Penn National company to buy Pa. track

The eastern Pennsylvania company developing an Austintown racino will buy The Meadows Racetrack & Casino near Pittsburgh for $465 million.

Gaming and Leisure Properties of Wyomissing, a holding company for Penn National Gaming Inc., plans to keep The Meadows buildings and real estate and sell its gaming licenses and other assets to a company that will operate the harness racing track and casino.

The Meadows is owned by Cannery Casino Resorts LLC of Las Vegas. A company executive said Cannery will use the sale profits to pay off debt.