The Meadows Purchased for $200 Million
A Las Vegas-based company, Cannery Casino Resorts, that intends to put thousands of slot machines at The Meadows by early 2007 completed its acquisition of the racetrack in Washington County, Pennsylvania yesterday, but for $25 million less than originally planned.
PA Meadows LLC has closed on a $200 million purchase from Magna Entertainment Corp. and an Ontario-based firm that has been one of North America's largest racetrack operators. The two firms disclosed the purchased agreement at a value of $225 million last November.
Mr. Tom Willer, a spokesman for Cannery Casino Resorts of Las Vegas said he could not comment on whether the price was affected by the tax issue associated with casino revenues at Pennsylvania's racetracks.
The slot license is yet to be issued, but the state's gaming regulators plan this fall to issue those to the state's existing racetracks, barring any unusual problems with their applications.
Pennsylvania casinos will be permitted to have up to 5,000 slot machines, Mr. Paulos said he expects about half that number to be economically viable at The Meadows, which will compete with two existing racetrack casinos in West Virginia and other southwestern Pennsylvania slots parlors to be developed in Downtown Pittsburgh and at Nemacolin.
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