HARRISBURG, Pa., March 22, 2018 /PRNewswire-USNewswire/ -- The Pennsylvania Gaming Control Board this week approved the Change of Control of the Category 1 Slot Machine Licensee Washington Trotting Association, LLC, operator of The Meadows Casino in Washington County, to Penn National Gaming, Inc.
Under the agreement approved by the Board at its March 21, 2018 meeting, the license held since September 2016 by Pinnacle Entertainment, Inc. will be transferred to Penn National Gaming, Inc., a publicly traded company based in Wyomissing, PA, and also the owner/operator of the Hollywood Casino at Penn National Race Course in Dauphin County.
Gaming and Leisure Properties, Inc., also based in Wyomissing, will continue to own the real estate of The Meadows Casino and lease the property to Penn National Gaming, Inc.
Penn National Gaming, Inc., as the new slot machine license holder, will pay the Commonwealth a change of control fee of $3.75 million.
A PowerPoint presentation provided by representatives of Penn National Gaming, Inc. is available on the Board's web site as part of the March 21, 2018 information under the Meetings tab on the PGCB's web site, www.gamingcontrolboard.pa.gov.
The next meeting of the Pennsylvania Gaming Control Board is scheduled for Wednesday, April 4, 2018 in the PGCB's Public Hearing Room located on the second floor of Strawberry Square in Harrisburg immediately following the Category 4 Casino License auction.
About the Pennsylvania Gaming Control Board:
The Pennsylvania Gaming Control Board is tasked to oversee all aspects of the state's casino industry, along with oversight of new gaming initiatives to the Race Horse Development and Gaming Act recently approved through the signing of Act 42 of 2017.
The Commonwealth's casino industry currently consists of 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 approximately $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.
Additional information about both the PGCB's gaming regulatory efforts and Pennsylvania's 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
SOURCE Pennsylvania Gaming Control Board