meadows casino meadows gaming february 29

Following the close of the transaction, our portfolio of gaming entertainment businesses will span 16 locations in 10 states and 14 distinct gaming markets. Greater Pittsburg area, for the guests of Pinnacle Entertainment to visit. The Meadows will complement our existing collection of terrific properties and provide additional operational scale, geographic diversification, and another wonderful location, the The Meadows is an attractive gaming entertainment business, with a broadīase of operations and high quality gaming and non-gaming amenities.

We are excited to announce this compelling acquisition and look forward to welcoming the team members and guests of the Meadows into the Pinnacle Entertainment family. Separately owned and managed, Hyatt Place hotel with 155 guest rooms.Īnthony Sanfilippo, Chief Executive Officer of Pinnacle Entertainment, commented, of banquet space, a 24-lane bowling center, and hotel accommodations provided by an attached, but Meadows features a full complement of non-gaming amenities, including 11 casual and fine dining restaurants, bars and lounge outlets, 7,500 sq. PA. The property features a casino and pari-mutuel gaming experience that includes approximately 3,170 gaming devices, 74 table games, 11 poker tables, and a 5/8 harness mile horse racetrack with a 500-seat grandstand. Additionally, the The Meadows is located in Washington, PA, approximately 25 miles outside of Pittsburgh, On a trailing twelve month basis at February 29, 2016, the Meadows generated net revenues of $289 million, EBITDAR of approximately $47.2 million, EBITDAR margin of 16.4%, andĮBITDA of $21.7 million after giving effect to rent expense. With initial annual rent of $25.5 million (implying 1.9x rent coverage).

Following the close of the transaction, Pinnacle will operate the Meadows gaming entertainment business and lease its underlying real property from GLPI in a triple net lease (Meadows) for total consideration of $138.0 million. (GLPI) to acquire the operations of the Meadows Racetrack and Casino (PNK or Pinnacle) announced today that it entered into a definitive agreement with a subsidiary of Gaming and Leisure Properties, Inc. LAS VEGAS, Ma Pinnacle Entertainment, Inc. RACETRACK AND CASINO FROM GAMING & LEISURE PROPERTIES, INC. PINNACLE ENTERTAINMENT ENTERS INTO DEFINITIVE AGREEMENT TO ACQUIRE THE OPERATIONS OF THE MEADOWS

Meadows casino meadows gaming february 29