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