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Penn National Gaming Inc Secures Approvals From Five Regulatory Agencies Of Steps Necessary To Implement Planned Separation of Operating Assets From Real Property Assets


Thursday, 19 Sep 2013 05:50pm EDT 

Penn National Gaming Inc announced that it has secured approvals from five regulatory agencies that have jurisdiction over its gaming and racing operations of the steps necessary to implement the previously announced planned separation of its operating assets and real property assets. The steps necessary to implement the planned separation were approved by the Illinois Gaming Board and Maryland Lottery and Gaming Control Commission following approval by the Maine State Harness Racing Commission. Additionally, the Ohio Casino Control Commission approved the suitability of Gaming and Leisure Properties, Inc. (GLPI) and its subsidiary GLP Capital, L.P., following its approval of the transactional aspects of the planned separation in August. Upon securing approvals from all regulatory agencies that have jurisdiction over the Company`s gaming and racing operations and satisfaction of other conditions, the Company plans to separate its operating assets from its real property assets into two publicly traded companies, and GLPI would become a publicly traded real estate investment trust (REIT) holding substantially all of the Company`s real property assets. The Company believes that the approval of the Indiana Gaming Commission ("IGC") is the only remaining gaming agency approval required prior to consummation of the separation. 

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