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Meadows Racetrack and Casino Approved for Operator Change

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PRESS RELEASE

September 07, 2016

The Pennsylvania Gaming Control Board today unanimously approved the change of control of the Category 1 Slot Machine license held by Washington Trotting Association, operator of The Meadows Racetrack and Casino in Washington County, to Pinnacle Entertainment, Inc. and the real estate assets of the facility to Gaming and Leisure Properties, Inc.

Under the approved agreement, Pinnacle Entertainment, a publicly-traded company whose corporate office is based in Las Vegas, NV, will become the operator of the casino and racetrack facility while Gaming and Leisure Properties, Inc. (GLPI), based in Wyomissing, PA, will own the real estate and lease the property to Pinnacle.

Washington Trotting Association, Inc. has, since the awarding of the original gaming license in 2006, been owned by Cannery Casino Resorts, LLC.

Consistent with prior Board approvals for change of control of gaming licenses, Pinnacle, as the new slot machine license holder, will pay the Commonwealth a change of control fee of $2.5 million.

A PowerPoint presentation provided by representatives of Pinnacle Entertainment is available on the Board's web site under the September 7th information under the Meetings tab.

Return to Pennsylvania Casinos.

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