The Pennsylvania Gaming Control Board has approved a deal that will see Pinnacle Entertainment Incorporated acquire the casino and racetrack operations at The Meadows Racetrack And Casino from Gaming And Leisure Properties Incorporated for $138 million.
Located some 25 miles southwest of downtown Pittsburgh, The Meadows Racetrack And Casino opened in 2007 and offers 3,170 slots alongside 74 gaming tables and an eleven-table poker room in addition to a 5/8-mile harness racing track with a 500-seat grandstand. There are also eleven on-site restaurants, bars and lounge outlets, an 11,000 sq ft events center and a 24-lane bowling center while hotel accommodation is provided by the attached but separately managed 155-room Hyatt Place hotel.
Wyomissing-based Gaming And Leisure Properties Incorporated, which is a casino-focused real estate investment trust spun off from Penn National Gaming Incorporated in 2013, spent $440 million in December to purchase the Washington County site from Cannery Casino Resorts and will now lease the entire operation to Pinnacle Entertainment Incorporated for at least the next ten years for an initial annual fee of $25.5 million.
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