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