Indiana Casino Workers Challenge Pinnacle Entertainment Casino Purchase
An Indiana-based branch of a casino employees union is opposing the proposed sale of gambling venues owned by Pinnacle Entertainment Inc. to Gaming & Leisure Properties Inc. The casino employees are planning to ask the Indiana Gaming Commission to turn down the plan, arguing that the offer may possibly provide the operator more legal rights than state rules actually allow.
Underneath the current Indiana video gaming laws and regulations, confirmed operator is allowed to own no more than two casino properties inside the state’s boundaries. Gaming & Leisure manages one video gaming center in Lawrenceburg and Pinnacle has two facilities that are such Florence and East Chicago.
Las Vegas-headquartered gambling operator Pinnacle announced previously this plans to sell all 14 casinos it manages to Gaming & Leisure year. The latter is to pay the quantity of $4.8 billion for the deal. Generally speaking, the offer is those types of where a provided gambling operator sells its venues or converts them into REIT, to avoid having to pay federal taxes and thus, trade the said venues at a higher stock market value.
The Indiana Gaming Commission is defined to discuss the situation today at 1 pm local time. a representative for the state gambling regulator could not be reached for remark.
Casino workers from the UNITE HERE hospitality workers union have been around in a dispute that is long-standing Pinnacle’s casino in East Chicago. Continue reading “Indiana Casino Workers Challenge Pinnacle Entertainment Casino Purchase”