Games & Recreation Properties Inc. Concludes Meadows Racetrack & Casino Purchase
Continuous talks about Meadows Racetrack & Casino acquisition have come to an conclusion and it also is revealed that the brand-new manager are Gaming & recreational characteristics Inc., a spinoff team of Penn state video gaming. The owner that is current of Arizona region property, Cannery Casino Resorts, enjoys inked a revised revenue agreement with Gaming & relaxation. The announced acquisition rate had been $440 million, and that’s $25 million not as much as the previous proposition published back might 2014.
GLPI submitted a lawsuit against Cannery Casino destinations and implicated the latter of having overstated the economic show of the casino venue. In reality, that accusation formed the basis in the purchase costs.
In line with the circulated info, GLPI would definitely maintain the structures and estate that is real is willing to work with cooperation having a next team accountable for the funnel track and casino, placed about 15 kilometers from the Pittsburgh.
Back will 2014, Gaming & Leisure announced their purpose purchasing the home for any level of $465 million, nevertheless the offer had been delivered to a standstill after GLPI examined the financial data offered by Cannery authorities and determined the disclosed facts hadn’t truthfully reflected Meadows decreasing results.
A federal lawsuit was filed since GLPI sought a $10 million compensation for unspecified damages as a result.