WRPA gives final planning approval for Austintown racino - 21 News Now, More Local News for Youngstown, Ohio -

WRPA gives final planning approval for Austintown racino

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AUSTINTOWN, Ohio - The Board of Directors of the Western Reserve Port Authority have approved the final steps for financing Penn National's Hollywood at Mahoning County Race Course in Austintown.

According to a release, the racino was approved $60 million in Port Authority revenue bonds.

The WRPA will lease the land from Penn National, and lease the area and facilities back to Penn National. The payments will repay the bonds issued by the WRPA.

The release states that the company will use the financing provided by the bonds to construct elements of the "racino," and Penn National will invest an additional $65 million in the project.

The project is expected to create 1,00 jobs during construction alone. When the facility opens in 2014, it will create 1,000 more jobs.

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