Penn National Gaming's board of directors has approved a 2-for-1 split of the company's common stock.
The stock split will be in the form of a stock dividend of one additional share common stock for each share held. The additional shares will be distributed June 25 to shareholders of record on June 4.
Once the split is completed, the number of outstanding Penn National shares will increase to approximately 39.1 million.
"The board believes the stock dividend will further enhance the liquidity of Penn National's shares and make them more attractive to a broader range of investors," said Peter M. Carlino, chief executive officer of Penn National.
Penn National's stock closed at $31.80 at the end of trading May 21. The stock was up 4.3% to $33.24 as of 10 a.m. on Wednesday.
Penn National Gaming (PENN:Nasdaq) owns and operates Charles Town Races in Charles Town, W. Vir.; Penn National Race Course, Pocono Downs harness track, and 11 off-track wagering parlors in Pennsylvania; two Mississippi casinos; a riverboat gaming facility in Baton Rouge, La.; and the Bullwhackers casino properties in Black Hawk, Colo.