Penn National Gaming Inc. (NASDAQ: PENN) announced that it has received approval from the Nevada Gaming Commission to implement the company's previously announced separation of its operating assets and its real estate assets. Penn Gaming announced its plans last November.
The spin-off will be called Gaming and Leisure Properties Inc. and will operate as a REIT. The new company will own 19 casinos, more than 2,900 acres of land, and 6.6 million square feet of business space.
Shares of Penn Gaming are up 1.7% in after-hours trading today at $53.85 in a 52-week range of $37.00 to $59.93.
Specialty retailer Zumiez Inc. (NASDAQ: ZUMZ) reported same-store sales for June after markets closed today. The company said sales rose 1% in the period ending July 6th. In June of last year the company recorded a gain of 8.2%. Retail research firm Retail Metrics had forecast a gain of 2.1%.
Shares of Zumiez are down about 3.1% after hours today, at $30.05 in a 52-week range of $17.93 to $38.57.
Filed under: Investing Tagged: PENN, ZUMZ