gaming and Leisure Properties, Inc. (GLPI), effective at 12:01 a.m. New York City time. As a result, GLPI is now a separate company which owns the real estate associated with 21 casino facilities, including two facilities currently under development, and leases, or expects to lease, 19 of these facilities to Penn. The remaining two gaming facilities, located in Baton Rouge, Louisiana and Perryville, Maryland, are owned and operated by subsidiaries of GLPI. From and after November 4 all trading in Penn shares will occur under the symbol “PENN” without any entitlement to receive shares of GLPI.
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