No Impact On Tioga Downs Operations in Nichols New York As Real Estate Assets Sold
According to a news release dated February 6, 2024, American Racing and Entertainment, the owner of Tioga Downs Casino Resort in Nichols, NY, and Vernon Downs Casino Hotel in Vernon, NY announced it has sold the real estate assets of Tioga Downs to Gaming and Leisure Properties, Incorporated for $175 million.
Upon completion of the Transaction closing, American Racing and Entertainment will lease the real estate assets of Tioga Downs from Gaming and Leisure Properties. American Racing and Entertainment was founded in 2005.
The new release notes that this transaction will have no impact on the operations of Tioga Downs, nor will there be any changes to customer experience or Tioga Downs employees.
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 beside 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.” - Jeff Gural, CEO of American Racing and Entertainment
According to the news release, Gaming and Leisure Properties is a real estate investment trust that focuses on owning real estate property that is leased to gaming operators.
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