![]() ![]() Additionally, the Meadows features a full complement of non-gaming amenities, including 11 casual and fine dining restaurants, bars and lounge outlets, 7,500 sq. The property features a casino and pari-mutuel gaming experience that includes approximately 3,170 gaming devices, 74 table games, 11 poker tables, and a 5/8 mile harness horse racetrack with a 500-seat grandstand. The Meadows is located in Washington, PA, approximately 25 miles outside of Pittsburgh, PA. On a trailing twelve month basis at February 29, 2016, the Meadows generated net revenues of $289 million, EBITDAR of approximately $47.2 million, EBITDAR margin of 16.4%, and EBITDA of $21.7 million after giving effect to rent expense. ![]() Following the close of the transaction, Pinnacle will operate the Meadows’ gaming entertainment business and lease its underlying real property from GLPI in a triple net lease with initial annual rent of $25.5 million (implying 1.9x rent coverage). (“GLPI”) to acquire the operations of the Meadows Racetrack and Casino (“Meadows”) for total consideration of $138.0 million. (NASDAQ:PNK) (“PNK” or “Pinnacle”) announced today that it entered into a definitive agreement with a subsidiary of Gaming and Leisure Properties, Inc. LAS VEGAS, Ma(GLOBE NEWSWIRE) - Pinnacle Entertainment, Inc. ![]()
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