Pinnacle Entertainment, Inc has agreed to get the Meadows Racetrack and Casino operations for $138 million from Gaming and Leisure Properties, Inc (GLP). After the deal has been successfully completed, Pinnacle will get over the casino operations of Meadows and lease the underlying property from GLP for $25 million as the annual rent. A Hyatt Area hotel is located close by but is not component of the complicated or the deal.
The Meadows Racetrack and Casino is located in Washington, Pennsylvania all around 25 miles away from Pittsburgh. For the duration of the last 12 months it has created net revenues of $289 million. The casino features 74 table games, 11 poker tables and three,170 slot machines. It also includes a harness horse racetrack having a capacity of 500. Source Link The complex has a broad assortment of dining and enjoyment amenities in addition to a seven,500 sq. feet banquet hall and a big bowling center.
In a statement, Anthony Sanfilippo, Chief Executive Officer of Pinnacle Enjoyment mentioned,
The Meadows is an attractive gaming enjoyment enterprise, with a broad base of operations and higher good quality gaming and non-gaming amenities. The Meadows will complement our current collection of terrific properties and offer further operational scale, geographic diversification, and yet another wonderful spot, the better Pittsburgh location, for the guests of Pinnacle Entertainment to pay a visit to

This was a strategic acquisition by Pinnacle Enjoyment as with the completion of this acquisition, the firm now has gaming amenities spread across 16 places in 10 states covering 14 gaming markets of U.S.
Sanfilippo stated that the merger would improve Meadow's functionality by offering it with a quantity of new positive aspects such as participating in the group's loyalty system mychoice player, greater advertising and database management and enhanced working efficiencies.
GLP's deal with Pinnacle is portion of a larger transaction as GLP is acquiring the Meadows facility from its current owner, Cannery Casino Resorts LLC for a sum of $440 million. GLP intends to retain only the real estate portion. The business will hold the land and the buildings in a true estate investment trust, while promoting the casino license and its operations to Pinnacle.
Pinnacle is for that reason leasing the land and constructing with a Triple Net Lease agreement beneath which it leases the land for an preliminary lease of $25.5 million, going up to $31 million in the coming years.
The two bargains are expected to be finalized for the duration of the third quarter of this 12 months, following the regulatory bodies of Pennsylvania Gaming Management Board and Pennsylvania Harness Racing Commission approves the acquisition.