American Racing & Entertainment, LLC (“ARE” or the “Company”), owner and operator of Tioga Downs Casino Resort located in Nichols, N.Y., and Vernon Downs Casino Hotel located in Vernon, N.Y. recently announced it has sold the real estate assets of Tioga Downs to Gaming and Leisure Properties, Inc. for $175 million. 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 on 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. 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.”
Gural added, “My family and I are committed to being active in this business for a long time with my son, Eric, playing a role beside me.”
To learn more about Tioga Downs Casino and Resort, visit www.tiogadowns.com.
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