Indiana Casino Workers Challenge Pinnacle Entertainment Casino Sale
An branch that is indiana-based of 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 planning to ask the Indiana Gaming Commission to make the plan down, arguing that the deal would probably supply the operator more rights than state legislation really allow.
Beneath the current Indiana gaming laws, a given operator is allowed to own a maximum of two casino properties in the state’s edges. Gaming & Leisure manages one gaming center in Lawrenceburg and Pinnacle owns 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 always to spend the amount of $4.8 billion for the deal. broadly speaking, the offer is the type of where a given gambling operator offers its venues or converts them into REIT, to avoid spending federal income taxes and therefore, trade the said venues at a higher stock market value.
The Indiana Gaming Commission is set to talk about the situation today at 1 pm local time. a representative for the state gambling regulator could never be reached for comment.
Casino employees from the UNITE HERE hospitality employees union have been in a dispute that is long-standing Pinnacle’s casino in East Chicago. (más…)