Games & Leisure Homes Inc. Completes Meadows Racetrack & Casino Buy
Prolonged talks about Meadows Racetrack & Casino acquisition attended for an end plus it got announced that their newer owner is Gaming & Leisure Properties Inc., a spinoff company of Penn nationwide video gaming. The owner that is current of Arizona region land, Cannery Casino Resorts, has inked an amended revenue contract with Gaming & amusement. The announced acquisition terms was actually $440 million, which will be $25 million not as much as the previous proposition published back in might 2014.
GLPI filed a lawsuit against Cannery Casino destinations and implicated the second of having overstated the performance that is financial of casino location. In point of fact, that accusation formed the foundation for the sale terms.
Based on the revealed info, GLPI was going to keep the houses and estate that is real was happy to are employed in venture having a third organization responsible for the utilize track and casino, set about 15 kilometers far from Pittsburgh.
Back in May 2014, Gaming & recreational announced its objective to purchase the property when it comes down to quantity of $465 million, nevertheless the bargain got taken to a standstill after GLPI examined the financial files 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. Continue reading “Games & Leisure Homes Inc. Completes Meadows Racetrack & Casino Buy”