However, the danger for real estate investors comes if a casino defaults on its payments. Leasebacks have been popular with real estate investors since the deals provide a reliable source of income. Penn National leased the Perryville site to Gaming and Leisure Properties but later bought back the casino to get into the online gaming business in Maryland. Penn National operates several Hollywood Casinos, including Perryville, MD, west of the Delaware line. Pennsylvania-based Gaming and Leisure Properties pioneered the concept when spun out of Dover Downs’s rival Penn National Gaming. The Evansville site comes with sports gaming, a couple of hotels, and meeting and convention space in the southern Indiana city.
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