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

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

Continuous discussions about Meadows Racetrack & Casino acquisition have come in an conclusion and it ended up being established that its brand-new owner is Gaming & relaxation Properties Inc., a spinoff organization of Penn state games. The owner that is current of Arizona County belongings, Cannery Casino holiday resorts, keeps inked a revised sale contract with Gaming & entertainment. The announced acquisition terms was actually $440 million, that will be $25 million lower than the last proposition published back May 2014.

GLPI recorded a lawsuit against Cannery Casino hotels and implicated the latter of having overstated the monetary results associated with casino site. In reality, that accusation formed the cornerstone from the deal terms.

According to the circulated info, GLPI was going to maintain property and real-estate but ended up being happy to work in cooperation having a third team accountable for the funnel track and casino, found about 15 miles away from Pittsburgh.

Back might 2014, Gaming & relaxation established the intent to purchase the house for any number of $465 million, nevertheless the package is taken to a standstill after GLPI analyzed the economic data given by Cannery authorities and determined the disclosed information hadn’t truthfully shown Meadows declining performance.

Because of this, a federal suit had been submitted since GLPI needed a ten bucks million payment for unspecified injuries. Continue reading Gaming & Leisure Qualities Inc. Completes Meadows Racetrack & Casino Acquisition