Casino news from http://www.post-gazette.com/
A Las Vegas-based company that intends to put thousands of slot machines at The Meadows by early 2007 completed its acquisition of the racetrack in Washington County yesterday, but for $25 million less than originally planned.
PA Meadows LLC announced it has closed on a $200 million purchase from Magna Entertainment Corp., an Ontario-based firm that has been one of North America's largest racetrack operators. The two firms disclosed the purchase agreement at a value of $225 million last November.
"The price went down," said Tom Willer, a spokesman for Cannery Casino Resorts of Las Vegas, which owns PA Meadows. "It's been a very long protracted business deal and a lot of things have gone on."
He said he could not provide further specifics, and Magna officials were unavailable for comment.
Mr. Willer said he could not comment on whether the price was affected by the tax issues associated with casino revenues at Pennsylvania's racetracks. The Pennsylvania Department of Revenue issued regulations this month clarifying that casinos will have to pay up to $10 million in annual taxes to host communities instead of a potential cap of 2 percent.
The slots 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. It could enable racetrack casinos such as The Meadows to be operating in temporary facilities by year's end.
"Our focus now is on securing a gaming license and getting to work on building a first-class, fully integrated racing and gaming complex in Western Pennsylvania," said a statement from Bill Paulos, a partner in Millennium Gaming Inc. and principal of Cannery Casino Resorts.
While 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 Woodlands resort.
|
|
World Casino Directory 
Gambling Forums 
