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Gaming & Amusement Qualities Inc. Concludes Meadows Racetrack & Casino Buy

Tuesday, January 14th, 2020

Gaming & Amusement Qualities Inc. Concludes Meadows Racetrack & Casino Buy

Continuous talks about Meadows Racetrack & Casino acquisition came to the conclusion also it had been announced that its owner that is new is & recreational Properties Inc., a spinoff organization of Penn state Gaming. The owner that is current of Washington state residential property, Cannery Casino destinations, has actually inked a revised sales contract with Gaming & recreation. The announced acquisition rates had been $440 million, that is $25 million lower than the last proposal submitted back in will 2014.

GLPI filed a lawsuit against Cannery Casino Resorts and implicated the second of having exaggerated the financial show associated with the casino location. In reality, that accusation formed the cornerstone from the deal price.

According to the launched info, GLPI was going to keep carefully the houses and estate that is real ended up being happy to work in collaboration through a third organization accountable for the utilize track and casino, set about 15 miles from the Pittsburgh.

Back May 2014, Gaming & Leisure established their purpose to find the home for all the level of $465 million, however the package got brought to a standstill after GLPI evaluated the financial information provided by Cannery authorities and concluded the disclosed information had not genuinely reflected Meadows declining overall performance.

Because of this, a federal lawsuit was recorded since GLPI desired a $10 million settlement for unspecified injuries. (more…)