Gaming and Leisure Properties to purchase The Meadows Racetrack and Casino.
Gaming and Leisure Properties Inc. (GLPI) recently disclosed from its Wyomissing headquarters that it will acquire The Meadows Racetrack and Casino for $440 million, squaring buyer and seller.
The Meadows Racetrack and Casino is located in the Pittsburgh suburb of Washington.
In a transaction resolving all existing claims between the purchaser and current owner, GLPI is acquiring the facility from Cannery Casino Resorts LLC. Operating since 2007, the 180,000-square-foot casino features 3,172 slot machines, 74 table games and 14 poker tables.
“We are pleased to resolve the Cannery litigation in a manner that we believe is positive for both companies,” Peter Carlino, GLPI chairman and CEO, said. “The amended agreement allows us to add The Meadows to our growing portfolio of high-quality regional gaming assets at a price that is reflective of current property performance. The property has enjoyed improving performance in the second half of 2015, and we look forward to partnering with one of the many quality operators in the gaming industry to continue that momentum.”
With the expectation of selling some of the property’s assets, GLPI is seeking a third-party operator. In addition to gambling facilities, sports bars, lounges, restaurants, a 24-lane bowling alley and a racetrack seating 500, an unrelated party runs a 154-room hotel adjacent to the casino.
“This resolution is a good outcome for CCR shareholders,” William Paulos, co-CEO of Cannery Casino Resorts, said. “All of the net sale proceeds will be used to reduce our debt and better position us for the future. We are now focused on working with GLPI to ensure a smooth transition for our team members and customers.”
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