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 workers may also be likely to ask the Indiana Gaming Commission to show down the master plan, arguing that the deal may possibly give the operator more legal rights than state rules really enable.

A given operator is allowed to own no more than two casino properties within the state’s borders under the current Indiana gaming laws. Gaming & Leisure manages one gaming facility in Lawrenceburg and Pinnacle has two such facilities in Florence and East Chicago.

Las Vegas-headquartered gambling operator Pinnacle announced previously this plans to sell all 14 casinos it manages to Gaming & Leisure year. The latter is to spend the quantity of $4.8 billion for the transaction. broadly speaking, the deal is those types of in which a given gambling operator offers its venues or converts them into REIT, in order to avoid having to pay federal income taxes and therefore, trade the said venues at a higher stock market value.

The Indiana Gaming Commission is scheduled to talk about the situation today at 1 pm regional time. a spokesperson for the state gambling regulator could not be reached for remark.

Casino employees from the UNITE HERE hospitality employees union have been in a dispute that is long-standing Pinnacle’s casino in East Chicago. „Indiana Casino Workers Challenge Pinnacle Entertainment Casino Sale“ weiterlesen

Lippo-Caesars South Korea Casino Venture Clouded by ‚Uncertainties‘

Lippo-Caesars South Korea Casino Venture Clouded by ‚Uncertainties‘

Hong Kong-based real estate designer Lippo Ltd. said earlier in the day this week that its joint project with US gaming giant Caesars Entertainment Corp. for the construction of a built-in resort in Incheon, South Korea may not be materialized due to ‚a quantity of uncertainties.‘

Late in 2014, the consortium of Lippo and Caesars Entertainment subsidiaries reached a deal that is conditional the purchase of a 90,000-square-meter percentage of land for the planned hotel and casino resort from vendor MIDAN City Development Co. Ltd. Lippo holds a 55% stake into the company that is latter.

Earlier in the day this week, nonetheless, it became clear that the parties that are involved not agreed upon all of the necessary conditions concerning the sale of the stated part of land. Right Here it is important to observe that the purchase contract is set to expire on 31, 2015 december. Lippo said in a filing to your Hong Kong Stock Exchange which they might never be in a position to proceed with the casino task due to ‚a quantity of uncertainties.‘

The estate that is real explained that the said ‚uncertainties‘ are related to whether the conditional land deal would eventually be finalized and whether or not the consortium member would agree with different investment terms.

LOCZ Korea Corp., since the consortium is named, comprises Lippo internationally, a wholly owned subsidiary of Lippo, OUE Overseas, an organization partly owned by the Hong Kong-based estate that is real, and Caesars Entertainment’s Caesars Korea. „Lippo-Caesars South Korea Casino Venture Clouded by ‚Uncertainties‘“ weiterlesen