Gaming and Leisure Properties Inc. of Wyomissing, a real estate investment trust, this morning announced it has completed its acquisition of The Meadows Racetrack and Casino in suburban Pittsburgh, a $440 million deal.
The seller is Cannery Casino Resorts LLC of Las Vegas, and the price includes $10 million previously paid and other transaction-related fees and expenses.
At the same time, Gaming and Leisure Properties sold The Meadows’ gaming licenses and operating assets to Pinnacle Entertainment for $138 million – entering into a 29-year lease with Pinnacle paying an initial annual rent of $25.4 million to the Wyomissing firm. Pinnacle, based in Las Vegas, will operate the venue.
The Pennsylvania Gaming Control Board approved the transaction on Sept. 7, with the state Harness Racing Commission approving it last month.
The Meadows is in Washington County, southwest of Pittsburgh. The 180,000-square-foot casino has 3,172 slot machines, 74 table games and 14 poker tables.
Besides the casino, the property includes 11 casual and fine-dining restaurants, bars and lounges, a 24-lane bowling alley and a harness racetrack with a 500-seat grandstand.
Gaming and Leisure Properties is part of Penn National Gaming, which owns and operates more than 20 horseracing and casino gaming facilities throughout the United States and in Canada.