Gaming & Leisure Homes Inc. Concludes Meadows Racetrack & Casino Acquisition
Prolonged talks about Meadows Racetrack & Casino acquisition attended for an conclusion and it had been revealed that the owner that is new is & relaxation Properties Inc., a spinoff company of Penn National games. The owner that is current of Washington region belongings, Cannery Casino hotels, enjoys inked an amended selling agreement with Gaming & amusement. The announced acquisition cost is $440 million, and that’s $25 million significantly less than the last proposal published back in May 2014.
GLPI recorded case against Cannery Casino hotels and accused the latter of experiencing overstated the economic show associated with the casino location. In reality, that accusation formed the basis associated with the purchase cost.
According to the launched facts, GLPI was going to maintain structures and estate that is real was happy to operate in cooperation with a third company in charge of the utilize track and casino, located about 15 kilometers away from Pittsburgh.
Back in might 2014, Gaming & recreational established the goal to acquire the house or property for any level of $465 million, nevertheless the offer was taken to a standstill after GLPI evaluated the economic registers given by Cannery officials and determined the revealed information hadn’t honestly shown Meadows performance that is declining.
A federal lawsuit was filed since GLPI sought a $10 million compensation for unspecified damages as a result.