Gaming & Leisure Characteristics Inc. Concludes Meadows Racetrack & Casino Order
Prolonged discussions about Meadows Racetrack & Casino acquisition attended for an conclusion plus it ended up being announced that its owner that is new is & Leisure Properties Inc., a spinoff team of Penn National video gaming. The recent manager regarding the Washington region home, Cannery Casino holiday resorts, have inked a revised business agreement with Gaming & recreation. The announced acquisition terms had been $440 million, that will be $25 million lower than the prior proposal submitted back May 2014.
GLPI recorded a lawsuit against Cannery Casino destinations and accused the second of having exaggerated the financial show of the casino place. In reality, that accusation created the basis on the sale price.
Based on the revealed facts, GLPI would definitely keep the structures and estate that is real had been happy to are employed in collaboration with a 3rd business in charge of the utilize track and casino, located about 15 miles away from Pittsburgh.
Back May 2014, Gaming & relaxation established the purpose to acquire the house or property for your amount of $465 million, however the offer ended up being brought to a standstill after GLPI evaluated the financial files offered by Cannery officials and concluded the revealed facts had not genuinely reflected Meadows declining abilities.
A federal lawsuit was filed since GLPI sought a $10 million compensation for unspecified damages as a result. Continue reading article