Indiana Casino Workers Challenge Pinnacle Entertainment Casino Sale
An branch that is indiana-based of casino employees union is opposing the proposed sale of gambling venues owned by Pinnacle Entertainment Inc. to Gaming & Leisure Properties Inc. The casino employees may also be about to ask the Indiana Gaming Commission to show the plan down, arguing that the offer would probably give the operator more liberties than state legislation really 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 such facilities in Florence and East Chicago.
Las Vegas-headquartered gambling operator Pinnacle announced earlier this plans to sell all 14 casinos it manages to Gaming & Leisure year. The latter is always to spend the amount of $4.8 billion for the transaction. in most cases, the offer is among those in which a provided gambling operator offers its venues or converts them into REIT, to avoid having to pay federal income taxes and therefore, trade the said venues at a higher stock market value.
The Indiana Gaming Commission is placed to go over the situation today at 1 pm local time. a spokesperson for the state gambling regulator could not be reached for comment.
Casino employees from the UNITE HERE hospitality workers union will be in a long-standing dispute with Pinnacle’s casino in East Chicago. According to union users, Gaming & Leisure was granted the suppliers that are so-called, which can be normally provided to companies supplying Indiana gambling enterprises with various services and products. Read more