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Penn National to name planned REIT 'Gaming and Leisure Properties, Inc.'

Penn National Gaming announced that "Gaming and Leisure Properties, Inc." will be the name of the newly formed, publicly traded real estate investment trust that would hold substantially all of Penn National’s real property assets following the proposed separation of the company’s operating assets from its real property assets. In conjunction with the announcement, the company also reported that it received notification from the Indiana Gaming Commission that it has granted GLP Capital, a subsidiary of GLPI, a temporary supplier license. Based on Penn National’s current real estate portfolio, GLPI is expected to initially own the real estate for 19 casino facilities, which have a total of over 2,900 acres of land and 6.6M square feet of building space. GLPI would lease back to the operating company 17 of these casino facilities and own and operate two gaming facilities in Baton Rouge, Louisiana and Perryville, Maryland, Penn National said.