Penn Closes On Arena District Site
Although Penn National Gaming (PENN: 25.62 0.00%) has agreed to look at alternate sites for the gambling facility that has been meet with such opposition over the voter approved site, the gaming company has exercised its option to buy land on the edge of the Arena District.
Penn issued a press release on Friday saying that they had closed on the 18.3-acre tract at 560 W. Nationwide Blvd., plus six acres adjoining that property.
After the November elections that specified the casino site was to be in the Arena District of Columbus Ohio, Penn was given an option to buy the property through January 30.
While Penn remains committed to being open minded and is currently conducting due diligence on the proposed sites, sources said that the company wanted to secure the property since there was no guarantee that the Ohio legislation would agree to place another constitutional amendment on the statewide ballot to move the casino to another location and there is also no guarantee Ohio voters would approve such a ballot issue.
The purchase price was not disclosed.
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