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American Racing & Entertainment, LLC Announces Sale of Tioga Downs Casino Resort’s Real Estate Assets to Gaming and Leisure Properties
Operations at Tioga Downs Continue to be Managed by American Racing & Entertainment
Nichols, NY (February 6, 2024) – American Racing & Entertainment, LLC (“ARE” or the “Company”), owner and operator of Tioga Downs Casino Resort located in Nichols, New York (“Tioga Downs”), and Vernon Downs Casino Hotel located in Vernon, New York (“Vernon Downs”), today announced that it has sold the real estate assets of Tioga Downs to Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI”) for $175 million (the “Transaction”). GLPI is a real estate investment trust focused on passively owning real estate property that is leased to gaming operators. Following the closing of the Transaction, ARE will lease the real estate assets of Tioga Downs from GLPI.
The Transaction has no impact to Tioga Downs’ operations as ARE maintains full control of the operations. Additionally, there will be no changes to the customer experience or to Tioga Downs’ employees.
JEFF GURAL, CEO of ARE, COMMENTED
“It’s business as usual at Tioga Downs, my team and I remain committed to our customers, employees and community. This Transaction represents a form of financing to support the needs of the company. I will still be leading the management team and we will continue to provide the same level of customer service that Tioga Downs is known for. We’ve always operated Tioga Downs as a family business and believe our customers like that. My family and I are committed to being active in this business for a long time with my son, Eric, playing a role besides me. My mother was from Binghamton and I have fond memories of visiting her family during the holidays. I thank the community for its continued support and as Tioga Downs grows in success, I plan to continue sharing such success with the community – as an example, we’ve recently increased our support to the local non-profits to $2 million a year.”
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