Penn Expects Economic Support From Ohio
Penn National Gaming (PENN: 25.62 +2.85%) is seeking tax breaks and incentives since Columbus opposition has added additional expense for the gaming company.
After purchasing a site in the Arena District for the development of the voter approved casino, Penn had agreed to seek an alternate site that would be more in line with the cities visions.
However, the company now must pursue development of the $250 million casino on a parallel track, in case the change of location is not amended in the states constitution.
Although Penn plans on selling the Arena District site if the casino is moved, the new site must also be purchased, building demolished and cleaned up, which will add incremental cost.
Penn National President Tim Wilmott said, “We need to make sure we’re fair to our shareholders. We expect to be taken care of economically so that there will not be an incremental spend on land costs.”
Wilmott stressed that the company will seek tax incentives to develop the alternative Delphi site, although they have said they would not pursue tax breaks for the Arena District site.
Columbus Mayor Mike Coleman has said that he does not oppose Clean Ohio Revitalization Funds being used for environment clean up at the new site; however tax incentives have not yet been “discussed or considered”.
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