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Penn national casino reit

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. About Penn National Gaming. Penn National Gaming owns, operates or has ownership interests in gaming and racing facilities with a focus on slot machine entertainment. Penn National Gaming Inc. (NASDAQ: PENN) completed on Monday the spin-off of its real-estate holdings into a new REIT, Gaming and Leisure Properties Author: Paul Ausick. Gaming and Leisure Properties Inc. completed its spinoff from Penn National Gaming Inc., creating the first ever publicly traded casino REIT, with 21 properties, the companies said Friday.

Penn National Showing Upside of Gaming REIT Model

Capital Markets. Philadelphia Inquirer — via Newspapers. Youngstown Vindicator. Real Estate. March 4, The company owns 44 casino properties, and operates two of them.

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Penn National Gaming

Penn National Gaming, Inc. It operates 43 facilities in the United States and Canada, many of them under the Hollywood Casino brand. Penn formed a corporate spin-off in November called Gaming and Leisure Properties. In , Pennsylvania enacted a law allowing thoroughbred horse racing with parimutuel wagering.

Pitt Park Raceway, meanwhile, was denied in its initial application, but received one of a second round of licenses issued in The companies involved with Penn National Race Course were reorganized in in preparation for an initial public offering. Carlino, who had earlier managed Mountainview, was Penn National's first CEO, [23] [24] a position he would hold until Penn National expanded beyond its first racetrack with the acquisitions of Pocono Downs in , Charles Town Races in , and, in , a half interest in Freehold Raceway and the operations of Garden State Park.

The company acquired its first standalone casino properties in , buying Casino Magic Bay St. In November , Penn National announced a plan to spin off a new real estate investment trust REIT with ownership of most of its properties, in an effort to reduce taxes and cost of capital, and overcome license ownership restrictions. In , Penn National made two purchases in conjunction with Vici Properties. From Wikipedia, the free encyclopedia.

Penn National Gaming Type. Casinos Horse racing. Peter M. Carlino Chairman Timothy J. Operating income. Net income. Penn National Gaming. March 1, Philadelphia Daily News.

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In theory, that could attract investors looking for stability in a REIT who wouldn't demand the same return as gaming investors do for taking a lot of risk. What it also did was leverage Penn National's operations even further than they were before.

A higher percentage of every dollar of new revenue flows to the company's bottom line, which is great when times are good. But the same will be true on the downside if operations struggle. But Penn National took this leverage to another level when it launched Gaming and Leisure Properties.

Below is a look at Penn National's guidance change for the first quarter of , announced on Thursday. Instead of jumping 6. Suddenly, a small increase in revenue has a huge impact on the bottom line.

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Gaming companies have always been leveraged businesses because their depreciation and operating costs for dealers, housekeeping, and restaurant staff stays constant while revenue from hotel rooms and gamblers goes up and down. The REIT model just puts a magnifying glass on the leverage that was already built into the business model. When times are good it's a positive for investors -- just like it was for Penn National in their guidance update.

Just keep in mind that the effect will have similar magnitude if revenue falls. Travis Hoium has been writing for fool. Follow TravisHoium. Travis Hoium. Mar 27, at PM. Image source: Getty Images. Article Info. Related Articles.

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