Indiana Casino Workers Challenge Pinnacle Entertainment Casino Purchase

Indiana Casino Workers Challenge Pinnacle Entertainment Casino Purchase

An branch that is indiana-based of casino employees 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 show the plan down, arguing that the offer may possibly give the operator more liberties than state legislation actually allow.

Beneath the present Indiana gaming regulations, confirmed operator is allowed to own only two casino properties within the state’s boundaries. Gaming & Leisure manages one video gaming facility in Lawrenceburg and Pinnacle has two such facilities in Florence and East Chicago.

Las Vegas-headquartered gambling operator Pinnacle announced earlier this 12 months intends to offer all 14 gambling enterprises it manages to Gaming & Leisure. The latter is to spend the total amount of $4.8 billion for the deal. broadly speaking, the deal is among those in which a offered gambling operator offers its venues or converts them into REIT, to avoid paying federal taxes and thus, trade the said venues at a higher stock market value.

The Indiana Gaming Commission is placed to talk about the matter today at 1 pm regional time. a spokesperson for the state gambling regulator could never be reached for comment.

Casino workers through the UNITE HERE hospitality workers union have been around in a long-standing dispute with Pinnacle’s casino in East Chicago. Continue reading “Indiana Casino Workers Challenge Pinnacle Entertainment Casino Purchase”