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Gaming and Leisure Properties acquires PA casino

12 September 2016

(PRESS RELEASE) -- Gaming and Leisure Properties, Inc. today announced the closing of its previously-announced transaction to acquire The Meadows Racetrack and Casino located in Washington, Pennsylvania, a suburb of Pittsburgh, Pennsylvania, from Cannery Casino Resorts, LLC for $440 million, inclusive of $10 million previously paid, plus other transaction related fees and expenses.

The company concurrently closed on the sale of the entities holding the gaming licenses and operating assets to Pinnacle Entertainment, Inc. for $138 million and entered into a 29 year triple net lease agreement, with initial annual rent of $25.4 million. The company funded the transaction, net of proceeds received from the sale of the operating assets to Pinnacle, through a combination of cash on hand, proceeds from the company's at-the-market equity program and borrowings from the company's revolving credit facility.

The transaction, which is expected to be immediately accretive, was approved by the Pennsylvania Gaming Control Board on 7 September, 2016 and the Pennsylvania Harness Racing Commission in August 2016.

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