Notes

Pinnacle Entertainment Requires Over The Meadows Racetrack
Pinnacle Entertainment, Inc has agreed to get the Meadows Racetrack and Casino operations for $138 million from Gaming and Leisure Properties, Inc (GLP). As soon as the deal has been successfully completed, Pinnacle will get above the casino operations of Meadows and lease the underlying home from GLP for $25 million as the annual lease. A Hyatt Area hotel is situated close by but is not part of the complicated or the deal.
The Meadows Racetrack and Casino is located in Washington, Pennsylvania about 25 miles away from Pittsburgh. In the course of the final twelve months it has generated net revenues of $289 million. The casino attributes 74 table video games, eleven poker tables and 3,170 slot machines. It also includes a harness horse racetrack possessing a capacity of 500. The complex has a wide selection 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 explained,
The Meadows is an appealing gaming enjoyment business, with a broad base of operations and substantial high quality gaming and non-gaming amenities. The Meadows will complement our current collection of terrific properties and give added operational scale, geographic diversification, and another wonderful place, the greater Pittsburgh spot, for the guests of Pinnacle Enjoyment to pay a visit to
This was a strategic acquisition by Pinnacle Entertainment as with the completion of this acquisition, the business now has gaming services spread across sixteen places in ten states covering 14 gaming markets of U.S.
Sanfilippo stated that the merger would boost Meadow's overall performance by offering it with a number of new advantages such as participating in the group's loyalty program mychoice player, much better advertising and marketing and database management and enhanced operating efficiencies.

Lapak303 GLP's deal with Pinnacle is portion of a larger transaction as GLP is getting the Meadows facility from its existing owner, Cannery Casino Resorts LLC for a sum of $440 million. GLP intends to retain only the true estate portion. The firm will hold the land and the buildings in a genuine estate investment believe in, although offering the casino license and its operations to Pinnacle.
Pinnacle is for that reason leasing the land and creating 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.
Both offers are expected to be finalized for the duration of the third quarter of this year, following the regulatory bodies of Pennsylvania Gaming Manage Board and Pennsylvania Harness Racing Commission approves the acquisition.

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