Penn National Shares Surge 30% On Split-Up Plan
Investors clearly see Penn National Gaming's (PENN) decision to split itself into a casino operator and a real estate investment trust as a winning move. They bid its shares up 30% in more than 40 times usual trading volume early Friday. Penn National operates 29 casinos across the country and in Canada with a focus on slot machines. It said early Friday it plans to do a tax-free spin-off of its real estate properties to Penn stockholders, forming
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