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Penn National Gaming Inc's Board of Directors Approves Spin-Off of Gaming and Leisure Properties, Inc.

Thursday, 26 Sep 2013 07:25pm EDT 

Penn National Gaming Inc announced that its Board of Directors has approved, subject to certain terms and conditions, the tax-free spin-off (the "spin-off") to its shareholders of substantially all of the Company's real property assets through the distribution of the shares of common stock of its subsidiary, Gaming and Leisure Properties, Inc. ("GLPI"). Each Penn National Gaming shareholder will receive one share of common stock of GLPI for every share of Penn National Gaming common stock held by such shareholder at the close of business on October 16, 2013, the record date for the spin-off. The distribution is expected to be made on November 1, 2013. Following the spin-off, the Company will continue to be listed on the NASDAQ Stock Market under the symbol "PENN," and GLPI expects to list its common stock on the NASDAQ Stock Market under the symbol "GLPI." Holders of the Company's common stock as of the record date will not be required to take any action to participate in the spin-off. GLPI has filed a registration statement (File No. 333-188608) with the U.S. Securities and Exchange Commission (the "SEC") for the proposed transaction (as amended, the "Registration Statement"). 

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