Penn National Gaming, Inc. (PENN: Nasdaq) announced today that it will release its 2013 third quarter financial results at 7:00 a.m. ET on Thursday, October 17, 2013. The Company will not host a conference call or webcast in connection with the release of its 2013 third quarter results, as it is in the process of completing the previously announced planned separation of its operating assets and real property assets.
The Company expects to complete the spin-off of Gaming and Leisure Properties, Inc. (“GLPI”), which will hold substantially all of the Company’s real property assets, on November 1, 2013. The completion of the spin-off is subject to the satisfaction of certain conditions, including, without limitation, the completion of the financings needed to fund each of the public companies and the continuing validity of the factual representations underlying the private letter ruling from the Internal Revenue Service received by the Company. The prospectus of GLPI filed with the U.S. Securities and Exchange Commission on Form 424B3 on October 10, 2013 describes these conditions in further detail, and also contains more complete information about GLPI and its separation from the Company, including financial information and disclosures regarding GLPI’s capital structure, senior management and relationship with Penn National Gaming.
About Penn National Gaming
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-eight facilities in eighteen jurisdictions, including Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario. In aggregate, Penn National’s operated facilities currently feature approximately 31,000 gaming machines, 800 table games, 2,900 hotel rooms and approximately 8.8 million total property square feet.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may vary materially from expectations. Although Penn National Gaming believes that our expectations are based on reasonable assumptions within the bounds of our knowledge of our business and operations, there can be no assurance that actual results will not differ materially from our expectations. Meaningful factors that could cause actual results to differ from expectations include, but are not limited to, risks related to the following: the proposed separation of GLPI from the Company, including our ability to timely receive all necessary consents and approvals and satisfy all conditions to the consummation of the spin-off, the anticipated timing of the proposed spin-off, the expected tax treatment of the proposed transaction, the ability of each of the post spin Company and GLPI to conduct and expand their respective businesses following the proposed spin-off, and the diversion of management’s attention from traditional business concerns; our ability to raise the capital necessary to finance the spin-off, including the redemption of our existing debt and preferred stock obligations, the anticipated cash portion of GLPI’s special E&P dividend and transaction costs; and other factors as discussed in the Registration Statement, and the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC. The Company does not intend to update publicly any forward-looking statements except as required by law.