After getting voted down three times over the past 20 years, Ohio gambling-hall advocates yesterday finally won a voter majority (53%) for four "resort-style casinos", to be owned by gambling investor Dan Gilbert (Cleveland, Cincinnati), and Harrisburg-based Penn National Gaming (Columbus, Toledo).
The deal will boost profits at Penn National and at slot-machine makers, Janney Capital Markets gambling and hotel analyst Brian McGill told investors in a note today. The four casinos are likely to install a total of 20,000 machines.The state is also considering "gaming at racetracks," and "proposed constittuoinal amendments to allow 15 casinos throughout the state," which could double the betting-machine totals.
If each state ends up with its own casinos, that's less profits for Atlantic City and for Pennsylvania resorts. Unless more people take up gambling.
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