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Kasich Announces New Gaming Agreement with Penn National

Press Release

Location: Unknown

Gov. John R. Kasich announced today that an agreement has been reached with Penn National Gaming, Inc., in which Penn would pay Ohio $110 million over 10 years, and Ohio's Commercial Activity Tax would be applied to Penn's wagers minus payouts, instead of on wagers only.

The agreement with Penn comes in the wake of a similar agreement with Rock Ohio Caesars, LLC (ROC) that Kasich announced on Wednesday at events in Cincinnati and Cleveland with ROC's CEO Dan Gilbert.
Kasich issued the following statement:

―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. 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.‖

Highlights of the new agreement are: $220 million more for Ohioans: ROC and Penn would pay Ohio $110 million over 10 years--$10 million per year for the first five years and $12 million per year for the next five years; Tax certainty for gaming companies: Ohio's Commercial Activity Tax (CAT) would be applied to casinos' total dollars wagered minus winnings and prizes paid out to customers; Capital Expenditures: Gaming companies would make a combined capital expenditure in their casino facilities of at least $700 million (ROC: Cleveland and Cincinnati, Penn: Columbus and Toledo); $50 million VLT Licenses: The Lottery Commission intends to allow each of Ohio's seven horse racing permit holders to apply for a 10-year sales agent license to operate a VLT facility. Licenses would cost $50 million and be paid over time: $10 million upon application, $15 million at the onset of VLT sales, and $25 million one year later; Track Relocations: The state would consider transferring horse racing permits from current track locations to new locations, including locations in the Dayton and Youngstown areas;

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