The Pennsylvania Gaming Control Board has approved the Change of Control of the Category 1 Slot Machine Licensee Washington Trotting Association, LLC, operator of The Meadows Casino in Washington County, to Penn National Gaming, Inc.
Under the agreement approved by the Board at its March 21, 2018 meeting, the license held since September 2016 by Pinnacle Entertainment, Inc. will be transferred to Penn National Gaming, Inc., a publicly traded company based in Wyomissing, PA, and also the owner/operator of the Hollywood Casino at Penn National Race Course in Dauphin County.
Gaming and Leisure Properties, Inc., also based in Wyomissing, will continue to own the real estate of The Meadows Casino and lease the property to Penn National Gaming, Inc.
Penn National Gaming, Inc., as the new slot machine license holder, will pay the Commonwealth a change of control fee of $3.75 million.
A PowerPoint presentation provided by representatives of Penn National Gaming, Inc. is available on the board’s website as part of the March 21, 2018 information under the ‘Meetings’ tab on the PGCB’s website (gamingcontrolboard.pa.gov).
The next meeting of the Pennsylvania Gaming Control Board is scheduled for Wednesday, April 4, 2018 in the PGCB’s Public Hearing Room located on the second floor of Strawberry Square in Harrisburg immediately following the Category 4 Casino License auction.
(Pennsylvania Gaming Control Board)