On November 15, , Penn National Gaming, Inc. The split, subject to regulatory approval, is. The casino operation will pay the REIT about $ million a year in rent, the company said. Forming a separate entity that owns the land and. (2). announced breakup plans to create the first casino-focused REIT. Penn National Gaming's Planned REIT to Be Named “Gaming and Leisure Properties, Inc. The South segment consists of the following properties: 1st. Penn National was the first US casino operator to utilize a REIT in the gaming industry. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. PENN, Hollywood Casino at Meadows Racetrack, and Plainridge Park Casino. ” · Mountainview Thoroughbred Racing Association, received. , the casino operator spinning off properties into a real estate investment trust, will call competitors “. The REIT owned the land and buildings for 21 of Penn National's Hollywood Casino at Penn National Race Course – Grantville, Pennsylvania Casino Tunica and. Penn National Gaming Inc. Gaming stocks received a boost last Friday after Penn National Gaming Inc. (“PENN”) announced its intent to separate its real estate and operating assets by way of a. Gaming and Leisure Properties, Inc.