After last week receiving a final regulatory approval from the Pennsylvania Gaming Control Board, American casino operator Pinnacle Entertainment Incorporated has completed its $138 million deal to run The Meadows Racetrack And Casino.
Owned by Gaming And Leisure Properties Incorporated, which is a casino-focused real estate investment trust spun off from Penn National Gaming Incorporated in 2013, The Meadows Racetrack And Casino opened in 2007 and offers 3,170 slots alongside 74 gaming tables and an eleven-table poker room in addition to a 5/8-mile harness racing track with a 500-seat grandstand. Located some 25 miles southwest of downtown Pittsburgh, the venue moreover features eleven on-site restaurants, bars and lounge outlets, an 11,000 sq ft events center and a 24-lane bowling center while hotel accommodation is provided by the attached but separately managed 155-room Hyatt Place hotel.
“We are excited to expand our company into the state of Pennsylvania and the greater Pittsburgh metropolitan area and look forward to welcoming the guests and 1,300 team members of The Meadows [Racetrack And Casino] into the Pinnacle Entertainment Incorporated family,” said Anthony Sanfilippo, Chief Executive Officer for Pinnacle Entertainment Incorporated.
Las Vegas-based Pinnacle Entertainment Incorporated, which already operated casinos in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada and Ohio along with a horse track in Texas, revealed that it has acquired the gambling licenses for The Meadows Racetrack And Casino under a 29-year triple-net lease agreement with annual rent set at $25.4 million.
Pinnacle Entertainment Incorporated, which was additionally required to pay a $2.5 million change-of-control fee to the state, declared that The Meadows Racetrack And Casino last year generated net revenues of approximately $290 million along with adjusted earnings before interest, tax, depreciation, amortization and restructuring costs of around $48 million.
“The Meadows [Racetrack And Casino] is a beautiful and dynamic gaming entertainment destination situated in a stunning location,” said Sanfilippo. “The Meadows [Racetrack And Casino] has a broad base of operations that encompasses high-quality gaming and other guest entertainment amenities as well as talented team members that deliver memorable service experiences to its guests. The Meadows [Racetrack And Casino] will complement our existing collection of terrific properties and provide additional operational scale, geographic diversification and another wonderful location for the guests of Pinnacle Entertainment Incorporated’s 15 other gaming entertainment businesses to visit.”