Indiana Casino Workers Challenge Pinnacle Entertainment Casino Sale
An branch that is indiana-based of casino workers union is opposing the proposed purchase of gambling venues owned by Pinnacle Entertainment Inc. to Gaming & Leisure Properties Inc. The casino employees are also planning to ask the Indiana Gaming Commission to make the plan down, arguing that the deal could possibly provide the operator more legal rights than state rules actually 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 video 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 year intends to sell all 14 gambling enterprises it manages to Gaming & Leisure. The latter is spend the total amount of $4.8 billion for the transaction. Generally speaking, the offer is among those when a provided gambling operator offers its venues or converts them into REIT, to avoid spending federal taxes and so, trade the said venues at a higher stock market value.
The Indiana Gaming Commission is placed to go over the matter today at 1 pm time that is local. a spokesperson for the continuing state gambling regulator could never be reached for comment.
Casino employees from the UNITE HERE hospitality employees union have been in a long-standing dispute with Pinnacle’s casino in East Chicago. Continue reading