Washington, Pa. casino to be sold to company that owns Charles T - Beckley, Bluefield & Lewisburg News, Weather, Sports

Washington, Pa. casino to be sold to company that owns Charles Town Races in the WV Eastern Panhandle

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The same company that owns Hollywood Casino at Charles Town Races announced May 14 it has acquired a Washington, Pennsylvania casino.

Gaming and Leisure Properties Inc. announced it had entered into an agreement to purchase The Meadows Racetrack and Casino from Cannery Casino Resorts LLC for $465 million.

The 180,000-square foot casino, located near Pittsburgh, opened in 2007. It contains 3,317 slot machines, 61 table games and 14 poker tables. The property also includes 11 casual and fine dining restaurants, bars and lounges, a bowling alley and a racetrack with a 500-seat grandstand.

The agreement must first be approved by the Pennsylvania Gaming Control Board and the Pennsylvania Racing Commission, which is expected to happen in 2015.

Gaming and Leisure Properties Inc. plans to fund the purchase with a combination of equity and debt.

“The purchase price reflects the expected stability of market competition and the robust local economy resulting from Marcellus Shale-related industry,” reads a news release from Gaming and Leisure Properties Inc. “The company will immediately begin a search for a third party operator for the property, to whom the company expects to sell the entities holding the licenses and operating assets, while retaining ownership of the land and buildings.”