MGW learned Monday that Gaming and Leisure Properties, Inc. has announced that the company has entered into an agreement to sell the entities holding the gaming licenses and operating assets of The Meadows Racetrack and Casino located in Pennsylvania to Pinnacle Entertainment, Inc.
We’re told that the value of the deal is $138 million.
“As a premier operator of high quality regional gaming assets, Pinnacle is well suited to maximize the operating potential of The Meadows while the escalator provisions in the lease enable GLPI to participate in the long-term success of the property,” said Gaming and Leisure Properties Chairmand and CEO Peter M. Carlino. “This transaction allows us to unlock value in the asset while growing and diversifying our rental income.”
The 180,000 square foot casino, which opened in 2007, contains 3,170 slot machines, 74 table games and 11 poker tables.
In addition to the casino, the property includes 11 casual and fine dining restaurants, bars and lounges, a 24-lane bowling alley and a 5/8 mile racetrack with a 500-seat grandstand. Additionally, a 155-room hotel, which is owned and operated by a third party operator, opened in April 2015 and is located adjacent to the casino.