Tioga Downs' real estate assets sold to investment trust
NICHOLS, N.Y. (WENY) -- The Tioga Downs Casino Resort real estate assets have been sold to an investment trust, according to Tioga Downs parent company American Racing & Entertainment LLC.
In a statement, American Racing & Entertainment said it sold the assets to Gaming and Leisure Properties Inc. for $175 million. After the transaction, American Racing & Entertainment will operate Tioga Downs Casino Resort under a lease agreement.
Jeff Gural, CEO of American Racing & Entertainment, said, “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.”
American Racing & Entertainment said the deal will not have an impact on operations at Tioga Downs, and it will maintain full control over casino and resort operations -- with no changes to the customer experience.