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 may also be planning to ask the Indiana Gaming Commission to turn the plan down, arguing that the deal could possibly supply the operator more legal rights than state guidelines actually 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 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 plans to sell all 14 gambling enterprises it manages to Gaming & Leisure. The latter would be to spend the total amount of $4.8 billion for the transaction. in most cases, the deal is among those when a given gambling operator sells its venues or converts them into REIT, to avoid paying federal income taxes and thus, trade the said venues at a stock market value that is higher.
The Indiana Gaming Commission is set to go over the problem today at 1 pm time that is local. a representative for the state gambling regulator could not be reached for comment.
Casino employees through the UNITE HERE hospitality employees union will be in a long-standing dispute with Pinnacle’s casino in East Chicago. Continue reading