Gaming & Leisure Properties Inc. Concludes Meadows Racetrack & Casino Purchase

Gaming & Leisure Properties Inc. Concludes Meadows Racetrack & Casino Purchase

Prolonged talks about Meadows Racetrack & Casino acquisition have come to an end and it also got established that its new proprietor is actually Gaming & Leisure characteristics Inc., a spinoff company of Penn state video gaming. The latest owner on the Washington County land, Cannery Casino hotels, has actually inked an amended sale contract with Gaming & entertainment. The announced acquisition rate had been $440 million, which is $25 million lower than the prior proposition posted back in might 2014.

GLPI recorded case against Cannery Casino hotels and implicated the latter of having exaggerated the performance that is financial of casino place. In reality, that accusation created the cornerstone associated with deal cost.

According to the released facts, GLPI would definitely maintain the houses and property but got willing to work with cooperation by having a third team in charge of the harness track and casino, set about 15 kilometers far from Pittsburgh.

Back May 2014, Gaming & Leisure launched the purpose to find the house or property for any amount of $465 million, but the price had been brought to a standstill after GLPI examined the monetary records offered by Cannery officials and determined the disclosed information had not honestly reflected Meadows performance that is declining.

A federal lawsuit was filed since GLPI sought a $10 million compensation for unspecified damages as a result. […]