Toledo Casino Site Purchase Finalized By Penn National Gaming

Casino News - January 5th, 2010 - Written By Glen

Though it has been an uphill battle, Penn National Gaming has closed on the deal to secure the Toledo, Ohio casino site that was offered as part of November 3 Issue 3, the Bill that had been passed to make casino gaming legal within the state. The Hollywood Casino Toledo is, according to the press release, expected to open late in 2012.

"Closing on the property moves us a major step closer to making Hollywood Casino Toledo a reality," began Eric Schippers, senior vice president of Penn National Gaming. "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."

Penn National is expecting to spend $250 million dollars on the casino project. The 44-acre site is located at 1968 Miami Street, and was purchased by Toledo Gaming Ventures, Inc., a subsidiary of Penn National Gaming. The site will undergo environmental remediation prior to the casino being built on the land.

Ohio has taken a large hit during the recession, and is beginning to work out of the hole in which the state has been implanted. Thousands of jobs, both construction and permanent, are expected to be created through the casino project within the state.

Penn National Gaming is one of the largest suppliers of casino gaming in the nation, rivaled only by Online Casinos. Nineteen gaming centers operate under the Penn National banner, with over 959,000 square feet of gaming floors.