An Indiana-based branch of the casino employees union is opposing the proposed sale of gambling venues owned by Pinnacle Entertainment Inc. to Gaming & Leisure Properties Inc. The casino workers are also planning to ask the Indiana Gaming Commission to make the plan down, arguing that the offer may possibly give the operator more rights than state regulations 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 video gaming facility in Lawrenceburg and Pinnacle has two facilities that are such 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 would be to pay the quantity of $4.8 billion for the transaction. broadly speaking, the offer is those types of in which a provided gambling operator sells its venues or converts them into REIT, to avoid spending federal income taxes and thus, trade the said venues at a stock market value that is higher.
The Indiana Gaming Commission is scheduled to go over the situation today at 1 pm local time. a representative for the state gambling regulator could never be reached for comment.
Casino workers through the UNITE HERE hospitality workers union will be in a dispute that is long-standing Pinnacle's casino in East Chicago.