WYOMISSING, PA—Gaming and Leisure Properties, the first gaming-focused REIT in North America, says its shareholders voted to approve GLPI's proposal to issue shares of GLPI common stock to stockholders of Pinnacle Entertainment in connection with GLPI's pending acquisition of substantially all of Pinnacle's real estate assets, following the spin-off of Pinnacle's operations (and certain real estate assets) into a separate public company. In addition, Pinnacle says its stockholders have voted to adopt the merger agreement for the transaction.
At the special meeting of GLPI shareholders held March 15, approximately 86.5 percent of GLPI's outstanding common shares were voted, with approximately 99.5 percent of the votes cast in favor of the proposal.
“We are extremely pleased that Gaming and Leisure shareholders and Pinnacle stockholders have shown their overwhelming support by approving the pending transaction,” says Peter Carlino, chairman and chief executive officer of Gaming and Leisure Properties. “We are more confident than ever that this combination will create considerable long term value for shareholders, customers, employees and other key stakeholders of both companies, given the benefits of larger scale, higher cash flows and increased tenant and geographic diversity.”
The closing of the transaction is expected to occur following receipt of all required regulatory approvals and satisfaction of other customary closing conditions, which GLPI anticipates will occur in April 2016.
GLPI acquires, finances, and owns real estate that it leases to gaming operators in triple-net lease arrangements, under which the tenant is responsible for all facility maintenance, insurance, and the business conducted on the leased properties. Gaming operators also are responsible for the taxes on the leased properties, and all utilities and other services. GLPI says it expects to grow its portfolio by acquiring additional gaming facilities to lease to gaming operators, and intends to diversify its portfolio over time, by acquiring properties outside the gaming industry to lease to third parties. Pinnacle Entertainment owns and operates 15 gaming entertainment businesses, located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada and Ohio. Pinnacle holds a majority interest in the racing license owner, as well as a management contract, for Retama Park Racetrack outside of San Antonio, TX.
WYOMISSING, PA—Gaming and Leisure Properties, the first gaming-focused REIT in North America, says its shareholders voted to approve GLPI's proposal to issue shares of GLPI common stock to stockholders of
At the special meeting of GLPI shareholders held March 15, approximately 86.5 percent of GLPI's outstanding common shares were voted, with approximately 99.5 percent of the votes cast in favor of the proposal.
“We are extremely pleased that Gaming and Leisure shareholders and Pinnacle stockholders have shown their overwhelming support by approving the pending transaction,” says Peter Carlino, chairman and chief executive officer of Gaming and Leisure Properties. “We are more confident than ever that this combination will create considerable long term value for shareholders, customers, employees and other key stakeholders of both companies, given the benefits of larger scale, higher cash flows and increased tenant and geographic diversity.”
The closing of the transaction is expected to occur following receipt of all required regulatory approvals and satisfaction of other customary closing conditions, which GLPI anticipates will occur in April 2016.
GLPI acquires, finances, and owns real estate that it leases to gaming operators in triple-net lease arrangements, under which the tenant is responsible for all facility maintenance, insurance, and the business conducted on the leased properties. Gaming operators also are responsible for the taxes on the leased properties, and all utilities and other services. GLPI says it expects to grow its portfolio by acquiring additional gaming facilities to lease to gaming operators, and intends to diversify its portfolio over time, by acquiring properties outside the gaming industry to lease to third parties.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
