The Meadows Racetrack And Casino In Washington To Be Sold In $465M Deal

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.

Read more: http://triblive.com/business/headlines/6113453-74/gaming-casino-meadows#ixzz31nhHRKOS
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Philadelphia’s Market East Set For Extreme Makeover

Image via Wikipedia

Market East, the shopping district stretching from City Hall to Independence Mall, is best known for its hodgepodge of discount clothing emporiums, “we buy gold” shops and vacant buildings, all set to the soundtrack of the music blaring from storefront speakers. Over the years, there have been many attempts to gentrify this neighborhood — and so far, all have failed. But now, a makeover seems imminent.

After years of false starts, change is now coming fast. Last month, The Inquirer and Daily News announced they will relocate to the vacant Strawbridge & Clothier department store at Eighth and Market (with $2.9 million in city financing). This summer, Nutter signed a bill (introduced by outgoing City Councilman and billboard enthusiast Frank DiCicco) to create an outdoor advertising district in Market East to replace the grit with Times Square-style glitter. Philadelphia Real Estate Investment Trust is planning to renovate and upgrade the Gallery Mall, and a 2009 city plan — now finally coming to fruition — calls for the redevelopment of the south side of the street’s 1100 block. The rumor is it will be anchored by a Target.

Read more: http://www.citypaper.net/news/2011-12-08-market-east-development-project-philadelphia.html