It currently holds 33 properties under lease – including the 16 operated by Pinnacle – accounting for 14.7 million total square feet of building space in 14 states. Gaming & Leisure Properties, a real estate investment trust focused on gaming properties, was spun off from Penn National Gaming in 2013. With the addition of The Meadows site, Pinnacle now operates 16 casinos in 10 states in 14 different markets, employing about 17,000 people.
PGCB said Pinnacle, as the new slot machine license-holder, will pay the commonwealth a change-of-control fee of $2.5 million. Under the approved agreement, Pinnacle, a publicly traded company, will become operator of the casino and racetrack facility, while GLPI will own the real estate and lease the property to Pinnacle. The board also approved the transfer of the real estate assets of the North Strabane Township gaming and entertainment venue to Gaming and Leisure Properties Inc. Pennsylvania Gaming Control Board Wednesday unanimously approved the change of control of the slot machine license held by Washington Trotting Association, operator of The Meadows Racetrack & Casino, to Las Vegas-based Pinnacle Entertainment Inc. The Meadows Racetrack & Casino has a new owner and operator. New operator, owner take over at The Meadows