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Dayton Business Journal...
Kasich, Penn National
agree on Ohio casino deal
by DBJ Staff
Monday, June 20, 2011
Graphic Courtesy Penn National Gaming
Penn National Gaming Inc. has agreed to the same casino deal with Ohio
Gov. John Kasich that Rock Ohio Caesars LLC reached last week.
A press release from the governor’s office said Penn National would pay
the state $110 million over 10 years, while Ohio’s Commercial Activity
Tax would be applied to Penn’s wagers minus payouts, instead of on
wagers only.
Penn will put a casino in both Columbus and Toledo, while Rock Ohio is
opening casinos in Cincinnati and Cleveland.
Harrah’s Entertainment will operate the Cincinnati and Cleveland
casinos.
While Dayton is not getting one of the four casinos, the agreement may
bring a new horse track to town.
Penn has said it will relocate its Beulah Park horse track in Columbus
to the old Delphi facility at Needmore and Wagner Ford roads in Dayton.
The complex would include a one-mile horse track, sports bar,
restaurants and large slot machine area. In total, officials expect the
track and gaming center to create 1,500 direct and indirect jobs in the
Dayton region, with 1,000 construction jobs.
In the agreement between Penn and Ohio, the state said it will consider
transferring horse racing permits including the one to Dayton.
The state will receive proposals to transfer permits to new locations,
including what economic benefits the permit holder is willing to
provide Ohio. The state will approve or deny transfers Jan. 31, 2012.
“I’m proud that Ohioans are getting $220 million more from gaming
companies – funds that will help improve education and job training, as
well as support food banks,” Kasich said in a statement. “I know that
many thought it was futile to push the gaming companies for a better
deal, but the governor’s job isn’t just to enforce laws, it’s also to
make sure they benefit Ohioans in the greatest possible way. This
agreement does that, and also provides the casinos a more predictable
set of rules so they can be more successful. The casinos can now more
forward without delay. This is a win for all involved.”
Click below for more from Kasich.
Penn competes against companies such as Churchill Downs Inc., MI
Developments, MTR Gaming Group Inc., Las Vegas Sands Corp., Wynn
Resorts Ltd. and Boyd Gaming Corp.
Read it with links at Dayton Business Journal
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