Among other regional operators, Boyd Gaming's stock is up about 70 percent in the past 12 months, propelled in part by speculation it could be the next gaming company in a REIT transaction. That follows gaming REIT Gaming and Leisure Properties agreeing to buy Pinnacle Entertainment's real estate assets.

One exception to the generally upbeat regional market trends is Atlantic City, New Jersey, but Penn National is clear of the area.

"We're not in Atlantic City, which continues to suffer because of the proliferation of gaming in all the neighboring states around New Jersey," said Wilmott. "But beyond that, I think the regional markets right now are as healthy as they've been in the last three or four years."

Read MoreMohegan Sun takes gamble with online casino for NJ

Penn National has bet on an ambitious expansion into new markets such as the Las Vegas Strip and Southern California. The company also recently acquired a major video gaming terminal operator in the Midwest that some analysts see as a "hedge" to Penn National's exposure to the traditional casino market and potentially as a new growth platform.

The company expects the Tropicana Las Vegas Casino Hotel Resort deal to close before the end of the third quarter. The Nevada Gaming Commission is expected to rule on the transaction Aug. 20. The Tropicana purchase is the company's largest acquisition since it bought M Resort, located about 10 miles from the Las Vegas Strip, in 2011 in a deal valued at $231 million. Penn National tried unsuccessfully to buy the unfinished Fountainebleau location in 2010 but lost to billionaire Carl Icahn.