For Casino Companies, Is Real Estate the Real Payoff?

The Borgata Hotel Casino & Spa in Atlantic City, N.J., is jointly owned by Boyd Gaming and MGM Resorts Photograph by Wayne Parry/AP Photo

Shares of Boyd Gaming have been on a hot streak, up 19 percent since March 10, when activist investment firm Elliott Associates announced it was taking a 5 percent stake in the Las Vegas-based casino company. The move signals Elliott’s interest in replicating a real estate play Penn National Gaming made last year when it spun off its 22 properties into a publicly traded real estate investment trust (REIT).

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