Penn Closes On Site Of Future Toledo Casino
Penn National Gaming (PENN: 26.56 0.00%) announced this afternoon that they have completed the purchase of the site for the future Hollywood Casino Toledo.
The gaming company purchased the 44 riverfront acres off of I-75 from River Road Development who has owned the property since 2006.
Terms of the purchase have not yet been disclosed.
Last month Ohio voters approved Penn to build two casinos in the state, while they seem to be facing strong resistance in Columbus; Toledo residents welcome the revenue and job generator.
“Closing on the property moves us a major step closer to making Hollywood Casino Toledo a reality,” said Eric Schippers, senior vice president of Penn National. “We’re eager to move forward and excited that this project will bring thousands of construction and permanent jobs to the Toledo area, as well as tens of millions of dollars for the city of Toledo as well as all of the counties and school districts in Northwest Ohio.”
Toledo Gaming Ventures, Inc is the name given to the Ohio Corporation created by Penn who will hold the note on the property.
The $250 million casino is expected to open in the second quarter of 2012, with 5,000 slot machines and table games such as roulette, poker, keno and blackjack.
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