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Games & Recreation Properties Inc. Completes Meadows Racetrack & Casino Order

Prolonged discussions about Meadows Racetrack & Casino acquisition have come to the conclusion and it is revealed that their owner that is new is & relaxation Properties Inc., a spinoff company of Penn National video gaming. The latest holder of the Washington district belongings, Cannery Casino holiday resorts, have inked an amended business arrangement with Gaming & relaxation. The announced acquisition terms was actually $440 million, in fact it is $25 million not as much as the last proposal published back in might 2014.

GLPI submitted a lawsuit against Cannery Casino holiday resorts and implicated the second of having exaggerated the economic performance associated with the casino place. In reality, that accusation established the basis from the sale rate.

According to the released facts, GLPI would definitely maintain structures and estate that is real was actually prepared to operate in cooperation with a 3rd business in charge of the funnel track and casino, located about 15 kilometers from the Pittsburgh.

Back might 2014, Gaming & amusement launched its purpose to acquire the property for your quantity of $465 million, nevertheless the price is taken to a standstill after GLPI analyzed the economic records supplied by Cannery officials and concluded the revealed facts had not truthfully shown Meadows performance that is declining.

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