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