March 30, 2016
Pinnacle Entertainment Inc., headquartered in Las Vegas, has entered into an agreement with Wyomissing, PA-based Gaming and Leisure Properties Inc. (GLPI) to acquire entities holding gaming licenses and operating assets of the Meadows Racetrack and Casino for $138 million.
At the same time, Pinnacle has agreed to enter into a triple-net lease with GLPI for the real estate assets at 210 Racetrack Rd. in Washington, PA. The annual rent is pegged at $25.5 million. The 10-year lease has the option to renew for three successive five-year terms, and a four-year term.