DevelopOhio

Penn National Gaming and the Franklin County Auditor recently reached an agreement on the property value of Hollywood Casino Columbus, The Columbus Dispatch reports. In consultation with the South-Western City School District, which stands to receive the largest property tax payment from the facility, all three parties agreed to tax the property "based on a value of $165 million – less than half of the $388.6 million spent to build it." The figure represents "only the building's value" and was determined after other expenses, including gambling equipment, marketing costs, operating costs and the state's $50 million gambling license, were subtracted. By predetermining the property value, the parties hope to avoid another ugly, years-long battle like the one that occurred with respect to the property value of Nationwide Arena, the article said. For more, read the full story.