NICHOLS, N.Y. (WHCU) – Tioga Downs will soon be under new ownership.

WENY-TV reports the current owners, American Racing & Entertainment, sold its real estate assets to Gaming and Leisure Properties for $175 million, which will turn around and lease it right back to the current owners. The deal will not have an impact on operations at the Casino Resort in Nichols, and American Racing & Entertainment will maintain full control.

“It’s business as usual at Tioga Downs,” said American Racing & Entertainment CEO Jeff Gural. “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.”