Indiana Casino Workers Challenge Pinnacle Entertainment Casino Purchase
An Indiana-based branch of a casino workers union is opposing the proposed purchase of gambling venues owned by Pinnacle Entertainment Inc. to Gaming & Leisure Properties Inc. The casino employees will also be likely to ask the Indiana Gaming Commission to show the plan down, arguing that the offer would probably give the operator more legal rights than state regulations actually allow.
Beneath the current Indiana gaming legislation, confirmed operator is allowed to own only two casino properties in the state’s boundaries. Gaming & Leisure manages one video gaming facility in Lawrenceburg and Pinnacle owns two facilities that are such Florence and East Chicago.
Las Vegas-headquartered gambling operator Pinnacle announced previously this year plans to sell all 14 casinos it manages to Gaming & Leisure. The latter is to spend the quantity of $4.8 billion for the deal. Generally speaking, the offer is among those where a offered gambling operator offers its venues or converts them into REIT, to avoid having to pay federal taxes and thus, trade the said venues at a stock market value that is higher.
The Indiana Gaming Commission is scheduled to go over the situation today at 1 pm time that is local. a spokesperson for the state gambling regulator could never be reached for comment.
Casino workers from the UNITE HERE hospitality workers union will be in a long-standing dispute with Pinnacle’s casino in East Chicago. Read more “Indiana Casino Workers Challenge Pinnacle Entertainment Casino Purchase”