Owner of Tioga Downs Announces Sale of Real Estate Assets
The owner of Tioga Downs Casino Resort and Vernon Downs Casino Hotel, American Racing and Entertainment LLC (ARE) announce it has sold the real estate assets of Tioga Downs to Gaming and Leisure Properties Inc. (GLPI) for $175 million.
In a statement from Tioga Downs, they note that ARE will lease the real estate assets of Tioga Downs from GLPI after the transaction.
Tioga Downs specifies that the transaction has no impact to their operations, as ARE will maintain full control.
There will be no changes to employees or customer experience.
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.”