Indiana Casino Workers Challenge Pinnacle Entertainment Casino Purchase
An Indiana-based branch of the casino employees union is opposing the proposed sale of gambling venues owned by Pinnacle Entertainment Inc. to Gaming & Leisure Properties Inc. The casino workers will also be likely to ask the Indiana Gaming Commission to show the plan down, arguing that the offer would probably supply the operator more liberties than state legislation actually enable.
Underneath the present Indiana gaming guidelines, confirmed operator is allowed to own no more than two casino properties within the state’s edges. Gaming & Leisure manages one video gaming facility in Lawrenceburg and Pinnacle has two such facilities in Florence and East Chicago.
Las Vegas-headquartered gambling operator Pinnacle announced earlier this plans to sell all 14 casinos it manages to Gaming & Leisure year. The latter would be to pay the quantity of $4.8 billion for the transaction. Generally speaking, the deal is among those where a provided gambling operator sells its venues or converts them into REIT, in order to avoid spending federal taxes and therefore, trade the said venues at a higher stock market value.
The Indiana Gaming Commission is set to discuss the situation today at 1 pm time that is local. a spokesperson for the continuing state gambling regulator could never be reached for comment.
Casino workers from the UNITE HERE hospitality employees union will be in a dispute that is long-standing Pinnacle’s casino in East Chicago.Continue Reading..