HOUSTON, Pa. (AP) – An eastern Pennsylvania spinoff company of Penn National Gaming is buying The Meadows Racetrack & Casino near Pittsburgh for $440 million.
The sale price announced Wednesday is $25 million less than Gaming & Leisure Properties of Wyomissing offered in May 2014.
Gaming & Leisure sued Cannery Casino Resorts, which owned The Meadows, claiming the company overstated the casino’s financial performance, which was the basis of the sale price.
The reduced price settles that litigation and saves the sale.
Gaming & Leisure plans to keep The Meadows buildings and real estate, but find a third party company that will operate the harness track and casino about 15 miles south of Pittsburgh.
Cannery CEO William Paulos says the sale and legal settlement “is a good outcome for CCR shareholders.”
Copyright 2015 The Associated Press.
