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Sale Of The Meadows Is In Jeopardy

Published: October 29, 2014 3:23 pm ET

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Gaming and Leisure Properties Inc. announced in its third-quarter report that its deal to purchase the Meadows is in jeopardy due to a lawsuit the company has filed against the Meadows’ owner, Cannery Casino Resorts.

According to a report by the Pittsburgh Post-Gazette, Gaming and Leisure Properties Inc.’s lawsuit against Cannery Casino Resorts alleges “fraud, breach of the membership interest purchase agreement and breach of a related consulting agreement."

Details of the $465-million deal had been announced this past May. The deal would see Gaming and Leisure Properties Inc. purchase the track, casino and other amenities. As part of its lawsuit, Gaming and Leisure Properties Inc. is looking to have the purchase agreement cancelled.

In response to the lawsuit, Cannery Casino Resorts has stated that it believes the suit is without merit.

(With files from the Pittsburgh Post-Gazette)


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