Indiana Casino Workers Challenge Pinnacle Entertainment Casino Sale
An branch that is indiana-based of casino workers union is opposing the proposed sale of gambling venues owned by Pinnacle Entertainment Inc. to Gaming & Leisure Properties Inc. The casino workers are about to ask the Indiana Gaming Commission to turn down the master plan, arguing that the deal could possibly provide the operator more liberties than state rules actually allow.
A given operator is allowed to own no more than two casino properties within the state’s borders under the current Indiana gaming laws. Gaming & Leisure manages one gaming center in Lawrenceburg and Pinnacle has two facilities that are such Florence and East Chicago.
Las Vegas-headquartered gambling operator Pinnacle announced previously this plans to sell all 14 casinos it manages to Gaming & Leisure year. The latter is to pay the amount of $4.8 billion for the deal. broadly speaking, the deal is the type of where a offered gambling operator sells its venues or converts them into REIT, to prevent paying federal income taxes and thus, trade the said venues at a higher stock market value.
The Indiana Gaming Commission is set to go over the problem today at 1 pm regional time. a representative for the state gambling regulator could not be reached for remark.
Casino workers through the UNITE HERE hospitality workers union have been around in a dispute that is long-standing Pinnacle’s casino in East Chicago. Based on union members, Gaming & Leisure was awarded the alleged vendors license, which will be usually provided to organizations providing Indiana gambling enterprises with different services and goods. Continue reading →