Gaming & Recreation Homes Inc. Concludes Meadows Racetrack & Casino Acquisition
Continuous talks about Meadows Racetrack & Casino acquisition attended in an conclusion also it got announced that the owner that is new is & recreational Properties Inc., a spinoff team of Penn nationwide video gaming. The owner that is current of Washington County land, Cannery Casino hotels, has inked a revised business arrangement with Gaming & Leisure. The acquisition that is announced is $440 million, and that’s $25 million lower than the prior proposition provided back in might 2014.
GLPI filed case against Cannery Casino Resorts and accused the latter of having exaggerated the economic abilities on the casino location. In reality, that accusation established the basis associated with deal price.
Based on the introduced information, GLPI would definitely maintain property and real-estate but was happy to are employed in collaboration with a 3rd company accountable for the funnel track and casino, placed about 15 miles far from Pittsburgh.
Back May 2014, Gaming & relaxation announced their intention to find the property for all the number of $465 million, nevertheless the price is brought to a standstill after GLPI analyzed the monetary data supplied by Cannery authorities and determined the revealed facts had not honestly shown Meadows performance that is declining.
As a result, a federal lawsuit had been filed since GLPI wanted a $10 million compensation for unspecified damages. Continue reading “Gaming & Recreation Homes Inc. Concludes Meadows Racetrack & Casino Acquisition”