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Penn National holding company to buy The Meadows

Written by The Associated Press | May 15, 2014 5:39 AM
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(Undated) -- A Berks County company that owns the real estate of Penn National Gaming Inc. is buying The Meadows Racetrack and Casino near Pittsburgh for $465 million.

Gaming and Leisure Properties of Wyomissing plans to keep The Meadows buildings and real estate. But, it will sell its gaming licenses and other assets to a company that will continue to operate the harness racing track and casino.

The Meadows, lcoated about 15 miles south of Pittsburgh, has been owned by Cannery Casino Resorts LLC, of Las Vegas, since 2006.

Cannery's co-CEO William Paulos, says, "This is a terrific deal for CCR and a great outcome for our employees, partners and customers at The Meadows."

The Cannery will use the profits from the sale to pay off debt.

The deal will close next year if approved by state regulators.

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