Games & Relaxation Properties Inc. Concludes Meadows Racetrack & Casino Acquisition
Continuous discussions about Meadows Racetrack & Casino acquisition have come in an end plus it got announced that their owner that is new is & Leisure characteristics Inc., a spinoff organization of Penn nationwide video gaming. The owner that is current of Washington district home, Cannery Casino holiday resorts, features inked an amended marketing agreement with Gaming & Leisure. The acquisition that is announced had been $440 million, and that’s $25 million significantly less than the last proposition published back might 2014.
GLPI registered case against Cannery Casino hotels and implicated the latter of having exaggerated the financial efficiency of the casino venue. In reality, that accusation formed the cornerstone with the sale rate.
According to research by the circulated facts, GLPI would definitely keep consitently the buildings and real-estate but had been ready to are employed in collaboration having a next business accountable for the funnel track and casino, located about 15 miles away from Pittsburgh.
Back in might 2014, Gaming & Leisure launched their purpose buying the home for the level of $465 million, nevertheless the deal is taken to a standstill after GLPI evaluated the economic information supplied by Cannery authorities and concluded the disclosed facts hadn’t honestly mirrored Meadows declining abilities.
A federal lawsuit was filed since GLPI sought a $10 million compensation for unspecified damages as a result. Pennsylvania gambling authorities h...