Washington, Pa. — Gaming and Leisure Properties Inc. has completed the previously announced acquisition of The Meadows Racetrack and Casino in Washington, a suburb of Pittsburgh.
Cannery Casino Resorts sold the property for $440 million, inclusive of $10 million previously paid by the buyer to the seller and other transaction-related fees and expenses.
The property features a casino floor with poker, table games and more than 3,000 slot machines; a variety of restaurants and bars; event space featuring concerts and dance nights; bowling; and a horseracing track.
Concurrently, Gaming and Leisure Properties closed on the sale of the entities holding the gaming licenses and operating assets to Pinnacle Entertainment Inc. for $138 million and entered into a 29-year, triple-net lease agreement, with an initial annual rent of $25.4 million per year.
Gaming and Leisure Properties funded the real estate transaction — net of proceeds received from the sale of the operating assets to Pinnacle — through a combination of cash on hand, proceeds from the company’s at-the-market equity program and borrowings from its revolving credit facility.