Pinnacle Entertainment Takes Over The Meadows Racetrack
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Pinnacle Entertainment, Inc has agreed to get the Meadows Racetrack and Casino operations for $138 million from Gaming and Leisure Properties, Inc (GLP). When the deal has been efficiently finished, Pinnacle will take in excess of the casino operations of Meadows and lease the underlying house from GLP for $25 million as the annual rent. A Hyatt Spot hotel is situated shut by but is not part of the complex or the deal.
PokerAfa The Meadows Racetrack and Casino is found in Washington, Pennsylvania around 25 miles away from Pittsburgh. During the last twelve months it has generated net revenues of $289 million. The casino functions 74 table video games, 11 poker tables and 3,170 slot machines. It also consists of a harness horse racetrack having a capability of 500. The complicated has a broad range of dining and enjoyment amenities in addition to a seven,500 sq. feet banquet hall and a massive bowling center.
In a statement, Anthony Sanfilippo, Chief Executive Officer of Pinnacle Entertainment said,
The Meadows is an appealing gaming entertainment organization, with a broad base of operations and large good quality gaming and non-gaming amenities. The Meadows will complement our current collection of terrific properties and give further operational scale, geographic diversification, and yet another wonderful area, the higher Pittsburgh spot, for the guests of Pinnacle Enjoyment to check out
This was a strategic acquisition by Pinnacle Entertainment as with the completion of this acquisition, the organization now has gaming amenities spread across 16 places in ten states covering 14 gaming markets of U.S.
Sanfilippo stated that the merger would increase Meadow's performance by providing it with a number of new rewards such as participating in the group's loyalty plan mychoice player, far better marketing and database management and enhanced working efficiencies.
GLP's deal with Pinnacle is portion of a greater transaction as GLP is getting 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 firm will hold the land and the buildings in a real estate investment trust, even though selling the casino license and its operations to Pinnacle.
Pinnacle is consequently leasing the land and constructing with a Triple Net Lease agreement underneath which it leases the land for an preliminary rent of $25.5 million, going up to $31 million in the coming many years.
The two offers are expected to be finalized throughout the third quarter of this 12 months, right after the regulatory bodies of Pennsylvania Gaming Manage Board and Pennsylvania Harness Racing Commission approves the acquisition.
PokerAfa The Meadows Racetrack and Casino is found in Washington, Pennsylvania around 25 miles away from Pittsburgh. During the last twelve months it has generated net revenues of $289 million. The casino functions 74 table video games, 11 poker tables and 3,170 slot machines. It also consists of a harness horse racetrack having a capability of 500. The complicated has a broad range of dining and enjoyment amenities in addition to a seven,500 sq. feet banquet hall and a massive bowling center.
In a statement, Anthony Sanfilippo, Chief Executive Officer of Pinnacle Entertainment said,
The Meadows is an appealing gaming entertainment organization, with a broad base of operations and large good quality gaming and non-gaming amenities. The Meadows will complement our current collection of terrific properties and give further operational scale, geographic diversification, and yet another wonderful area, the higher Pittsburgh spot, for the guests of Pinnacle Enjoyment to check out
This was a strategic acquisition by Pinnacle Entertainment as with the completion of this acquisition, the organization now has gaming amenities spread across 16 places in ten states covering 14 gaming markets of U.S.
Sanfilippo stated that the merger would increase Meadow's performance by providing it with a number of new rewards such as participating in the group's loyalty plan mychoice player, far better marketing and database management and enhanced working efficiencies.
GLP's deal with Pinnacle is portion of a greater transaction as GLP is getting 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 firm will hold the land and the buildings in a real estate investment trust, even though selling the casino license and its operations to Pinnacle.
Pinnacle is consequently leasing the land and constructing with a Triple Net Lease agreement underneath which it leases the land for an preliminary rent of $25.5 million, going up to $31 million in the coming many years.
The two offers are expected to be finalized throughout the third quarter of this 12 months, right after the regulatory bodies of Pennsylvania Gaming Manage Board and Pennsylvania Harness Racing Commission approves the acquisition.
