M&A Deal Summary

Gaming & Leisure Properties Acquires The Meadows Racetrack and Casino

On December 16, 2015, Gaming & Leisure Properties acquired gaming company The Meadows Racetrack and Casino from Cannery Casino Resorts for 440M USD

Acquisition Highlights
  • This is Gaming & Leisure Properties’ 1st transaction in the Gaming sector.
  • This is Gaming & Leisure Properties’ 2nd largest (disclosed) transaction.
  • This is Gaming & Leisure Properties’ 1st transaction in the United States.
  • This is Gaming & Leisure Properties’ 1st transaction in Pennsylvania.

M&A Deal Summary
Date 2015-12-16
Target The Meadows Racetrack and Casino
Sector Gaming
Buyer(s) Gaming & Leisure Properties
Sellers(s) Cannery Casino Resorts
Deal Type Divestiture
Deal Value 440M USD

Target

The Meadows Racetrack and Casino

Washington, Pennsylvania, United States
The Meadows Racetrack and Casino is a casino and pari-mutuel gaming that includes approximately 3,170 gaming devices, 74 table games, 11 poker tables, and a 5/8 mile harness horse racetrack with a 500-seat grandstand.

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Buyer(S) 1

Buyer

Gaming & Leisure Properties

Wyomissing, Pennsylvania, United States
Category Company
Sector Real Estate
Employees18
Revenue 1.4B USD (2023)
DESCRIPTION

Gaming & Leisure Properties is a real estate company. GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in "triple net" lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. Gaming & Leisure Properties is based in Wyomissing, Pennsylvania.

DEAL STATS #
Overall 1 of 7
Sector (Gaming) 1 of 1
Type (Divestiture) 1 of 7
State (Pennsylvania) 1 of 1
Country (United States) 1 of 7
Year (2015) 1 of 1
Size (of disclosed) 2 of 4
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-28 Pinnacle Entertainment - Real Estate Assets

United States

Pinnacle Entertainment, Inc. - Real Estate Assets includes entertainment center.

Buy -

Seller(S) 1

SELLER

Cannery Casino Resorts

Las Vegas, Nevada, United States
Category Company
Founded 2001
Sector Gaming
DESCRIPTION

Cannery Casino Resorts LLC owns and operates hotels and casinos.

DEAL STATS #
Overall 1 of 2
Sector (Gaming) 1 of 1
Type (Divestiture) 1 of 2
State (Pennsylvania) 1 of 1
Country (United States) 1 of 2
Year (2015) 1 of 1
Size (of disclosed) 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-25 Cannery Casino Resorts - Las Vegas Assets

Las Vegas, Nevada, United States

Cannery Casino Resorts - Las Vegas Assets located in North Las Vegas, and Eastside Cannery Casino and Hotel, located adjacent to Sam's Town Hotel & Gambling Hall on Boulder Highway in the eastern part of the Las Vegas Valley. Casino features an 80,000-square-foot casino, a 200-room hotel, five restaurants and five bars, a 30,000-square-foot entertainment venue, and a 14-screen movie theater. Eastside Cannery has a 64,000-square-foot casino, more than 300 hotel rooms, five restaurants and four bars, 20,000 square feet of meeting and ballroom space, and a 250-seat entertainment lounge.

Sell $230M
Mergr

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