Games & Recreational Qualities Inc. Completes Meadows Racetrack & Casino Order

Prolonged talks about Meadows Racetrack & Casino acquisition have come for an conclusion plus it was actually revealed that its brand new holder is Gaming & relaxation Properties Inc., a spinoff organization of Penn National Gaming. The owner that is current of Arizona state belongings, Cannery Casino Resorts, has actually inked a revised selling contract with Gaming & entertainment. The announced acquisition rates is $440 million, and that is $25 million less than the previous suggestion presented back might 2014.

GLPI registered a lawsuit against Cannery Casino Resorts and implicated the second of experiencing overstated the performance that is financial of casino place. In reality, that accusation established the foundation from the purchase costs.

In accordance with the circulated information, GLPI was going to maintain buildings and estate that is real got happy to work in venture by having a next business in charge of the harness track and casino, set about 15 kilometers from the Pittsburgh.

Back in might 2014, Gaming & relaxation established its goal to acquire the property for any number of $465 million, but the bargain had been delivered to a standstill after GLPI analyzed the financial reports given by Cannery officials and determined the disclosed information hadn’t truthfully reflected Meadows performance that is declining.

A federal lawsuit was filed since GLPI sought a $10 million compensation for unspecified damages as a result. Continue reading →