Penn National terminates agreement on Ohio casinos

WYOMISSING, Pennsylvania -- Penn National Gaming announced this morning it terminated option agreements with rival Lakes Entertainment concerning two casino sites in Ohio.

In a statement, Penn National said it would pay Lakes a $25 million cash payment in exchange for Lakes surrendering its interest in casino projects in Columbus and Toledo.

Penn National Chief Executive Officer Peter Carlino said the company would break ground on the Toledo project next month and on the Columbus site early next year. Both casinos are expected to open in 2012.