WYOMISSING, Pa. — Penn National Gaming Inc. announced that Penn Ventures, LLC, its wholly owned subsidiary, has entered into a termination agreement with Lakes Entertainment Inc. whereby the parties will terminate the Oct. 2009 funding and option agreement.
In exchange for a $25 million cash payment, Lakes Entertainment has agreed to surrender all right, title and interest held in connection with the Columbus, Ohio and Toledo, Ohio, casino properties currently under development by Penn National. Penn National had received approximately $1.9 million in funding under the initial funding agreement.
Peter M. Carlino, CEO of Penn National, said, “We wish to thank Lakes Entertainment for their support during the campaign and early stages of development in Columbus and Toledo. Penn National looks forward to breaking ground on our property in Toledo next month and on our property in Columbus early next year with planned openings of both facilities in 2012.”
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