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Casino Wins Big in Ohio Vote
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COLUMBUS, Ohio (TheStreet) -- Ohio approved a referendum legalizing four new casinos in the state on Monday.
The vote marks a significant win for casino operators like Penn National Gaming(PENN), as well as gambling suppliers like Bally Technologies (BYI), International Game Technology(IGT) and WMS Industries(WMS).
The referendum will allow Ohio to amend its constitution to allow casinos in its four largest cities: Cincinnati, Cleveland, Columbus and Toledo. The casino operators will pay a $50 million license fee upfront to the state and make an investment of $250 million in each casino facility. A permanent 33% tax on gross casino revenues will also be imposed. ...
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