Ameristar Casinos Shares Rise as Penn National Gaming Announces Creation of New Casino REIT
November 20 2012 - 8:20AM
Marketwired
Gaming stocks received a boost last Friday after Penn National
Gaming Inc. announced breakup plans to create the first
casino-focused REIT. Analysts have suggested that other gaming
companies may follow suit as it would help free up capital. "This
could be a trend within the gaming sector to distribute profits on
a more tax efficient basis," said Joseph Greff, a JPMorgan Chase
& Co. analyst. The Paragon Report examines investing
opportunities in the Resorts & Casinos Industry and provides
equity research on Penn National Gaming, Inc. (NASDAQ: PENN) and
Ameristar Casinos, Inc. (NASDAQ: ASCA).
Access to the full company reports can be found at:
www.ParagonReport.com/PENN
www.ParagonReport.com/ASCA
Penn National will break up into two public companies and place
a majority of their properties, at least 17, into a new real estate
investment trust. Shareholders of Penn will a dividend of $5.35 a
share in addition to stock in the newly established REIT. The
breakup is expected to occur, pending regulatory approval, during
the second half of 2013.
"This process will unlock the tremendous value of our real
estate portfolio," Chairman and CEO Peter Carlino said on a
conference call. "This is just strictly our view of how we can best
take the assets we have and make the most of them."
Paragon Report releases regular market updates on the Resorts
& Casinos Industry so investors can stay ahead of the crowd and
make the best investment decisions to maximize their returns. Take
a few minutes to register with us free at www.ParagonReport.com and
get exclusive access to our numerous stock reports and industry
newsletters.
Penn National Gaming owns, operates or has ownership interests
in gaming and racing facilities with a focus on slot machine
entertainment. The company presently operates twenty-nine
facilities in nineteen jurisdictions. The new REIT would own 17
casino facilities encompassing over 3,200 acres of land, 6.9
million square feet of building space and 20,000 structured parking
spaces.
Ameristar Casinos is an innovative casino gaming company
featuring the newest and most popular slot machines. The company
generates more than $1 billion in net revenues annually. The
company currently offers an annual dividend of $0.50 per share for
a yield of approximately 2.56%.
The Paragon Report has not been compensated by any of the
above-mentioned publicly traded companies. Paragon Report is
compensated by other third party organizations for advertising
services. We act as an independent research portal and are aware
that all investment entails inherent risks. Please view the full
disclaimer at:
http://www.paragonreport.com/disclaimer
Add to Digg Bookmark with del.icio.us Add to Newsvine
A SPAC I Acquisition (NASDAQ:ASCA)
Historical Stock Chart
From Jun 2024 to Jul 2024
A SPAC I Acquisition (NASDAQ:ASCA)
Historical Stock Chart
From Jul 2023 to Jul 2024