Deals
Penn National Rises to Highest Since 2008 After REIT Plan
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Penn National Gaming Inc., the operator of 29 casinos and racetracks, surged to its highest price since 2008 after announcing plans to split into two public companies by placing most properties into a new real estate investment trust.
The shares gained 28 percent to $48.23 at the close, after the Wyomissing, Pennsylvania-based company said yesterday it will spin off at least 17 properties into the first casino-focused REIT. Executives said they would encourage other casino companies to do the same, sending shares of MGM Resorts International and Pinnacle Entertainment Inc. higher.