State panel approves new operator for Meadows
The new operator for the Meadows Racetrack & Casino has been approved.
The Pennsylvania Gaming Control Board approved the transfer of the casino license from Pinnacle Entertainment Inc. to Penn National Gaming Inc. Las Vegas-based Pinnacle and Penn National agreed to the acquisition shortly before Christmas. At that time, Penn National said the deal was valued at $2.8 billion in cash and stock.
Penn National, of Wyomissing, owns and operates Hollywood Casino at Penn National Race Course in Dauphin County, near Harrisburg.
The control board announced the approval Wednesday. Closing is expected to occur later this year.
Penn National would become the second operator of the North Strabane Township gaming and entertainment venue in about two years. Las Vegas-based Cannery Casino Resorts sold The Meadows to Gaming and Leisure Properties in late 2015. GLP, also of Wyomissing, is the real estate division of Pinnacle. Pinnacle took over Meadows operations in September 2016.
Gaming and Leisure Properties, according to the gaming control board, still owns the Meadows Casino property and is leasing it to Penn National.
Penn National Gaming will pay the commonwealth a $3.75 million change-of-control fee.
The Meadows is one of the largest casinos on the East Coast, and attracts an estimated 5 million guests a year.