Gov. Kasich, developer reach deal on Toledo casino
Sat, 18 Jun 2011 03:56:39 GMT —
COLUMBUS, OH - Ohio's governor says he's reached a deal with the developer of casinos in Toledo and Columbus.
Gov. John Kasich said Friday that the agreement with Penn National Gaming Inc. brings the state an additional $110 million over 10 years.
Kasich reached a similar resolution this week with the developer of casinos in Cleveland and Cincinnati.
State lawmakers had tucked a provision into the state budget that applied the commercial activity tax to bets wagered at casinos without deducting winnings and payouts. Operators said it would add tens of millions to their costs.
Both agreements tax the companies on wagers minus payouts. Penn would be required to invest $700 million in its facilities, up from $500 million agreed to the state constitution.
The company says it can now move forward.
The Associated Press contributed to this report.