Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations

Vegas Company Bets $465 Million on Meadows

An eastern Pennsylvania company that owns the real estate of Penn National Gaming Inc. is buying The Meadows Racetrack & Casino near Pittsburgh for $465 million.

Gaming and Leisure Properties of Wyomissing plans to keep The Meadows buildings and real estate, but will sell its gaming licenses and other assets to a company that will continue to operate the harness racing track and casino.

The Meadows, about 15 miles south of Pittsburgh, has been owned by Cannery Casino Resorts LLC, of Las Vegas, since 2006.

Cannery's co-CEO William Paulos, says, "This is a terrific deal for CCR and a great outcome for our employees, partners and customers at The Meadows." Cannery will use the profits from the sale to pay off debt.

The deal will close next year if approved by state regulators.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

The Associated Press is one of the largest and most trusted sources of independent newsgathering, supplying a steady stream of news to its members, international subscribers and commercial customers. AP is neither privately owned nor government-funded; instead, it's a not-for-profit news cooperative owned by its American newspaper and broadcast members.
To make informed decisions, the public must receive unbiased truth.

As Southwestern Pennsylvania’s only independent public radio news and information station, we give voice to provocative ideas that foster a vibrant, informed, diverse and caring community.

WESA is primarily funded by listener contributions. Your financial support comes with no strings attached. It is free from commercial or political influence…that’s what makes WESA a free vital community resource. Your support funds important local journalism by WESA and NPR national reporters.

You give what you can, and you get news you can trust.
Please give now to continue providing fact-based journalism — a monthly gift of just $5 or $10 makes a big difference.