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 likely to ask the Indiana Gaming Commission to show the plan down, arguing that the offer would probably give the operator more rights than state laws and regulations actually enable.

Under the current Indiana video gaming legislation, confirmed operator is permitted to own a maximum of two casino properties inside the state’s boundaries. Gaming & Leisure manages one gaming facility in Lawrenceburg and Pinnacle owns two facilities that are such Florence https://4scasino.com/ and East Chicago.

Las Vegas-headquartered gambling operator Pinnacle announced previously this year intends to sell all 14 casinos it manages to Gaming & Leisure. The latter is to pay the total amount of $4.8 billion for the transaction. Generally speaking, the deal is the type of in which a given gambling operator sells its venues or converts them into REIT, in order to avoid having to pay federal income taxes and therefore, trade the said venues at a stock market value that is higher.

The Indiana Gaming Commission is defined to talk about the situation today at 1 pm local time. a spokesperson for the state gambling regulator could not be reached for comment.

Casino employees through the UNITE HERE hospitality employees union will be in a dispute that is long-standing Pinnacle’s casino in East Chicago.