An Indiana-based branch of a casino workers union is opposing the proposed sale of gambling venues owned by Pinnacle Entertainment Inc. to Gaming & Leisure Properties Inc. The casino employees are likely to ask the Indiana Gaming Commission to turn the plan down, arguing that the deal could possibly provide the operator more rights than state legislation 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 facility in Lawrenceburg and Pinnacle has two such facilities in 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 always to spend the quantity 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 taxes and thus, trade the said venues at a higher stock market value.
The Indiana Gaming Commission is scheduled to go over the problem today at 1 pm local time. a spokesperson for the continuing state gambling regulator could never 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 issued the so-called manufacturers permit, that will be ordinarily fond of companies supplying Indiana gambling enterprises with various solutions and products. Continue reading “Indiana Casino Workers Challenge Pinnacle Entertainment Casino Sale”