Reuters: Global Markets: Casino stocks climb as Penn National spinoff points to new model

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Casino stocks climb as Penn National spinoff points to new model Nov 16th 2012, 17:47 Fri Nov 16, 2012 12:47pm EST (Reuters) - Shares of U.S. casino operators rose on Friday as Penn National Gaming Inc's (PENN.O) plans to spin off some real estate assets drew attention to a more tax-efficient structure that could benefit gaming industry investors. Penn National's shares rose 38 percent after it announced plans on Thursday to hive off 17 casino properties into a new company that will operate as a dividend-paying real estate investment trust. "This could be a trend within the gaming sector to distribute profits on a more tax efficient basis," JP Morgan analyst Joseph Greff said. Ameristar Casinos Inc (ASCA.O) shares were the biggest gainers, up 13 percent at $19.10 on Nasdaq on Friday afternoon. Shares of MGM Resorts International (MGM.N) were up 3 percent at $9.68, after rising as much as 7 percent earlier. Susquehanna Financial analyst Yinan Zhao wrote in a note that industry leaders Las Vegas Sands Corp (LVS.N) and Wynn Resorts Ltd (WYNN.O) would benefit less from a tax structure change, given their heavy exposure to Asian gaming markets. Las Vegas Sands and Wynn Resorts (WYNN.O), which were both up about as much as 5 percent in early trading, were up 3 percent and 1 percent, respectively. (Reporting by Chris Jonathan Peters in Bangalore; Editing by Anthony Kurian and Saumyadeb Chakrabarty)

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions