Map of Pennsylvania highlighting Washington County (Photo credit: Wikipedia)
The owners of The Meadows Racetrack and Casino accepted a $465 million offer on Wednesday to sell the Washington County gaming business off Interstate 79 at a time when revenue is falling as competition for gambling dollars is growing across the region.
Las Vegas-based Cannery Casino Resorts, which opened The Meadows in 2007 when few casinos operated locally, agreed to the cash and equity deal with Gaming and Leisure Properties Inc., a Berks County-based real estate investment trust that owns property associated with 22 casinos.
The deal is subject to approval from the state Gaming Control Board and Racing Commission and is expected to close next year.
Gaming and Leisure Properties, the nation’s first casino-focused real estate investment trust, formed last year to hold the real estate of Penn National Gaming Inc. and acquire more properties.
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