Indiana Casino Workers Challenge Pinnacle Entertainment Casino Purchase
An Indiana-based branch of a casino employees union is opposing the proposed purchase of gambling venues owned by Pinnacle Entertainment Inc. to Gaming & Leisure Properties Inc. The casino workers may also be likely to ask the Indiana Gaming Commission to make the plan down, arguing that the offer would probably give the operator more rights than state guidelines 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 owns two facilities that are such Florence and East Chicago.
Las Vegas-headquartered gambling operator Pinnacle announced earlier in the day this year plans to offer all 14 casinos it manages to Gaming & Leisure. The latter is always to pay the amount of $4.8 billion for the transaction. Generally speaking, the offer is the type of in which a provided gambling operator offers its venues or converts them into REIT, to avoid paying federal income taxes and therefore, trade the said venues at a higher stock market value.
The Indiana Gaming Commission is set to discuss the matter today at 1 pm local time. a spokesperson for the state gambling regulator could never be reached for comment.
Casino employees from the UNITE HERE hospitality workers union have been in a long-standing dispute with Pinnacle’s casino in East Chicago. Continue reading “Indiana Casino Workers Challenge Pinnacle Entertainment Casino Purchase”