Washington, Pa. casino to be sold to company that owns Charles T - WOWK 13 Charleston, Huntington WV News, Weather, Sports

Washington, Pa. casino to be sold to company that owns Charles Town Races in the WV Eastern Panhandle

Posted: Updated:
  • BusinessBusinessMore>>

  • DEP members to discuss water crisis aftermath

    DEP members to discuss water crisis aftermath

    Saturday, August 23 2014 3:00 PM EDT2014-08-23 19:00:19 GMT
    The West Virginia Chamber of Commerce's 78th Annual Meeting and Business Summit will host many speakers and address a variety of topics over the three-day affair, but one session will be covering a particularly hot topic for many West Virginia residents: the Jan. 9 Elk River chemical spill.
    The West Virginia Chamber of Commerce's 78th Annual Meeting and Business Summit will host many speakers and address a variety of topics over the three-day affair, but one session will be covering a particularly hot topic for many West Virginia residents: the Jan. 9 Elk River chemical spill.
  • Lawmaker left Georgia for a love of the mountains

    Lawmaker left Georgia for a love of the mountains

    Saturday, August 23 2014 3:00 PM EDT2014-08-23 19:00:18 GMT
    Delegate Amanda Pasdon, R-Monongalia, is not just a state lawmaker who loves West Virginia's luscious hillsides. She chose to make West Virginia her home.
    Delegate Amanda Pasdon, R-Monongalia, is not just a state lawmaker who loves West Virginia's luscious hillsides. She chose to make West Virginia her home.
  • Army Corps awards Huntington district

    Army Corps awards Huntington district

    Saturday, August 23 2014 3:00 PM EDT2014-08-23 19:00:18 GMT
    The U.S. Army Corps of Engineers recently awarded the Huntington District with two national awards: project delivery team of the year and innovation of the year.
    The U.S. Army Corps of Engineers recently awarded the Huntington District with two national awards: project delivery team of the year and innovation of the year.
The same company that owns Hollywood Casino at Charles Town Races announced May 14 it has acquired a Washington, Pennsylvania casino.

Gaming and Leisure Properties Inc. announced it had entered into an agreement to purchase The Meadows Racetrack and Casino from Cannery Casino Resorts LLC for $465 million.

The 180,000-square foot casino, located near Pittsburgh, opened in 2007. It contains 3,317 slot machines, 61 table games and 14 poker tables. The property also includes 11 casual and fine dining restaurants, bars and lounges, a bowling alley and a racetrack with a 500-seat grandstand.

The agreement must first be approved by the Pennsylvania Gaming Control Board and the Pennsylvania Racing Commission, which is expected to happen in 2015.

Gaming and Leisure Properties Inc. plans to fund the purchase with a combination of equity and debt.

“The purchase price reflects the expected stability of market competition and the robust local economy resulting from Marcellus Shale-related industry,” reads a news release from Gaming and Leisure Properties Inc. “The company will immediately begin a search for a third party operator for the property, to whom the company expects to sell the entities holding the licenses and operating assets, while retaining ownership of the land and buildings.”