Buyer Suing Owner Of Meadows Casino For $10 Million
HOUSTON, Pa. (AP) - An eastern Pennsylvania company that announced plans to buy The Meadows Racetrack & Casino near Pittsburgh for $465 million has sued the current owner, jeopardizing that deal.
Gaming and Leisure Properties, of Wyomissing, on Monday, filed a Securities and Exchange notice saying it can't predict what effect the lawsuit, filed in a New York federal court, may have on the sale negotiations.
The Berks County company is suing Cannery Casino Resorts LLC, of Las Vegas, which has owned The Meadows since 2006. The suit wants Cannery to repay $10 million that Gaming and Leisure Properties claims it paid Cannery in a related consulting agreement.
Cannery Casino Resorts says it "intends to take all available measures" to keep the lawsuit from scuttling the sale, which is scheduled to close Nov. 13.
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