Indiana Casino Workers Challenge Pinnacle Entertainment Casino Sale
An branch that is indiana-based of casino workers union is opposing the proposed sale of gambling venues owned by Pinnacle Entertainment Inc. to Gaming & Leisure Properties Inc. The casino workers are likely to ask the Indiana Gaming Commission to show the plan down, arguing that the offer may possibly provide the operator more rights than state laws really enable.
Underneath the current Indiana gaming laws, confirmed operator is permitted to own no more than two casino properties inside the state’s edges. Gaming & Leisure manages one gaming facility in Lawrenceburg and Pinnacle has two such facilities in 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 deal. broadly speaking, the offer is the type of in which a given gambling operator offers its venues or converts them into REIT, to avoid having to pay federal taxes and so, trade the said venues at a stock market value that is higher.
The Indiana Gaming Commission is defined to discuss the matter today at 1 pm regional time. a spokesperson for the continuing state gambling regulator could not be reached for comment.
Casino employees through 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 Sale”