WYOMISSING, PA—Gaming and Leisure Properties is acquiring The Meadows Racetrack and Casino in Washington, PA, a suburb of Pittsburgh, from Cannery Casino Resorts for $440 million, which includes $10 million previously paid and other adjustments.
The transaction settles all claims between GLPI and Cannery.
"We are pleased to resolve the Cannery litigation in a manner that we believe is positive for both companies," says Peter M. Carlino, chairman and chief executive officer of Gaming and Leisure Properties. "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."
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