PENN NATIONAL GAMING IS SPLITTING INTO TWO COMPANIES, SEPARATING ITS GAMBLING OPERATIONS FROM ITS REAL ESTATE HOLDINGS.
THE OPERATION OF THE COMPANY'S 29 CASINOS AND HORSE TRACKS WILL CONTINUE UNDER THE NAME PENN NATIONAL GAMING, BUT THE PHYSICAL PROPERTY OF THE THOSE FACILITIES WILL BE KNOWN AS PROPCO.
PROPCO WILL BE A PUBLICLY TRADED REAL ESTATE INVESTMENT TRUST. IF APPROVED BY GAMING REGULATORS, THE MOVE WOULD ALLOW PENN TO SAVE MILLIONS OF DOLLARS IN FEDERAL TAXES.
THE COMPANY RELEASED ITS PLAN TO SHAREHOLDERS LATE LAST WEEK.
PENN ALSO LAID OUT ITS 2013 FINANCIAL GUIDANCE TO STOCKHOLDERS, WHICH INCLUDED A STATEMENT THAT NO DISRUPTIONS TO SIOUX CITY'S ARGOSY CASINO WOULD ARISE AS A RESULT OF ONGOING NEGOTIATIONS WITH EITHER THE CITY OR MRHD, THE NON PROFIT CHARITY SPONSOR OR ANY RELATED LITIGATION OR REGULATORY PROCEEDINGS.
KSCJ News
- GAUSMAN SAYS LOCAL DISTRICTS SHOULD DECIDE WHEN SCHOOL YEAR STARTS
- COUNTY SHERIFF & SUPERVISORS TRY TO RESOLVE PAY DISPUTE
- CLOVIS HIRES FORMER SANTORUM CAMPAIGN MGR.
- SUPERVISORS GIVE SUPPORT TO CHILDREN'S MUSEUM
- YOUNG SAYS BRALEY CAN BE BEATEN
- BODY RECOVERED FROM RIVER UPDATE
- CITY LEADERS TRIP TO JAPAN RESULTS IN MORE LOCAL JOBS
- BRANSTAD WANTS SCHOOLS TO START YEAR IN SEPTEMBER
- SIOUXLAND COMMUNITY HEALTH CENTER EXPANSION
- HIGHWAY 75 ACCIDENT SLOWS TRAFFIC
