Continuous discussions about Meadows Racetrack & Casino acquisition attended in an end and it is announced that the newer owner are Gaming & Leisure Properties Inc., a spinoff team of Penn state video gaming. The latest manager associated with Arizona County belongings, Cannery Casino Resorts, keeps inked a revised revenue agreement with Gaming & entertainment. The acquisition that is announced is $440 million, which is $25 million significantly less than the last proposal submitted back will 2014.
GLPI filed case against Cannery Casino holiday resorts and implicated the second of having overstated the monetary overall performance regarding the casino location. In reality, that accusation established the foundation from the deal terms.
According to the circulated information, GLPI was going to maintain the buildings and estate that is real was actually willing to work with venture through a 3rd company responsible for the use track and casino, found about 15 kilometers away from Pittsburgh.
Back in might 2014, Gaming & amusement launched their goal to purchase the house for the number of $465 million, however the contract was actually delivered to a standstill after GLPI examined the financial files offered by Cannery officials and determined the revealed facts hadn't truthfully mirrored Meadows performance that is declining.
As a result, a national lawsuit was recorded since GLPI needed a $10 million payment for unspecified damages.