PNG Stocks Surge On Split News

Stocks of casino and racetrack operator Penn National Gaming surged on Friday, November 16 after it announced that it will be splitting into two public companies.

Citing a Penn National release, a brief report by Bloomberg News states that investors will receive a dividend of roughly $5.35 a share and that Penn National will continue to run most of raceways and casinos.

Penn National Spokesman Joe Jaffoni stated that the move should not have an effect on day-to-day operations in regard to the company's customers and employees. “It’s business as usual,” Jaffoni was quoted as saying.

FOX News is reporting that Penn National shares soared to $50.50 early Friday morning, and that Penn National will spin off its real estate assets into a game-focused real estate investment trust that includes over 17 casinos, 3,200 acres of land, 6.9-million square feet of building space and 20,000 structured parking spaces.

(With files from Bloomberg News, Columbus Business First and FOX News)

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