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Penn National Gaming Inc. Split Up Plan Approved by Nevada Gaming Commission

Las Vegas bookmaking public will hear more of the split up plan of Penn National Gaming Inc. as the company is given a go signal by the Nevada Gaming Commission and Control Board. The land based and online casino industry is soon to witness the realization of this plan of becoming one of the prime and biggest bookmaking properties inNevada. Penn National Gaming Inc. is a reputable and established gaming authority inLas Vegaswith ownership of 29 different brick and mortar gambling properties and racetracks. The company’s plan of splitting up means it will separate 19 racetracks and bookmaking properties from its 29 owned assets.

M Resort is included in the list of properties which Penn National Gaming is planning for separation from the lot. Online casino and land based punters and bookmakers have varied reactions and opinion about the split up plan. The Nevada Gaming Commission earlier approved of this separation plan and according to news, the control board and gaming commission will still be operating the bookmaking properties. Based on the initial information leaked for the Penn National Gaming Plan, the separated properties including M Resort will be converted and transformed to real estate investment trust. This plan is referred to and known as the REIT. There will be a different title for the real estate investment trust according to Penn National Gaming authorities which will be called Gaming and Leisure Properties Inc.

According to the legislation covering the REITs, the company will not be obliged to pay federal income taxes. REIT however is required to distribute up to 90% its taxable earnings to Penn National Gaming’s shareholders. Moreover, the provision states that the primary source of income for the REIT will obviously be the real estate industry. In an interview, Tim Wilmott, President of Penn National told Nevada Gaming Commission that the REIT offers growth and expansion for the company. Although it was initially approved by the commission, the proposed split up and formation of the REIT in Penn National Gaming is yet to gain approval from other gaming and casino regulatory bodies. The prime bookmaking company is also seeking approval from Securities and Exchange Commission.

This entry was posted in August 2013, Casino News, Online Gambling. Bookmark the permalink.

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