Indiana Casino Workers Challenge Pinnacle Entertainment Casino Purchase
An branch that is indiana-based of casino workers union is opposing the proposed sale of gambling venues owned by Pinnacle Entertainment Inc. to Gaming & Leisure Properties Inc. The casino workers are planning to ask the Indiana Gaming Commission to turn down the program, arguing that the deal may possibly provide the operator more liberties than state regulations really enable.
Underneath the present Indiana gaming guidelines, confirmed operator is permitted to own only two casino properties within the state’s boundaries. Gaming & Leisure manages one video gaming center in Lawrenceburg and Pinnacle owns two such facilities in Florence and East Chicago.
Las Vegas-headquartered gambling operator Pinnacle announced previously this 12 months intends to offer all 14 gambling enterprises it manages to Gaming & Leisure. The latter would be to spend the total amount of $4.8 billion for the transaction. Generally speaking, the deal is those types of in which a given gambling operator offers its venues or converts them into REIT, in order to avoid spending federal income taxes and thus, trade the said venues at a higher stock market value.
The Indiana Gaming Commission is placed to talk about the problem today at 1 pm regional time. a representative for the state gambling regulator could not be reached for comment.
Casino employees through the UNITE HERE hospitality employees union have been around in a dispute that is long-standing Pinnacle’s casino in East Chicago.Details