Indiana Casino Workers Challenge Pinnacle Entertainment Casino Purchase
An branch that is indiana-based of casino employees union is opposing the proposed purchase of gambling venues owned by Pinnacle Entertainment Inc. to Gaming & Leisure Properties Inc. The casino workers are also likely to ask the Indiana Gaming Commission to make straight down the plan, arguing that the offer could possibly provide the operator more legal rights than state legislation really 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 gaming center in Lawrenceburg and Pinnacle has two facilities that are such Florence and East Chicago.
Las Vegas-headquartered gambling operator Pinnacle announced earlier in the day this plans to sell all 14 casinos it manages to Gaming & Leisure year. The latter is to spend the total amount of $4.8 billion for the transaction. Generally speaking, the deal is the type of where a offered gambling operator sells its venues or converts them into REIT, in order to avoid spending federal taxes and thus, trade the said venues at a higher stock market value.
The Indiana Gaming Commission is scheduled to go over the problem today at 1 pm local time. 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 dispute with Pinnacle’s casino in East Chicago. Continue reading “Indiana Casino Workers Challenge Pinnacle Entertainment Casino Purchase”