Indiana Casino Workers Challenge Pinnacle Entertainment Casino Purchase
An Indiana-based branch of a casino workers union is opposing the proposed sale of gambling venues owned by Pinnacle Entertainment Inc. to Gaming & Leisure Properties Inc. The casino employees may also be planning to ask the Indiana Gaming Commission to turn down the plan, arguing that the deal could possibly supply the operator more liberties than state guidelines actually allow.
A given operator is allowed to own no more than two casino properties within the state's borders under the current Indiana gaming laws. Gaming & Leisure manages one video gaming facility in Lawrenceburg and Pinnacle owns two such facilities in Florence and East Chicago.
Las Vegas-headquartered gambling operator Pinnacle announced earlier this year plans to sell all 14 gambling enterprises it manages to Gaming & Leisure. The latter is spend the total amount of $4.8 billion for the deal. broadly speaking, the offer is the type of when a given gambling operator offers its venues or converts them into REIT, to avoid paying federal income taxes and thus, trade the said venues at a higher stock market value.
The Indiana Gaming Commission is set to discuss the matter today at 1 pm time that is local. a representative for the continuing state gambling regulator could never be reached for comment.