Ohio Could Make or Break Penn Gaming

NEW YORK (TheStreet) -- It's a decisive day for Penn National Gaming(PENN Quote), one that could quite possibly make or break the casino operator.

The result of an Ohio referendum that could legalize four casinos in the area -- two of which would be owned by Penn -- is set to be announced today. If passed, it would allow casinos in Cleveland, Columbus, Cincinnati and Toledo, and would rake in $650 million in tax revenue.

But those opposed to the reform say the proposed 33% tax rate and $50 million license fee for each casino is lower than in other states.

If the referendum fails, investors could see a slippage in Penn's stock.

Ahead of the results, the company is trading up 2% to $26.

Shares of other casino operators are also in the green. Las Vegas Sands(LVS Quote) is gaining 1.3% to $14.49, MGM Mirage(MGM Quote) is up 2.4% to $9.25 and Wynn Resorts(WYNN Quote) is advancing by 0.6% to $54.07. P/>-- Reported by Jeanine Poggi in New York

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