PHILADELPHIA-A spin-off of Penn National Gaming is critical to its casino proposals in Pennsylvania and Maryland that promise the return of all or a lion's share of profits to education and other public uses.
Gaming & Leisure Properties Inc., a real estate investment trust that was spun off to Penn National shareholders on a tax-free basis effective Nov. 1, is a key part of both its proposals for the second casino license in Philadelphia and a casino license in Maryland, according to the Inquirer.
Its plan in Pennsylvania calls for two thirds of the casino's profits to be go to schools and the city's cash-strapped pension fund. In Maryland, the proposal for a casino in Prince George's County calls for 100% of the profits to go to an educators' retirement plan and a neighborhood health network.
The new corporate structure has Gaming & Leisure Properties assuming ownership of the real estate associated with a majority of Penn National's casinos. Penn National will continue as the operator in all but two properties, paying rent to the new firm. See story in The Inquirer.
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