Penn Asked Ohio Officials To Take The Next Step
Executives from Penn National Gaming Inc. (PENN: 25.62 +2.85%) met with state lawmakers this week to discuss the next step on developing the casinos now legal in Ohio. Lawmakers must develop regulations for licensing and regulatory processes before Penn will pay the $200 million licensing fees for either casino.
While plans have not been finalized yet, Penn has been awarded the rights to develop a casino in Toledo and Columbus. Columbus was the only area for the proposed casino developments whose county voted down issue 3, allowing the gaming expansion. The gaming company already owns Toledo’s Raceway Park.
Penn has announced that they plan to invest at least $300 million into the Columbus casino. They have been granted the option to buy the 18 acre property that will hold the casino development on West Nationwide Boulevard.
As for the Toledo casino, Penn officials announced that it will be branded after other Penn properties and will be named Hollywood Casino Toledo. The site for the gaming house is on 44 riverfront acres, just off I-75 bordering Rossford.
Both casinos are expected to house up to five thousand slot machines, and allow table games such as roulette, poker, keno and blackjack. Construction is planned to begin next year and open in 2012.
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