Games & Leisure Homes Inc. Completes Meadows Racetrack & Casino Buy
Prolonged discussions about Meadows Racetrack & Casino acquisition came in an end also it got revealed that its new owner are Gaming & relaxation characteristics Inc., a spinoff company of Penn National video gaming. The owner that is current of Arizona state homes, Cannery Casino Resorts, have inked an amended sales arrangement with Gaming & amusement. The acquisition that is announced was $440 million, which can be $25 million lower than the earlier proposition published back in might 2014.
GLPI recorded case against Cannery Casino hotels and implicated the second of experiencing exaggerated the financial overall performance on the casino venue. In reality, that accusation formed the foundation associated with deal rate.
According to the circulated info, GLPI was going to keep carefully the property and property but ended up being ready to work with collaboration through a next providers in charge of the use track and casino, operating about 15 miles from the Pittsburgh.
Back might 2014, Gaming & amusement launched their intent to purchase the house or property when it comes down to quantity of $465 million, however the price ended up being taken to a standstill after GLPI analyzed the monetary registers supplied by Cannery authorities and determined the revealed facts had not honestly shown Meadows declining abilities.
A federal lawsuit was filed since GLPI sought a $10 million compensation for unspecified damages as a result. Read more