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Indiana Casino Workers Challenge Pinnacle Entertainment Casino Sale

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 employees will also be about to ask the Indiana Gaming Commission to show the plan down, arguing that the deal would probably give the operator more legal rights than state laws and regulations actually enable.

Underneath the present Indiana gaming laws, a given operator is permitted to own only two casino properties in the state's edges. Gaming & Leisure manages one gaming facility in Lawrenceburg and Pinnacle owns two facilities that are such 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 pay the quantity of $4.8 billion for the deal. in most cases, the deal is the type of in which a provided gambling operator offers its venues or converts them into REIT, to prevent paying federal taxes and therefore, trade the said venues at a higher stock market value.

The Indiana Gaming Commission is set to discuss the situation today at 1 pm local time. a representative for the continuing state gambling regulator could never be reached for remark.

Casino workers through the UNITE HERE hospitality employees union have been in a long-standing dispute with Pinnacle's casino in East Chicago.