Gaming and Leisure Properties Reports Deal to Sell Assets of The Meadows to Pinnacle for $138M

Gaming and Leisure Properties, Inc. GLPI today announced that it has entered into an agreement to sell the entities of The Meadows Racetrack and Casino located in Washington, Pennsylvania to Pinnacle Entertainment, Inc. PNK for $138 million. The 180,000 square foot casino, which opened in 2007, contains 3,170 slot machines, 74 table games and 11 poker tables. The property also contains 11 casual and fine dining restaurants, bars and lounges, a 24-lane bowling alley, a 5/8 mile racetrack with a 500-seat grandstand, and a 155-room hotel. Gaming and Leisure's Chair and CEO, Peter Carlino, commented, "Pinnacle is well suited to maximize the operating potential of The Meadows while the escalator provisions in the lease enable GLPI to participate in the long-term success of the property. This transaction allows us to unlock value in the asset while growing and diversifying our rental income." Shares of Gaming and Leisure Properties last traded at $30.26, up about 1.2 percent for Tuesday's session.