Gaming and Leisure Properties Inc. is increasing its hostile bid to buy the real estate assets of casino operator Pinnacle Entertainment Inc.'s roughly $5 billion. The move comes after an activist investor Orange Capital has been pushing PNK to separate real estate assets. Specifically, Gaming and Leisure Properties, a casino REIT, on Tuesday hiked its offer to buy Pinnacle Entertainment's real estate with an aggregate offer value of $47.50 a share, up from its initial March hostile combined offer of $36 a share. As part of the offer, Gaming and Leisure Properties would spin off Pinnacle's operating business into a separately traded public company and its real estate assets, known as PropertyCo, or PropCo, would be merged into the gaming REIT. The hiked offer comes after Pinnacle, under pressure from Orange Capital LLC's Daniel Lewis, in November announced plans to separate its real estate assets from its operating business by creating a free-standing REIT for its real estate, which would be distributed to the company's shareholders in a tax-free spinoff with a 2016 completion date. Pinnacle, which owns and operates 15 gaming properties in eight states, did not return calls for comment. However, in May it confirmed it has been engaged in 'productive discussions' with Gaming and Leisure Properties about a potential acquisition of real estate assets.