Hollywood Casino buying the Meadows
December 16th, 2015 at 10:02:24 AM
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One issue with both Pittsburgh casinos (Meadows & Rivers) is that they have no real non-local relationships. While Hollywood is no CET or Mlife it is better than Cannery.
Gaming and Leisure Properties Inc. acquires Meadows Racetrack and Casino for $440 million
By Molly Born / Pittsburgh Post-Gazette
Wyomissing, Pa.-based Gaming and Leisure Properties Inc. has acquired the Meadows Racetrack and Casino for $440 million, settling its lawsuit filed against the owner of the Washington County venue.
In the legal action filed last fall against Cannery Casino Resorts LLC, Gaming and Leisure Properties claimed it was misled about the casino's declining performance and alleged fraud and breaches of the purchase agreement and a related consulting contract.
"We are pleased to resolve the Cannery litigation in a manner that we believe is positive for both companies," Peter M. Carlino, chairman and CEO of Gaming and Leisure Properties said in a statement.
"The amended agreement allows us to add The Meadows to our growing portfolio of high quality regional gaming assets at a price that is reflective of current property performance. The property has enjoyed improving performance in the second half of 2015 and we look forward to partnering with one of the many quality operators in the gaming industry to continue that momentum."
William Paulos, co-CEO of Cannery Casino Resorts, said in the statement: "This resolution is a good outcome for CCR shareholders. All of the net sale proceeds will be used to reduce our debt and better position us for the future. We are now focused on working with GLPI to ensure a smooth transition for our team members and customers."
The purchase include the 180,000-sq-foot casino, the harness racing track, 24-lane bowling alley and 11 restaurants, bars and lounges.
http://www.post-gazette.com/business/pittsburgh-company-news/2015/12/16/Gaming-and-Leisure-Properties-Inc-acquires-Meadows-Racetrack-and-Casino-for-440-million/stories/201512160172
Gaming and Leisure Properties Inc. acquires Meadows Racetrack and Casino for $440 million
By Molly Born / Pittsburgh Post-Gazette
Wyomissing, Pa.-based Gaming and Leisure Properties Inc. has acquired the Meadows Racetrack and Casino for $440 million, settling its lawsuit filed against the owner of the Washington County venue.
In the legal action filed last fall against Cannery Casino Resorts LLC, Gaming and Leisure Properties claimed it was misled about the casino's declining performance and alleged fraud and breaches of the purchase agreement and a related consulting contract.
"We are pleased to resolve the Cannery litigation in a manner that we believe is positive for both companies," Peter M. Carlino, chairman and CEO of Gaming and Leisure Properties said in a statement.
"The amended agreement allows us to add The Meadows to our growing portfolio of high quality regional gaming assets at a price that is reflective of current property performance. The property has enjoyed improving performance in the second half of 2015 and we look forward to partnering with one of the many quality operators in the gaming industry to continue that momentum."
William Paulos, co-CEO of Cannery Casino Resorts, said in the statement: "This resolution is a good outcome for CCR shareholders. All of the net sale proceeds will be used to reduce our debt and better position us for the future. We are now focused on working with GLPI to ensure a smooth transition for our team members and customers."
The purchase include the 180,000-sq-foot casino, the harness racing track, 24-lane bowling alley and 11 restaurants, bars and lounges.
http://www.post-gazette.com/business/pittsburgh-company-news/2015/12/16/Gaming-and-Leisure-Properties-Inc-acquires-Meadows-Racetrack-and-Casino-for-440-million/stories/201512160172
December 16th, 2015 at 12:08:12 PM
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I have never heard anyone happy with the amount of free play or perks that a hollywood gives. Maybe I am wrong and just don't hear about them often.
Expect the worst and you will never be disappointed.
I AM NOT PART OF GWAE RADIO SHOW
December 16th, 2015 at 12:12:33 PM
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Quote: GWAEI have never heard anyone happy with the amount of free play or perks that a hollywood gives. Maybe I am wrong and just don't hear about them often.
Their system is the worst.
DUHHIIIIIIIII HEARD THAT!
December 21st, 2015 at 8:19:04 PM
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Given my proximity and familiarity with The Meadows, I've written my own Article regarding this sale:
https://wizardofvegas.com/articles/the-Multitudinous-the-vast-hollywood-casinos/
https://wizardofvegas.com/articles/the-Multitudinous-the-vast-hollywood-casinos/
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
