Lakes Entertainment has cashed out all rights, titles and interest in two of Ohio’s four casinos for quick cash.
Lakes Entertainment has entered into a termination agreement with Penn Ventures, LLC, a subsidiary of Penn National Gaming, Inc to exchange their 10% stake in the Toledo and Columbus casinos for $25 million.
“Although we believe the Toledo and Columbus casinos will be very successful, receiving $25 million now is a good return on our investment with Penn,” said Lakes CEO Lyle Berman.
Last year Lakes was given the option to invest up to 10% of the construction cost of the two casinos and contributed $1.9 million towards Issue 3 campaign efforts to help ensure the constitutional amendment allowing four casinos in the state, two of which will be developed and operated by Penn National Gaming and the other two by Rock Ohio Ventures, passed.
The termination agreement does not affect Lake’s investment in Rock Ohio Ventures.
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