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