Penn National Gaming entered into a Capital Lease Agreement with the Western Reserve Port Authority to construct stables, race track, parking lots, and other facilities. The Capital Lease agreement provided $60 million in financing for the Hollywood at Mahoning Valley Race Course. None of the financing provided by the Port Authority was used in the construction of the Racino itself.
“The culmination of this deal clearly demonstrates that the Port Authority has the capacity and capability to spur economic development and job creation in our region,” said Scott Lynn, former Board Chairman. “We appreciate having the opportunity to work with Penn National, and we’re confident our partnership with them will generate a great deal of interest in the innovative financing tools we can use to help new and existing companies grow and prosper in the Mahoning Valley.”
Penn National Gaming employs over 400 at the Austintown site.