Indiana Casino Workers Challenge Pinnacle Entertainment Casino Purchase
An branch that is indiana-based of casino workers union is opposing the proposed sale of gambling venues owned by Pinnacle Entertainment Inc. to Gaming & Leisure Properties Inc. The casino employees are likely to ask the Indiana Gaming Commission to turn straight down the plan, arguing that the deal would probably give the operator more legal rights than state guidelines actually allow.
Underneath the present Indiana gaming legislation, a given operator is allowed to own no more than two casino properties within the state’s borders. Gaming & Leisure manages one gaming center in Lawrenceburg and Pinnacle has two facilities that are such Florence and East Chicago.
Las Vegas-headquartered gambling operator Pinnacle announced previously this 12 months plans to sell all 14 gambling enterprises it manages to Gaming & Leisure. The latter is pay the quantity of $4.8 billion for the transaction. Generally speaking, the deal is among those in which a offered gambling operator offers its venues or converts them into REIT, to avoid spending federal taxes and thus, trade the said venues at a higher stock market value.
The Indiana Gaming Commission is scheduled to discuss the matter today at 1 pm regional time. a representative for the continuing state gambling regulator could never be reached for comment.
Casino workers from the UNITE HERE hospitality workers union have been around in a long-standing dispute with Pinnacle’s casino in East Chicago. (more…)