Gaming and Leisure Properties, Inc. (GLPI), a Real Estate Investment Trust (REIT) that spun off from Penn National Gaming late last year, is the company that has acquired The Meadows Racetrack and Casino in eastern Pennsylvania for $465 million from Las Vegas-based Cannery Casino Resorts, L.L.C on Wednesday.
The 180,000-square-foot casino has 3,317 slot machines, 61 table games and 14 poker tables. The property includes 11 casual and fine-dining restaurants, bars and lounges, a 24-lane bowling alley and a 5/8 mile harness racing track with a 500-seat grandstand. GLPI said in a release it is seeking a third-party operator for the property. The company would retain ownership of the land and buildings and sell the entities that hold the licenses and operating assets.
GLPI plans to pay for the property located in the Pittsburgh suburb of Washington, Penn., with a combination of equity and debt. The REIT said the purchase price “reflects the expected stability of market competition and the robust local economy resulting from Marcellus Shale-related industry.”
The deal, which requires approval from the Pennsylvania Gaming Control Board and the Pennsylvania Racing Commission, is expected to close in 2015.
by Steve Wolf, for Harnesslink.com