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Stock Market & Financial Investment News

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May 14, 2014
07:08 EDTGLPIGaming and Leisure Properties acquires racetrack, casino in PA for $465M
Gaming and Leisure Properties announced that it has entered into an agreement to acquire The Meadows Racetrack and Casino located in Washington, Pennsylvania, a suburb of Pittsburgh, Pennsylvania, from Cannery Casino Resorts, LLC for $465M. The purchase price, which the company intends to fund with a combination of equity and debt, represents approximately 9 times the property's 2013 EBITDA. The purchase price reflects the expected stability of market competition and the robust local economy resulting from Marcellus Shale-related industry. The company will immediately begin a search for a third party operator for the property, to whom the company expects to sell the entities holding the licenses and operating assets, while retaining ownership of the land and buildings. The transaction, which is expected to be accretive immediately upon closing, is subject to and requires approval from the Pennsylvania Gaming Control Board and the Pennsylvania Racing Commission and is expected to close in 2015.
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