Port authority offering financing for racino in Ohio

AUSTINTOWN, Ohio - Ohio's newest gambling venture will get $60 million in attractive financing help from a port agency.

The Western Reserve Port Authority promotes development in the Youngstown area. It plans to offer lease financing for the $125 million horse racetrack and video slot racino in Austintown.

The racino scheduled to open in 2014 will be built by Penn National Gaming, which operates casinos in Columbus and Toledo. Ohio also has casinos in Cincinnati and Cleveland.

Penn National will use the port financing to construct the track, stables, parking lots and buildings.

Authority board president Scott Lynn says the project will showcase the agency's ability to spur economic growth and jobs.

Seven racinos are planned in Ohio.

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