Western Reserve Port Authority approves $60 million bond issuance for new racino in Mahoning County
During a special meeting on Monday, the Western Reserve Port Authority approved a $60 million bond deal to cover just under half of the expected $125 million cost for Penn National Gaming Inc.'s planned Hollywood Gaming at Mahoning Valley Race Course, The Business Journal reports. Under the terms of the agreement, "Penn National will provide a ground lease to the port authority for the project site in Austintown," while the authority will "in turn lease the land and constructed facilities back to Penn." Payments on the 10-year lease will be used to refinance the bonds, the rate for which is "not expected to exceed four percent," the article said. For more, read the full story.
