Gaming & Leisure Properties Inc. agreed to buy Meadows Racetrack & Casino, near Pittsburgh, from Cannery Casino Resorts L.L.C. for $465 million, the Wyomissing, Pa., company said.
Meadows, in Washington Township, is the second casino in Western Pennsylvania - where new Ohio casinos have cut into revenue - to come under a sales agreement. The sale of MTR Gaming Group Inc., which owns Presque Isle Downs & Casino in Erie, is scheduled for completion in the second half of this year.
Meadows opened in 2007 and has 3,317 slot machines, 61 table games and 14 poker tables. Cannery valued the property at $535 million in a 2011 license renewal presentation.