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Monday, September 19, 2011

John Kasich, Dan Gilbert Finalize Casino Deal; Racetrack Slots Coming to Ohio (Updated)

Posted By on Mon, Sep 19, 2011 at 9:00 AM

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Update: Racetrack slots may have fallen slightly into the background this summer as Actual Casino news piles up along with casino job applications, but some news this morning on the 7-7-7 front: Governor Kasich wants to have a system to monitor and run the slots up and and ready in the next four months, according to the PD's Mark Naymik. That would put you in front of some virtual cherries with your oxygen tank by the first month of 2012, three months before the Cleveland casino will open its doors. Intralot, the company that manages the Ohio Lottery, is given first chance to develop the system because of a provision in its 2008 contract with the state. (Cleveland.com)

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The stalemate between John Kasich and Dan Gilbert officially came to an end today with the state of Ohio extracting millions of dollars from Rock Gaming which will allow Rock Gaming to resume construction on its two cash printing presses casinos.

Here's the lowdown, via the PD:


Dan Gilbert and Ohio Gov. John Kasich today unveiled the terms of a multiyear casino deal that will bring the state tens of millions of dollars in additional fees and jump-start construction on Gilbert's casinos in Cleveland and Cincinnati.

The agreement between Ohio and Gilbert's company, Rock Gaming LLC, and its casino partner, Caesars Entertainment Inc., will require the developer to pay the state a total of $110 million over 10 years in annual installments.

[snip]

In exchange for the additional payments, Rock Ohio Caesars will pay the state's Commercial Activities Tax, 26 cents on every $100 for the right to do business in the state, on its casino revenue after winnings are paid out.

In addition, John Kasich announced that Rock will be allowed to add slots at the six racetracks the company owns. For more on that facet of the agreement, refer back to Scene's cover story on video slots at tracks from earlier this year.

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