Gaming and Leisure Properties, Inc. is a real estate investment trust specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 46 casino properties, and operates two of them. The company was created as a corporate spin-off from Penn National Gaming, effective November 1, 2013. The corporate breakup was designed to increase investor returns by taking advantage of the lack of federal income taxes on REITs.