Penn National Gaming has submitted a proposal to the Securities and Exchange Commission to form Gaming and Leisure Properties Inc., the first gaming-focused real estate investment trust in the U.S. Penn National spokeswoman Karen Bailey said the primary objective of the spinoff is to "generate additional value for our shareholders." The new REIT, if approved, would own Penn's Hollywood Casino Perryville, Md., allowing Penn National to pursue a bid for a new casino in Prince George's County. Maryland law prohibits a casino operator from owning more than one casino in the state.

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