NICHOLS, N.Y. (WETM) — Tioga Downs Casino Resort will be under new owners as the current company, American Racing & Entertainment, LLC, announced the sale of all real estate assets of the casino to a new company on Wednesday.
The announcement came late Wednesday, Feb. 7, when American Racing & Entertainment announced that it has sold the real estate assets of Tioga Downs to Gaming and Leisure Properties, Inc. for $175 million.
The release states that GLPI is a real estate investment trust focused on passively owning real estate property that is leased to gaming operators. After the transaction, ARE will lease the real estate assets back from GLPI.
The release states that the transaction will have no impact on operations as ARE officials say they will maintain control of all the operations and customer experience.
“It’s business as usual at Tioga Downs,” said Jeff Gural, CEO of ARE, “my team and I remain committed to our customers, employees, and community,” he said. “This transaction represents a form of financing to support the needs of the company,” he said, “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,” he said.
Gural said that he plans to keep operating Tioga Downs as a family business with the help of his son by his side.
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