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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 are also likely to ask the Indiana Gaming Commission to make down the program, arguing that the offer would probably give the operator more legal rights than state guidelines actually allow.
A given operator is allowed to own no more than two casino properties within the state’s borders under the current Indiana gaming laws. Gaming & Leisure manages one video gaming facility in Lawrenceburg and Pinnacle has two facilities that are such Florence and East Chicago.
Las Vegas-headquartered gambling operator Pinnacle announced earlier this 12 months plans to offer all 14 casinos it manages to Gaming & Leisure. The latter would be to pay the total amount of $4.8 billion for the deal. in most cases, the deal is among those where a offered gambling operator sells its venues or converts them into REIT, to prevent having to pay federal taxes and therefore, trade the said venues at a stock market value that is higher.
The Indiana Gaming Commission is defined to talk about the matter today at 1 pm time that is local. a spokesperson for the state gambling regulator could not be reached for remark.
Casino employees from the UNITE HERE hospitality workers union will be in a long-standing https://www.4scasino.com/ dispute with Pinnacle’s casino in East Chicago.