Gaming and Leisure Properties, Inc announced the acquisition of The Meadows Racetrack and Casino for US$440 million.
US.- Gaming and Leisure Properties, Inc. announced the closing of its previously-announced transaction to acquire The Meadows Racetrack and Casino, also known as The Meadows, which is located in Washington, Pennsylvania, a suburb of Pittsburgh, from Cannery Casino Resorts, LLC for US$440 million.
The transaction is expected to be effective immediately. The deal was approved by the Pennsylvania Gaming Control Board on September 7, 2016 and the Pennsylvania Harness Racing Commission in August 2016.
The deal price includes US$10 million previously paid, plus other transaction related fees and expenses.
The company concurrently closed on the sale of the entities holding the gaming licenses and operating assets to Pinnacle Entertainment, Inc. for US$138 million and entered into a 29 year triple net lease agreement, with initial annual rent of US$25.4 million.