The Meadows Racetrack and Casino in Washington County is under new ownership.
Pennsylvania Gaming Control Board members today unanimously approved the transfer of the casino's slot machine license to Pinnacle Entertainment Inc. and the real estate assets to Gaming and Leisure Properties Inc.
Under the deal, which has been in the works for more than a year, Las Vegas-based Pinnacle will operate the casino and racetrack while Gaming and Leisure Properties of Wyomissing, Pa., will own the real estate and lease property to Pinnacle.
As part of the transaction, Pinnacle will pay the state a $2.5 million change-of-control fee.
Since being awarded the gaming license in 2006, The Meadows had been owned by Cannery Casino Resorts.
Gaming and Leisure Properties paid $440 million to acquire The Meadows in December. Pinnacle paid $138 million in March to secure the gaming license and operating assets of the venue. It will pay an initial annual rent of $25.5 million to lease the real estate from GLPI for 10 years, with options to renew.
First Published: September 7, 2016, 5:48 p.m.