Indiana Casino Workers Challenge Pinnacle Entertainment Casino Purchase
An Indiana-based branch of the casino workers union is opposing the proposed sale of gambling venues owned by Pinnacle Entertainment Inc. to Gaming & Leisure Properties Inc. The casino employees are also about to ask the Indiana Gaming Commission to show straight down the master plan, arguing that the offer could possibly give the operator more legal rights than state laws and regulations really allow.
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 gaming facility in Lawrenceburg and Pinnacle owns two facilities that are such Florence and East Chicago.
Las Vegas-headquartered gambling operator Pinnacle announced earlier in the day this year plans to offer all 14 gambling enterprises it manages to Gaming & Leisure. The latter is pay the quantity of $4.8 billion for the transaction. in most cases, the offer is among those in which a offered gambling operator offers its venues or converts them into REIT, to avoid having to pay federal income taxes and thus, trade the said venues at a higher stock market value.
The Indiana Gaming Commission is defined to talk about the matter today at 1 pm time that is local. a spokesperson for the continuing state gambling regulator could never be reached for comment.
Casino employees through the UNITE HERE hospitality workers union have been around in a dispute that is long-standing Pinnacle’s casino in East Chicago. […]