A new casino ballot proposal, Ohio Jobs and Growth Plan, is being backed by Penn National Gaming. The company has joined majority owner of the Cleveland Cavaliers, Dan Gilbert, in supporting the proposal that could bring US$1 billion in new private investment. The amendment, which would authorise casinos in Ohio’s four largest cities, was today filed with the state’s Attorney General.

“We are excited to be supporting what we believe is the best proposal ever to bring casino gaming to Ohio as we believe the Ohio Jobs and Growth Plan can generate significant, wide reaching near- and long-term economic benefits for the State,” said Peter M. Carlino, Chairman and Chief Executive Officer of Penn National Gaming. “We have worked cooperatively and constructively with supporters of this plan to develop a proposal that can benefit all parties, most importantly the citizens of Ohio through the private investment of a minimum of $1 billion in the State’s major urban areas, the creation of 20,000 new jobs and $600 million in new annual tax revenues.”

He added, “These investments will help to revitalize struggling Ohio metropolitan areas while providing support for counties, cities and public schools across the state as well as Ohio’s horse racing industry. This plan was structured to ensure that developers of casinos in the state would invest appropriately to create first-class gaming facilities.” Once the petition language is approved, the Ohio Jobs and Growth Plan committee will begin collecting signatures to place the amendment on the November 3, 2009 statewide ballot.

The proposal would authorise casinos at designated locations in Cincinnati, Cleveland, Columbus and Toledo; require that each casino operator pay an upfront $50 million license fee – a total of $200 million -- to the state, with the revenue designated for job training and workforce development projects statewide; require casino developers to make a minimum investment of $250 million in each casino facility, resulting in a total minimum investment of $1 billion; create an estimated 20,000 new Ohio jobs, including construction jobs and permanent casino jobs once the facilities open; impose a permanent 33% tax on gross casino revenues, generating an estimated $600 million in casino tax revenues each year, with the bulk of the money being distributed to counties and school districts throughout the state.

Mr. Carlino commented, “As members of the Ohio business community through our ownership of Raceway Park in Toledo, we are fully aware of the economic challenges facing the state. This proposal offers Ohio help in meeting those challenges, and we believe voters will recognize the benefits of this approach and approve this proposal in November. We are eager to take part in a successful campaign and to be involved in the development of the gaming industry in Ohio for many years to come.” (E-02.11.09)

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