Penn Purchases Second Site For Columbus Casino
In an effort to calm community concerns over the location of the approved Columbus casino, Penn National Gaming (PENN: 25.62 0.00%) has taken the next step in securing an alternate location, if approved by voters in May.
Penn announced today that they have closed on the purchase of 123 acres at the former General Motors/Delphi Automotive plant located on the west side of Columbus.
The gaming company has previously purchased 24 acres in the Arena District, where voters originally authorized the casino during November’s election.
“Closing on this property reflects our ongoing commitment to work closely with Central Ohio’s business and community leaders on this relocation effort, which could, pending voter approval, result in hundreds of millions of private investment dollars for the West Side of Columbus, an area in need of an economic catalyst,” said Eric Schippers, Senior Vice President, Public Affairs, of Penn National. “Our commitment is further reflected in the demolition work and environmental remediation efforts that have already been put in motion at this brownfield site. If the voters of Ohio approve the casino relocation in May, we will quickly move to the next steps in the development of this casino.”
Depending on the outcome of the May ballot, Penn will put one of the properties up for sale and use the other to develop a $400 million Hollywood Casino project complete with 180,000 square foot casino with up to 4,000 slot machines, 100 table games, 25 poker tables, a 4,000 space parking garage plus food and beverage outlets and entertainment lounge.
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