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 workers may also be planning to ask the Indiana Gaming Commission to make down the plan, arguing that the offer could possibly supply the operator more legal rights than state regulations really enable.
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 facility 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 pay the amount of $4.8 billion for the deal. Generally speaking, the deal is among those in which a provided gambling operator sells its venues or converts them into REIT, in order to avoid having to pay federal income taxes and so, trade the said venues at a higher stock market value.
The Indiana Gaming Commission is set to go over the matter today at 1 pm time that is local. a representative for the continuing state gambling regulator could never be reached for comment.
Casino workers through the UNITE HERE hospitality employees union will be in a dispute that is long-standing Pinnacle’s casino in East Chicago. Continue reading