Gaming & Leisure Characteristics Inc. Completes Meadows Racetrack & Casino Acquisition

Gaming & Leisure Characteristics Inc. Completes Meadows Racetrack & Casino Acquisition

Continuous talks about Meadows Racetrack & Casino acquisition came in an conclusion and it ended up being announced that its brand new owner are Gaming & Leisure characteristics Inc., a spinoff providers of Penn nationwide games. The owner that is current of Washington region residential property, Cannery Casino Resorts, possess inked an amended revenue contract with Gaming & entertainment. The acquisition that is announced was actually $440 million, that is $25 million less than the prior offer submitted back in might 2014.

GLPI submitted case against Cannery Casino hotels and accused the latter of experiencing exaggerated the economic efficiency on the casino site. In reality, that accusation established the basis regarding the sale cost.

In line with the circulated information, GLPI was going to maintain buildings and estate that is real ended up being willing to operate in collaboration by way of a 3rd team responsible for the use track and casino, located about 15 kilometers away from Pittsburgh.

Back in May 2014, Gaming & relaxation launched their goal to invest in the house or property for your amount of $465 million, but the offer was delivered to a standstill after GLPI evaluated the monetary documents supplied by Cannery authorities and concluded the revealed facts hadn’t genuinely shown Meadows performance that is declining.

Because of this, a federal lawsuit was registered since GLPI found a $10 million compensation for unspecified injuries. Continue reading