HARRISBURG, Pa., Sept. 7, 2016 /PRNewswire-USNewswire/ -- The Pennsylvania Gaming Control Board today unanimously approved the change of control of the Category 1 Slot Machine license held by Washington Trotting Association, operator of The Meadows Racetrack and Casino in Washington County, to Pinnacle Entertainment, Inc. and the real estate assets of the facility to Gaming and Leisure Properties, Inc.
Under the approved agreement, Pinnacle Entertainment, a publicly-traded company whose corporate office is based in Las Vegas, NV, will become the operator of the casino and racetrack facility while Gaming and Leisure Properties, Inc. (GLPI), based in Wyomissing, PA, will own the real estate and lease the property to Pinnacle.
Washington Trotting Association, Inc. has, since the awarding of the original gaming license in 2006, been owned by Cannery Casino Resorts, LLC.
Consistent with prior Board approvals for change of control of gaming licenses, Pinnacle, as the new slot machine license holder, will pay the Commonwealth a change of control fee of $2.5 million.
A PowerPoint presentation provided by representatives of Pinnacle Entertainment is available on the Board's web site under the September 7th information under the Meetings tab. Additionally the joint petition approved today by the Board which provides details on the transaction can be accessed at this link or from the home page of the Board's web site: http://gamingcontrolboard.pa.gov/files/communications/WTA-amended_petition_re_final_approval_of_change_of_control.pdf
About the Pennsylvania Gaming Control Board:
The Pennsylvania Gaming Control Board was established in 2004 and is tasked to oversee all aspects of the state's casino industry. There are 10 stand-alone and racetrack casinos in operation, along with the two smaller resort casinos. These facilities collectively employ 18,000 people and annually generate more than $1.4 billion in tax revenue from slot machine and table games play. The largest portion of that money is used for property tax reduction to all Pennsylvania homeowners with additional tax revenue going to the horse racing industry, economic development projects, fire companies, county fairs, water and sewer projects, the Commonwealth's General Fund, and to local governments that host casinos.
Additional information about both the PGCB's regulatory efforts and Pennsylvania's casino gaming industry can be found at www.gamingcontrolboard.pa.gov. You can also follow the agency on Twitter by choosing @PAGamingControl.
CONTACTS: Doug Harbach or Richard McGarvey
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SOURCE Pennsylvania Gaming Control Board