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Purchase of The Meadows moves forward

December 16, 2015
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After more than a year of wrangling, The Meadows Racetrack & Casino is being sold for $440 million after an extended legal dispute over the purchase price. Gaming & Leisure Properties Inc., a spinoff company of Penn National Gaming, is paying Cannery Casino Resorts LLC of Las Vegas $15 million less than it had offered in May 2014 for the North Strabane casino.
 
The Pennsylvania Gaming Control Board and Harness Racing Commission must approve the sale. If approved, the transaction is expected to close by November 2016, Gaming & Leisure officials said.

In a federal lawsuit, Gaming & Leisure Properties alleged fraud in the casino's reported finances and breach of contract. Cannery also had sued Gaming & Leisure in state court to force it to honor the earlier agreement.
 
Click here to read about the sale in the Pittsburgh Tribune.


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