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