Games & Entertainment Qualities Inc. Completes Meadows Racetrack & Casino Purchase
Continuous discussions about Meadows Racetrack & Casino acquisition came to an end also it was actually revealed that its brand-new proprietor is Gaming & Leisure Properties Inc., a spinoff company of Penn state games. The owner that is current of Arizona state residential property, Cannery Casino destinations, has actually inked a revised marketing contract with Gaming & amusement. The acquisition that is announced ended up being $440 million, which is $25 million significantly less than the last suggestion published back might 2014.
GLPI filed case against Cannery Casino holiday resorts and implicated the latter of having exaggerated the monetary abilities from the casino place. In reality, that accusation created the basis on the deal terms.
Based on the launched facts, GLPI would definitely maintain the structures and property but got willing to work with cooperation having a third company accountable for the utilize track and casino, present about 15 kilometers far from Pittsburgh.
Back in might 2014, Gaming & recreational launched their intent to purchase the house for the quantity of $465 million, nevertheless the deal is brought to a standstill after GLPI analyzed the monetary records supplied by Cannery officials and concluded the revealed facts hadn’t genuinely mirrored Meadows declining show.
A federal lawsuit was filed since GLPI sought a $10 million compensation for unspecified damages as a result.