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Indiana Casino Workers Challenge Pinnacle Entertainment Casino Sale

Thursday, January 16th, 2020

Indiana Casino Workers Challenge Pinnacle Entertainment Casino Sale

An Indiana-based branch of a casino workers union is opposing the proposed sale of gambling venues owned by Pinnacle Entertainment Inc. to Gaming & Leisure Properties Inc. The casino workers may also be planning to ask the Indiana Gaming Commission to turn down the program, arguing that the deal could possibly supply the operator more rights than state regulations really allow.

Underneath the present Indiana video gaming rules, confirmed operator is permitted to own no more than two casino properties within the state’s boundaries. 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 earlier this 12 months intends to offer all 14 gambling enterprises it manages to Gaming & Leisure. The latter is always to spend the total amount of $4.8 billion for the transaction. in most cases, the offer is those types of when a provided gambling operator offers its venues or converts them into REIT, in order to avoid spending federal income taxes and so, trade the said venues at a higher stock market value.

The Indiana Gaming Commission is top 10 mobile casinos set to talk about the problem today at 1 pm time that is local. a representative for the continuing state gambling regulator could never be reached for comment.

Casino workers from the UNITE HERE hospitality workers union have been around in a long-standing dispute with Pinnacle’s casino in East Chicago. (more…)